PeopleSoft has reported total revenue of $643 million for its first quarter 2004 financial results, ended March 31, exceeding the company`s guidance of $625 million to $635 million. Licence revenue for the quarter was $131 million, consistent with its guidance.
Pro forma net income for the first quarter was $62 million, an increase of 62% when compared to pro forma net income of $38 million in the first quarter of 2003. First-quarter pro forma earnings per share rose 42% to $0.17, meeting the company`s guidance.
On a generally accepted accounting principles (GAAP) basis, first-quarter 2004 earnings per share was $0.07, meeting guidance. GAAP net income for the quarter was $24 million, compared with $38 million in the same period last year. GAAP results include charges for purchase accounting adjustments related to the acquisition of JD Edwards.
At 31 March 2004, PeopleSoft`s cash and investment balances were $1.6 billion. First-quarter cash flow from operations was $116 million, a 55% increase over the first quarter of 2003. Days` sales outstanding for the quarter was an exceptional 53 days, an improvement from 61 days in the fourth quarter of 2003.
The first-quarter results exclude charges for purchase accounting adjustments related to the acquisition of JD Edwards, including the revenue impact of the deferred maintenance write-down to fair value, amortisation of capitalised software and other restructuring charges. A reconciliation of GAAP to non-GAAP financial results is available on the PeopleSoft Web site at www.peoplesoft.com.
Mike Evans, MD of PeopleSoft in SA, says: "We announced a growth objective for 2004 that was by far the most aggressive in the enterprise application software business, and we are delivering to that plan. During the quarter, some of the major organisations worldwide that purchased PeopleSoft`s applications included British Telecommunications, FedEx, Sony Global Solutions, Staples and the US Department of Defense.
Share
Editorial contacts