JOHANNESBURG (02/06/2004) - Business intelligence company, MicroStrategy Inc., says that it has continued its climb back to the top of its market sector with a 23 percent increase in revenue growth and a 14 percent increase in licence revenue in its financial results for the fourth quarter ended December 31, 2003.
Fourth-quarter 2003 revenues were US$51.7 million, versus $42 million in the fourth quarter of 2002 and $42.8 million in the third quarter of 2003.
Licence revenues for the quarter were $23.4 million versus $20.5 million in the fourth quarter of 2002 and $17.7 million in the third quarter of 2003.
Full year 2003 revenues were $175.6 million versus $147.8 million in 2002, a 19 percent increase; while licence revenues in 2003 were $77.2 million versus $62.9 million in 2002, a 23 percent increase.
"In terms of overall and licence revenues, the fourth quarter of 2003 was MicroStrategy's best quarter in three years," says Charl Barnard, GM of MicroStrategy at local distributor Knowledge Integration Dynamics (KID). "It is the company's fifth consecutive quarter of year-over-year licence revenue growth. It indicates that MicroStrategy has kept its promise made three years ago that it would stage a full recovery, after becoming one of the dotcom casualties."
Net income attributable to common stockholders for the quarter was $17.5 million, or $1.02 per share on a diluted basis.
"By most financial measures, 2003 was an outstanding year for MicroStrategy, and Q4 was a particularly solid quarter," says MicroStrategy president and CFO, Eric Brown. "In 2003, our revenue growth was healthy, our licence revenue growth especially robust, and the year was finished with MicroStrategy being GAAP-profitable."
MicroStrategy added 201 new customers and deals to its books during 2003, including AutoTrader.com, Bank of Montreal, Barnesandnoble.com, CareerBuilder, Guess?, Metropolitan Life Insurance, State of Tennessee, Twentieth Century Fox Television and Universal Studios. The company also signed 29 agreements with systems integrators and original equipment manufacturers.
New partners include: C3i, Incorporated, CGE&Y, CGI, Cognizant Technology Solutions, CSI, Dynix, HR Vista, JaiTech Systems, Jelecos Systems, Vivare, and XeoMatrix Incorporated.
"MicroStrategy starts 2004 as a financially strong company, with positive market awareness and momentum," Barnard says. "With the release of MicroStrategy Report Services, the company is extending its offerings beyond business analytics to the fast growing enterprise reporting space."