10/23/2003 - Compuware Corporation (NASDAQ: CPWR) announced financial results for its second quarter ended September 30, 2003.
Compuware reports second quarter revenues of $302.8 million, compared to $358.0 million in the second quarter of the previous fiscal year. Net income was a loss of $8.5 million compared to a gain of $33.8 million in the same quarter of fiscal 2003. Earnings per share (diluted computation) were a loss of two cents compared to a gain of nine cents, based upon 382.6 million and 376.7 million shares outstanding, respectively.
During the company’s second quarter, software license fees were $59.4 million, maintenance fees were $99.4 million and revenue from professional services was $144.0 million.
“We expected this quarter to be tough and it was,” said Compuware Chairman and CEO Peter Karmanos, Jr. “Nevertheless, we believe it is essential to make significant investments in technology, sales and marketing to position Compuware to take advantage of an improving marketplace. We are encouraged that our maintenance revenue exceeded our internal plan and cash flow continues to be very good, factors that support these investments in our company’s future,” Karmanos said. “To streamline our operations even further, we plan to cut between $10 and $15 million per quarter in expenses starting in Q3, something we will accomplish without any layoffs.”
Second Quarter Fiscal Year 2004 Highlights
During the second quarter, Compuware:
Announced the availability of Compuware OptimalJ 3.0, the latest version of its enterprise application development environment that helps organizations adopting J2EE standards increase both developer productivity and Java application quality. Compuware OptimalJ 3.0 includes tools for the entire application development team, as well as expanded plug-ins to industry-leading Integrated Development Environments.
Released the findings of an independent case study conducted by The Middleware Company, revealing a 35 percent productivity gain for organizations employing a model-driven architecture (MDA) development approach compared to those using a leading, code-centric, integrated development environment.
Continued its implementation of the OptimalJ University Program, which supports leading universities worldwide with the latest in application development instruction, aided by OptimalJ.
Announced that its .NET tools for application debugging and performance testing were selected for use at the U.S. Microsoft Technology Centers, allowing the Centers’ customers access to components of Compuware DevPartner, Compuware QACenter Performance Edition and Compuware Vantage.
Made DriverStudio 3.0, a suite of tools that accelerates the driver development life cycle and promotes the development of high-quality Window device drivers, generally available.
Announced that Amerisure Insurance Company, a leading regional property and casualty mutual insurance company, selected Compuware Vantage performance management and Compuware QACenter testing tools as a joint solution for proactively managing all new applications.
Announced that Smyth Systems used Compuware UNIFACE to completely redesign its leading software product, taking only 14 months. The redesign allows Smyth Systems to quickly meet the changing needs of its customers and increases the company’s ability to adapt its software to future changes. Compuware also announced during this quarter that CollegeNET used Compuware UNIFACE to successfully help automate the processes and procedures that keep universities and other institutions of higher learning operating efficiently and cost effectively.
Continued to support the Microsoft Visual Studio Industry Partner program and the program’s evolution to a more open and available distribution model. Through its participation in this program, Compuware was one of the first independent software vendors to demonstrate technologies targeting developers using Visual Studio .NET.
Announced its professional services staff used Compuware DevPartner, QACenter and Vantage to help build a web-accessible case management system for Montgomery County Children Services. The Web Family and Child Tracking System is a web-based application, enabling caseworkers to quickly document and track case information regarding reported child abuse and neglect cases.
Made DevPartner Studio 7.1 Professional Edition, which helps developers build more reliable, high-performance applications and components for the Microsoft .NET Framework and for native Windows, generally available.
Conference Call Information
Compuware will host a conference call today to discuss these results at 5:00 p.m. Eastern time (21:00 GMT). Interested parties calling from the United States should call 877-459-8388. For international access, the conference call number is +1-484-630-8751. The password for the conference call is Compuware. A conference call replay will also be available. For more information, visit the Compuware Corporation Investor Relations web site at http://www.compuware.com.
Compuware Corporation, a leading provider of software and technology services, delivers industrial-strength solutions for the enterprise computing environment that dramatically improve productivity, quality and performance across the application life cycle. For more information about Compuware, please visit http://www.compuware.com/.
Certain statements in this release that are not historical facts, including those regarding the Company’s future plans, objectives and expected performance, are “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements represent our outlook only as of the date of this release. While we believe any forward-looking statements we have made are reasonable, actual results could differ materially since the statements are based on our current expectations and are subject to risks and uncertainties. These risks and uncertainties are discussed in the Company’s reports filed with the Securities and Exchange Commission. Readers are cautioned to consider these factors when relying on such forward-looking information. The Company does not undertake, and expressly disclaims any obligation, to update or alter its forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
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