PeopleSoft Seems to be coming on STRONG...fyi...
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PeopleSoft Announces Record Quarterly Revenue
License Revenue Up 70 Percent, Net Income up 229 Percent
<<PLEASANTON, Calif.--(BUSINESS WIRE)--April 25, 2001--PeopleSoft Inc. (Nasdaq:PSFT - news) today announced record financial results for the first quarter ended March 31, 2001. Total revenue increased 34 percent over the first quarter of last year to $503 million. It was the highest revenue in company history and the fourth consecutive record quarter for the pure internet applications leader.
Continued market demand for PeopleSoft's collaborative enterprise applications drove first quarter license revenue up 70 percent over the first quarter of last year to $153 million. Service revenues rose 22 percent over the same quarter of last year to $319 million as customer adoption of PeopleSoft 8 drove increased demand for the Company's consulting business.
Net income from recurring operations increased sharply, rising 229 percent to $36 million, or $0.11 per share, up from $11 million, or $0.04 per share, in the same quarter of 2000. Results for the first quarter of 2000 do not include a non-recurring after-tax gain from the sale of equity securities of $5.8 million. Including this gain, net income for the first quarter of 2000 was $17 million, or $0.06 per share.
The company's cash and investments were $1.155 billion at March 31, 2001, an increase of $59 million from December 31, 2000.
Management Commentary
``PeopleSoft is reporting strong financial results during a very difficult macro economic period,'' said President and CEO Craig Conway. ``This success is based on continued market acceptance of PeopleSoft 8 and the strength of our services business, together with strong execution and precision management,'' Conway said.
``Our pure internet applications have given PeopleSoft an unprecedented leadership opportunity,'' Conway said. ``No other applications vendor can match our internet architecture. It is the basis for companies to create a collaborative network between customers, suppliers and employees, which dramatically lowers costs and increases productivity,'' Conway added.
``Enhancing productivity and lowering costs are at the center of technology buying decisions, especially in tough economic times. PeopleSoft's eBusiness solutions are uniquely positioned to help companies drive top line growth and bottom line profit. No company can ignore this today,'' Conway added.
Customer Wins
PeopleSoft won significant deals against its competitors in the first quarter in all product lines and across all geographies. Enterprises buying PeopleSoft eBusiness applications included: AT&T Broadband, Avery Dennison, Avon Products, BEA Systems, Boeing, CIBC, Darden Restaurants, Dynegy, Jostens, Lowe's Companies, Lucent Technologies, Nationwide Building Society plc, Pfizer, Pharmacia, Safeway plc, Sumitomo Forestry, University of Texas Medical Branch at Galveston, Verizon Wireless and Weyerhaeuser Company.
About PeopleSoft
PeopleSoft is a world leader in providing eBusiness applications that enable people -- customers, employees, and suppliers -- to power the internet. PeopleSoft's pure internet Customer Relationship Management, Supply Chain Management, and Enterprise Management solutions provide the industry's most open and flexible e-commerce platform. PeopleSoft employs more than 8,000 people worldwide, including 2,400 eBusiness consultants. More than 4,700 organizations in 107 countries run on PeopleSoft eBusiness applications. Visit us at www.peoplesoft.com.>> |
