Cognos, the world leader in business intelligence (BI) and corporate performance management (CPM) solutions, has announced record results for its first quarter of fiscal year 2004, ended 31 May 2003. Revenue for the quarter was $150.6 million, an increase of 25% from the first quarter of last year, when revenue was $120.1 million.
Net income for the first quarter was $12.4 million, resulting in diluted earnings per share of $0.14. This is an increase of 25% compared with net income of $9.9 million and diluted earnings per share of $0.11 for the first quarter of last year.
BI revenue achieved strong growth in the quarter, reaching $143.7 million, an increase of 29% from the first quarter of last year, when BI revenue was $111.6 million.
Cognos`s balance sheet strengthened: the company increased cash, cash equivalents, and short-term investments by $21.6 million to $263.9 million at the end of the first quarter, which included operating cash flow of $10.5 million in the quarter.
Highlights of the quarter included:
* Nine contracts greater than $1 million, an all-time high for the company, 58 contracts greater than $200 000 and 445 contracts greater than $50 000, an increase of 38% and 32%, respectively, over the first quarter of last year.
* Double-digit percentage growth for BI revenue in all three major geographies - North America, Europe, and Asia-Pacific.
* Positive customer response to the Cognos CPM solution, including recent new product offerings Series 7 Version 2, Cognos Metrics Manager, and Cognos Enterprise Planning Series.
* Major customer wins at BASF, Bear Stearns & Company, British Gas, DHL Systems, Deltek Systems, Electrolux, Fujitsu, JP Morgan Chase, Kennametal, SunTrust Bank, Verizon Wireless, Visa International, and Wells Fargo.
* Strong momentum with major strategic partners throughout the world, including a major new global marketing and reseller agreement with IBM, and a marked advancement in strategic relationships with Deloitte & Touche, Fujitsu and Accenture.
* Unanimous industry analyst recognition of Cognos`s leadership in technology, vision, strategy and market share, including number one positions with Gartner, Meta, Forrester and Indicate.
"These are pleasing results for the first quarter," comments Cognos South Africa MD Dave McWilliam. "The strong financial and operational performance, despite the negative impact of currency changes in the quarter and a difficult economic and IT purchasing environment, shows solid execution on all fronts.
"Cognos`s business strategy is focused, clear, and consistent. The foundation for the strategy is strong, beginning with the quality of the Cognos team and customer base. The integration of Adaytum is essentially complete, and with our strongest new product cycle ever, we should continue to build on our leading positions in BI and CPM."
Revenue for the second quarter of fiscal 2004, ending 31 August 2003, is expected to be in the range of $155 million to $159 million.
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