… Total Revenues Increase 6%, Earnings Per Share More Than Double Over Same Period Last Year …
SUNNYVALE, Calif., April 22, 2003 - Hyperion (Nasdaq: HYSL), the global leader in Business Performance Management software, today announced financial results for its third quarter of fiscal 2003 ended March 31, 2003.
Total revenues for the quarter increased six percent to $126.6 million, compared to $120.0 million for the same quarter a year ago. Software license revenue was $50.4 million, compared to $50.0 million for the same period a year ago. Maintenance and services revenue increased nine percent to $76.1 million, compared to $70.0 million for the same period a year ago.
The company reported net income for the quarter of $8.3 million, or $0.23 per diluted share, compared to net income of $3.1 million, or $0.09 per diluted share, for the third quarter of fiscal 2002.
Hyperion strengthened its balance sheet yet again during the quarter, increasing cash and short-term investments, net of $50 million of long-term debt, to $338.7 million at March 31, 2003. This compares to $221.8 million in cash and short-term investments, net of $90.9 million of long-term debt, at March 31, 2002. Cash flow from operations for the quarter was $32.2 million.
"Despite an uncertain economic and geopolitical environment, our fiscal third quarter financial results were solid," said Jeff Rodek, Hyperion's chairman and chief executive officer. "We continued to execute on our business strategy in a tough economy and expanded upon our leadership in the Business Performance Management sector. Sales of our suite-based applications nearly doubled year-over-year. License revenue booked through our indirect channel comprised 30% of total license revenue, up from 26% reported a year ago, largely due to the continued overall strength of our IBM partnership and IBM's strong revenues generated during its fiscal fourth quarter.
"Our operating margin was 10% for both the quarter and the first nine-months of fiscal 2003," continued Mr. Rodek, "and is three times higher than what we reported for the comparable nine-month period last year. Days sales outstanding were 55 days at March 31, 2003, well below the industry norm of 70-80 days.
"Our ability to sustain our market leadership is directly attributable to the strength and differentiation of our products, which offer industry-leading scalability, enhanced functionality, interoperability across applications, and end-to-end financial and operational reporting," concluded Mr. Rodek. "We're seeing continued demand for our products because they provide insight to improve performance across the entire business enterprise, not just within the walls of corporate finance. With our recently announced product innovations, along with our acquisition of The Alcar Group's assets, we plan to further establish Hyperion as the market leader in the Business Performance Management category."
Other Recent Developments
Significant company developments include:
· Major customer wins at Bunge Management Services, Carilion Health System, Cinergy Services, Food Lion, HealthNet, and Wolters Kluwer in the U.S.; Arab Bank and Compass Group in the UK; Decathlon of France; Outokumpu Oyj of Finland; Saes Getters of Italy; and Amcor in Australia;
· The completion in April of the acquisition of the assets of The Alcar Group, a leading strategic financial modeling company, resulting in the addition of the Hyperion Strategic Finance product to Hyperion's product family;
· Launch of version 3.0 of Hyperion's suite-based applications as well as additional innovations announced across all of the company's other major product categories; and
· An overall product rating of "Excellent" earned in the first-ever SPEX Business Performance Management software evaluation conducted by SPEX, a division of META Group.
Hyperion is the global leader in Business Performance Management software that enables companies to translate strategies into plans, monitor execution and provide insight to improve financial and operational performance. More than 6,000 customers worldwide use Hyperion's Business Performance Management family of packaged and tailored applications, and its leading business intelligence platform. Hyperion has a network of more than 330 partners to provide innovative and specialized Business Performance Management solutions and services.
Headquartered in Sunnyvale, California, Hyperion generated annual revenues of $492 million in fiscal 2002. The company employs more than 2,100 people in 20 countries and is represented in 16 additional countries through distributor relationships. Hyperion is traded under the Nasdaq symbol HYSL. For more information, please visit www.hyperion.com/uk, e-mail firstname.lastname@example.org or call 01784 228015.
Safe Harbor Statement
Statements in this press release other than statements of historical fact are forward-looking statements, including, but not limited to, statements concerning the company's expected increase in selling opportunities, future financial performance and results of operations. Such statements constitute anticipated outcomes and do not assure results. Actual results may differ materially from those anticipated by the forward-looking statements due to a variety of factors including, but not limited to, changes in general economic conditions, competition and uncertain market acceptance of new products. For a more detailed discussion of factors that could affect the company's performance and cause actual results to differ materially from those anticipated in the forward-looking statements, interested parties should review the company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K filed on September 25, 2002, and the Quarterly Report on
Form 10-Q filed on February 7, 2003. The company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
Hyperion is a registered trademark of Hyperion Solutions Corporation. All other trademarks and company names mentioned are the property of their respective owners.
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