PeopleSoft Inc. has reported total revenue of US$643 million for its first quarter 2004 financial results, ended March 31, exceeding the company's guidance of $625 million to $635 million. It says that licence revenue for the quarter was $131 million, consistent with its guidance.
The company announced that pro forma net income for the first quarter was $62 million, an increase of 62 percent when compared to pro forma net income of $38 million in the first quarter of 2003. It states that first quarter pro forma earnings per share rose by 42 percent to $0.17, meeting the company's guidance.
On a generally accepted accounting principles (GAAP) basis, the company says that first quarter 2004 earnings per share were $0.07, also meeting the company's guidance. It reports a GAAP net income for the quarter of $24 million, compared with $38 million in the same period last year. The GAAP results, it says, include charges for purchase accounting adjustments related to the acquisition of JD Edwards.
PeopleSoft says that at March 31, 2004, its cash and investment balances were $1.6 billion. It notes that first quarter cash flow from operations was $116 million, a 55 percent increase over the first quarter of 2003. The company notes that day-sales outstanding for the quarter were only 53, and an improvement from 61 days in the fourth quarter of 2003.
The first quarter results, it continues, exclude charges for purchase accounting adjustments related to the acquisition of JD Edwards, including the revenue impact of the deferred maintenance write-down to fair value, amortization of capitalized software and other restructuring charges.
Mike Evans, MD of PeopleSoft SA, concludes, "We announced a growth objective for 2004 that was by far the most aggressive in the enterprise application software business, and we are delivering to that plan."