MANU "earns" .03, matching estimates, err, kinda sorta:
biz.yahoo.com
Total revenue for the first quarter increased 78 percent to $89.8 million from $50.5 million, and software revenue increased 73 percent to $45.1 million from $26.0 million in the same period for the prior year. The company reported adjusted net income of $2.2 million, or $.03 per basic and diluted share, compared with an adjusted net loss of $0.8 million or $.01 per basic and diluted share in the same period for the prior year. Adjusted net income and earnings per basic and diluted share exclude amortization of intangibles, non-cash stock compensation charges, together with the related income tax effects. The company reported an actual net loss of $23.4 million, or $.35 per basic and diluted share, compared to a net loss of $1.2 million, or $.02 per basic and diluted share in the same period for the prior year. This net loss is primarily a function of amortization of intangibles associated with the acquisitions of Talus Solutions, Inc. and STG Holdings, Inc. -- which closed in the fourth quarter of fiscal 2001 -- and the non-cash stock compensation charge associated with options that were repriced in January 1999.
OK, their revenues are up, presumably because of the acquisition. So they include that in revenues. But they write off all the costs and initially include it, but back 'em out proforma. So we have no idea how the basic biz did compared with last year (well, we do, but not because management is telling us):
MANUGISTICS GROUP, INC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Three Months Ended
May 31,
(Unaudited)
REVENUE: 2001 2000
Software $45,056 $25,973
Services 27,533 11,968
Support 17,221 12,578
Total revenue 89,810 50,519
OPERATING EXPENSES:
Cost of software 5,135 4,785
Cost of services and support 23,340 11,538
Sales and marketing 33,999 22,977
Product development 16,435 7,770
General and administrative 7,798 5,004
Amortization of intangibles 21,508 612
Non-cash stock compensation charge 5,907 -
Total operating expenses 114,122 52,686
LOSS FROM OPERATIONS (24,312) (2,167)
OTHER INCOME, NET 682 283
LOSS BEFORE INCOME TAXES (23,630) (1,884)
BENEFIT FROM INCOME TAXES (204) (733)
NET LOSS $(23,426) $(1,151)
NET LOSS PER SHARE:
BASIC $(0.35) $(0.02)
DILUTED $(0.35) $(0.02)
SHARES USED IN LOSS PER SHARE CALCULATION:
BASIC 67,041 56,866
DILUTED 67,041 56,866
MANUGISTICS GROUP, INC AND SUBSIDIARIES
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands, except per share data)
Three Months Ended
May 31,
(Unaudited)
ADJUSTED INCOME (LOSS) PER SHARE INFORMATION: 2001 2000
Net loss, as reported $(23,426) $(1,151)
Adjustments:
Amortization of intangibles 21,508 612
Non-cash stock compensation charge 5,907 -
Income tax effect of adjustments (1,767) (243)
Net income (loss), as adjusted $2,222 $(782)
NET INCOME (LOSS) PER SHARE, AS ADJUSTED:
BASIC $0.03 $(0.01)
DILUTED $0.03 $(0.01)
SHARES USED IN INCOME (LOSS)
PER SHARE CALCULATION:
BASIC 67,041 56,866
DILUTED 73,549 56,866
So they backed out the charge and "made" the number by
amortization of intangibles? Yeah right! I don't buy it
(and so far the street doesn't either, MANU down 3.30 after hours). |
