10/30/2003 - Sybase, Inc. (NYSE: SY), a leading provider of enterprise infrastructure and wireless software, announced net income on a pro forma basis for the third quarter was $27.2 million, or earnings per share of $0.28 on a diluted basis (EPS), exceeding First Call consensus EPS estimates of $0.25. Net income for the third quarter calculated in accordance with generally accepted accounting principles (GAAP) was $22.0 million, or EPS of $0.23.
For the same period in 2002, pro forma net income was $25.2 million, or EPS of $0.26, and net income on a GAAP basis was $11.3 million, or EPS of $0.12.
Total revenues for the third quarter 2003 were $193.8 million, including license fees of $68.5 million.
Pro forma amounts exclude amortization of purchased intangibles, stock-based compensation expense, restructuring charges and the related income tax effects. A detailed reconciliation of pro forma and GAAP amounts in this release is set forth in the attached financial exhibits, along with full details of the company’s financial results.
“We are very encouraged by the signs of renewed IT spending,” said John Chen, chairman, president and CEO of Sybase, Inc. “Our database business grew 11 percent over last year thanks in part to the release of our new ASE 12.5.1 database. The 30 percent increase year-over-year in our mobile and wireless business is a solid indicator of market share gain. Our Unwired Enterprise initiative is also gaining ground as a growing number of larger enterprises express interest in Sybase’s mobile and wireless solutions.”
Balance Sheet and Other Data
For the period ended September 30, 2003, Sybase reported $506 million in cash and cash investments, including restricted cash of $7.9 million. This is the highest cash balance in the company’s history. The company generated $27.2 million in cash flow from operations in the third quarter bringing total year-to-date cash flow from operations to $147.1 million.
Days sales outstanding for the three months ended September 30, 2003 was 51 days, compared with 59 days for the three months ended June 30, 2003.
About Sybase, Inc.
Sybase enables the Unwired Enterprise by delivering enterprise and mobile infrastructure, integration and application software solutions. Organizations can attain maximum value from their data assets by getting the right information to the right people at the right time and place. The world’s most critical data in commerce, finance, government, healthcare and defense runs on Sybase. For more information, visit the Sybase Web site: http://www.sybase.com.
Forward-looking Statements: Statements in this release concerning Sybase, Inc., its subsidiaries and their respective prospects and future growth are forward-looking statements that involve a number of uncertainties and risks. Factors that could cause actual events or results to differ materially from those suggested by such forward-looking statements include general business conditions; sales productivity; possible disruptive effects of organizational or personnel changes; political unrest or acts of war; market acceptance of the company’s products and services; customer and industry analyst perception of the company and its technology vision and future prospects; rapid technological changes; competitive factors; unanticipated delays in scheduled product availability dates; interoperability of the company’s products with other leading software application products; volatility of the stock markets generally; actual market growth rates in the mobile and wireless, client/server and Internet software markets; and other factors discussed in Sybase, Inc.’s reports filed with the Securities Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2002, and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2003.
Sybase Third Quarter 2003 Selected Highlights
Mobile and wireless, database and enterprise applications, and partnerships represented the bulk of the announcements made by Sybase in the third quarter of 2003.
Mobile & Wireless:
Database & Enterprise Applications:
Awards & Benchmarking:
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