Cognos, the world leader in business intelligence (BI) and corporate performance management (CPM), has reported record revenues for both its fourth quarter and full fiscal year 2003, ended 28 February 2003.
Revenue for the quarter was $163.7 million, up 15% from the fourth quarter of last year, when revenue was $142.8 million; and revenue for the full fiscal 2003 was $551 million, an increase of 12% compared with revenue of $491.3 million for the previous year.
Net income for the fourth quarter was $29.6 million, resulting in diluted earnings per share of $0.33. The company recorded a lower tax rate in the quarter, which contributed $0.03 to the diluted earnings per share. This compares to net income of $10.1 million and diluted earnings per share of $0.11 for the fourth quarter of the prior fiscal year.
Net income for fiscal year 2003 was $73.1 million, or $0.81 per share. This compares with the prior year`s net income of $19.4 million, or $0.21 per share.
BI revenue continued its strong growth in the quarter, reaching $155.3 million, an increase of 16% from the previous fourth quarter. Highlights of the quarter included:
* The acquisition of Adaytum, the world leader in enterprise planning, which has extended the richness of Cognos`s CPM offering.
* The introduction of Series 7 Version 2, which continued strong momentum and positive customer response for Cognos`s solutions.
* Strong operating margin of 23.8%.
* Operating cash flow of $55.7 million, which left the company at the end of the quarter with $242.3 million in cash.
* Large orders from leading organisations such as AT&T, BMW, Citigroup, DaimlerChrysler, Dow Chemical, Fiducia, General Electric, Lucent, Metropolitan Life, Pfizer, Sun Trust Bank, Union Bank of Switzerland, and the US Army, Coast Guard and Navy.
"Cognos has every reason to be delighted with its results and performance," says David McWilliam, MD of Cognos South Africa. "It was rock-solid on all fronts. Major organisations throughout the world, and in SA, continue to make significant commitments to Cognos.
"The outlook is excellent. The integration of Adaytum is on track, and has already unleashed substantial synergy in the market. We have extended our leadership position in the BI and enterprise planning markets; our competitive position has never been better; and our growth opportunities are excellent.
"Locally, we have delivered on our commitments to the channel and our clients. We have never been better positioned to leverage the overall opportunity Cognos`s strategy has created for us."
Revenue for the first quarter of fiscal 2004, ending 31 May, is expected to be in the range of $146 million to $150 million; diluted earnings per share are expected to be in the range of $0.12 to $0.14.
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