Company Also Announces Preliminary Results for the First Quarter of Fiscal 2001
J.D. Edwards today announced that Hank Bonde has joined J.D. Edwards as Chief Operating Officer and Les Wyatt has joined as Chief Marketing Officer. The Company also announced preliminary results for the first fiscal quarter ended January 31, 2001.
For the quarter, the Company expects to report total revenue in the range of $208 million to $218 million, compared to total revenue of $232 million in the first quarter of fiscal 2000. License fee revenue is projected to be in the range of $79 million to $84 million. The Company also expects to report a loss from normalised operations of $0.01 or $0.02 per share. Final results for the quarter will be released on March 5, 2001.
"We did not execute well this quarter and we are addressing that immediately," said C. Edward McVaney, J.D. Edwards Chairman, President, and CEO. "Our products and vision for collaborative commerce are solid, we just need to focus on better, more consistent execution in the sales and services areas."
McVaney also announced that Hank Bonde has joined the Company as Chief Operating Officer. Bonde, 55, is an experienced technology industry leader with a solid track record of driving strong revenue and profit growth at companies such as Los Angeles Cellular Telephone Company and BellSouth Cellular Company. Bonde also spent 17 years in a variety of management positions at IBM and most recently served as the President and CEO of Tachyon, Inc. He will oversee all of J.D. Edwards' sales, marketing, consulting, training and customer service operations.
Bonde has more than 29 years of experience in managing complex businesses under diverse sets of circumstances. His deep knowledge of the technology sector, and specifically the Internet, software, and communications industries, adds further depth to a seasoned senior management team.
"Hank Bonde complements our management team with proven experience in results-oriented leadership," said McVaney. "Having Hank on board will allow me to increase my focus on business strategy and our software development efforts as we help customers make the move to collaborative commerce."
"J.D. Edwards is an exciting company poised to capture leadership in the next phase of e-business - collaborative commerce," said Bonde. "We will leverage the strength of our products and technology as we focus on returning the company to consistently achieving profitable growth. I'm delighted to have this opportunity to participate in its success."
Bonde replaces Dave Girard, who has resigned from the Company. Bonde will report to McVaney.
J.D. Edwards also announced today, technology industry marketing veteran Leslie E. Wyatt will join J.D. Edwards as senior vice president and chief marketing officer, filling a key position as the company continues to advance its leadership in agile collaborative solutions for the Internet economy.
Les Wyatt, 50, will direct J.D. Edwards' integrated marketing activities including product positioning and management, advertising, public relations, direct mail media, telemarketing, business partner marketing programs, and market research. He will report to J.D. Edwards COO Hank Bonde.
Wyatt, an experienced strategic marketing executive, most recently served as senior vice president, worldwide marketing of Harbinger Corporation, an e-commerce software provider. Before that he held a variety of positions in a 17-year career at Texas Instruments, including director of Strategic Marketing for Texas Instruments Software.
"A key imperative for J.D. Edwards is to improve our ability to convey the value we bring to customers and partners in helping them make the move to collaborative commerce," said McVaney. "Les Wyatt brings the depth of experience and proven skills to dramatically enhance our marketing efforts and instill increased vitality in the J.D. Edwards brand."
"J.D. Edwards has a great story to tell with strong competitive advantages in the areas of supply chain management and B2B integration and interoperability in particular," Wyatt said. "I look forward to revving up the marketing engine and helping to establish J.D. Edwards' leadership in collaborative commerce."
About J.D. Edwards
J.D. Edwards is a leading provider of agile, collaborative solutions for the Internet economy. The Company's open solutions give organisations the freedom to choose how they assemble their internal applications and how they collaborate with partners and customers across the supply chain to increase competitive advantage.
Founded in 1977, J.D. Edwards is headquartered in Denver. Additional information can be obtained by contacting the Company via the Internet at http://www.jdedwards.com
or at 0118 9091808.
J.D. Edwards is a registered trademark of J.D. Edwards & Company. The names of all other products and services of J.D. Edwards used herein are trademarks or registered trademarks of J.D. Edwards World Source Company.
Copyright (c) J.D. Edwards World Source Company, 2000. J.D. Edwards is a registered trademark of J.D. Edwards & Company. The names of all other products and services of J.D. Edwards used herein are trademarks or registered trademarks of J.D. Edwards World Source Company. All other product names used herein are trademarks or registered trademarks of their respective owners. The historical results stated above are not necessarily indicative of the results of any future period.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: The information in this press release regarding expected total revenue, license fee revenue, and earnings per share is forward-looking and preliminary in nature. Words such as "expects," "projected" and similar expressions have been used to identify these forward-looking statements, but are not the exclusive means of identifying such statements. These statements reflect J.D. Edwards' current beliefs and are based on information currently available to J.D. Edwards. Actual results could differ materially depending on a number of factors, including the failure of contracts to meet revenue recognition rules, the large component of business partner services revenue that is still being reported to the Company and other adjustments that may arise as results are finalized. For a more detailed discussion of information regarding these and other risks that affect the company's operating results, please refer to J.D. Edwards & Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2000, the 10-Q for the quarter ended January 31, 2001 once it has been filed, and future quarterly reports on Form 10-Q. Copies of these documents can be obtained on the J.D. Edwards Investor Relations web site at http://www.jdedwards.com/company/investor.asp
or by contacting the Investor Relations Department at 877-533-5332 (877-JDE-JDEC). The Company undertakes no obligation to update the information contained in this release, including any forward-looking statements, or to update any information on its website.
Cally Finch/Daniel Young
The Weber Group Europe
020 7240 6189
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