J.D. Edwards & Company today reported financial results for the third quarter ended July 31, 2001. The loss per share from normalised operations was less than expected at the time of the preliminary estimate reported on August 3, 2001.
Total revenue for the third quarter of fiscal 2001 was $204.2 million. License fee revenue and services revenue were $50.0 million and $154.2 million, respectively. The net loss from normalised operations was $3.2 million, or $0.03 per share. For the nine months ended July 31, 2001, total revenue reached $638.6 million. The loss from normalised operations was $110,000, or $0.00 per share, for the nine months ended July 31, 2001.
The loss from normalised operations for the third quarter excludes certain items such as acquisition-related charges, restructuring charges and a one-time valuation allowance for deferred tax assets. The valuation allowance, required under current accounting rules, had a significant impact on the loss, but had no cash impact. The total tax adjustments from actual results to normalised results were $137.5 million, or $1.22 per share. A reconciliation from actual results to results from normalised operations is provided as supplemental information on the attached “Consolidated Statements of Operations.”
“J.D. Edwards’ is making great strides in our corporate revitalisation, resulting in a lower-than-expected loss for the quarter,” said J.D. Edwards CEO, Chairman and President C. Edward McVaney. “We still see softness in our core manufacturing and distribution sector, which reflects an overall market downturn, but I’m pleased with our improving services business and excited about our planned acquisition of customer relationship management vendor YOUcentric. I feel we are in a strong position to capture growth in the collaborative applications market.”
J.D. Edwards signed license agreements in the third quarter with customers including Sara Lee Corporation, De Beers Industrial Diamonds, ADO y Empresas Coordinadas, S.A. de C.V., Stratos Lightwave, Inc., Abitibi-Consolidated, Inc., Royal Caribbean Cruises Ltd., and Libbey Glass Inc.
J.D. Edwards to Acquire YOUcentric, Inc.--Delivering Collaborative Commerce CRM
On August 15, 2001, J.D. Edwards announced plans to acquire YOUcentric, Inc. YOUcentric is a provider of Java-based customer relationship management (CRM) software, including applications for sales force automation, campaign management, contact centre management, and partner relationship management. By adding YOUcentric’s capabilities, J.D. Edwards will deliver a comprehensive set of integrated collaborative applications that enable companies to electronically manage their business relationships from supply chain planning all the way to customer services. This acquisition will position J.D. Edwards to capture demand in the high-growth CRM applications market.
J.D. Edwards will hold a conference call to review the third quarter 2001 results at 5:00 p.m. Eastern Time today. A webcast of the conference call will be available to all interested parties on the “Investor Relations” section of the J.D. Edwards website at www.jdedwards.com.
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 909 1700.
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: Portions of this press release relating to J.D. Edwards’ future prospects contain “forward-looking statements” which are subject to certain risks and uncertainties that could cause actual results to differ materially. These statements reflect J.D. Edwards’ current beliefs and are based on information currently available to J.D. Edwards. Among other risks that may affect the Company’s business, risks include the potential for a downturn in general economic and market conditions, substantial fluctuations in our future license fee revenue and results of operations from period to period as uncertain economic conditions affect the timing of customer orders and amount of capital spending, the fluctuation in revenue contribution from reselling partner products, and the decline of our stock price below certain levels as stipulated in the equity forward contracts may require an acceleration of cash requirements. 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 Reports on Form 10-K for the fiscal year ended October 31, 2000 and the most recent 10-Q, 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.
0118 909 1700
Giles Peddy/Daniel Young
The Weber Group
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