Record 3Q revenues of $624m for PeopleSoft

PeopleSoft has delivered the first benefits of its acquisition of JD Edwards, reporting record revenues of $624 million for its third quarter. This is well ahead of the company`s guidance of $575-$590 million. Pro forma earnings per share was $0.17, also well ahead of the company`s guidance of $0.10-$0.11 per share.

The third quarter GAAP results include purchase accounting adjustments relating to the acquisition of JD Edwards, including the revenue impact of the deferred maintenance writedown, amortisation of capitalised software and intangible assets, the write-off of purchased in process research and development, and restructuring charges.

Including these charges, the company reported a GAAP loss per share of $0.02, significantly better than the company`s guidance of a loss of $0.09-$0.10 per share.

The company`s cash and investment balances are $1.6 billion, and cash flow from operations in the third quarter was $119 million.

"These financial results really speak for themselves," says Craig A Conway, PeopleSoft president and CEO. "What you see in our financial performance is just the beginning of the benefits of the combination of PeopleSoft and JD Edwards."

Leading organisations around the world have continued to choose PeopleSoft applications to move their business processes online and operate in real-time. During the quarter, organisations that bought PeopleSoft`s applications included Aerospace Testing Alliance, BPB, Cargill, Department of Human Services Australia, Dolby Laboratories, DR Horton, Electrolux Home Products, Florida Dept of Financial Services, Hobby Lobby Stores, Kaiser Permanente, Koninklijke KPN NV, London Health Sciences Centre, Manpower, Memec, Merck, Metro-North Commuter Railroad, New Zealand Milk, Papa John`s International, Pfizer, Republic of Trinidad and Tobago, Siemens, SmithKline Beecham, Transocean Offshore Deepwater Drilling, Tredegar, University of Cambridge, US Department of Housing and Urban Development, Wackenhut, and Wells Fargo Bank.

The company used non-GAAP pro forma financial measures, excluding adjustments related to purchase accounting and restructuring costs, in analysing financial results as they provide meaningful information regarding the company`s operational performance and facilitate management`s internal comparisons to the company`s historical operating results and comparisons to competitors` operating results.