Altiris Reports Financial Results for First Quarter of Fiscal Year 2006.SALT LAKE CITY -- Altiris Altiris Inc. is a subsidiary of Symantec specializing in service-oriented management software which allows organizations to manage IT assets. They also provide software for web services, security, and systems management products. , Inc. (Nasdaq:ATRS ATRS Arkansas Teacher Retirement System ATRS Automated Transport and Retrieval System ATRS Aerial Targets Squadron ATRS Automated Trouble Reporting System ATRS Arkansas Therapeutic Recreation Society ATRS Automatic Turbine Run-up System ), a pioneer of service-oriented Different ideas of service-orientation are found in different domains.
For the first quarter, revenue increased 22 percent over the prior year to $57.4 million including $7.2 million in revenue which was deferred from the fourth quarter of 2005. The Company reported net income for the first quarter of $5.5 million, or $0.19 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, including charges of $1.8 million for the amortization of acquired intellectual property, $1.1 million for amortization of intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. , $42,000 in restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. and $2.9 million in stock-based compensation as required by FAS 123(R). Non-GAAP net income increased 84 percent over the prior year to $9.3 million, or $0.33 per diluted share, in the first quarter of 2006, excluding the above-mentioned A`bove´-men`tioned a. 1. Mentioned or named before; aforesaid; mentioned or named earlier in the same text (in written documents). Adj. 1. charges and applying a tax rate of 35 percent. The Company generated approximately $16 million in cash from operations and closed the quarter with $171.0 million in cash and investments. "We are pleased with our performance in many areas of our business in the quarter," commented Greg GREG Great Egg Harbor National Scenic and Recreational River (US National Park Service) Butterfield Noun 1. Butterfield - English architect who designed many churches (1814-1900) William Butterfield , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Altiris. "We realized good results from our newer products, particularly our security offerings and Total Management Suite. We had strength across our channels with good contributions from OEMs, VARs and system integrators See systems integrator. . We believe that customers continue to choose Altiris because we offer the industry's best service-oriented management solutions that reduce the overall cost of securing and managing IT assets. "Importantly during the quarter, we began shipping Software Virtualization Solution Wikipedia is not the place for advertisement or self-advertising.  This article or section appears to contain a large number of buzzwords and may require cleanup. , which is expected to be an important
contributor to our growth over time. This product has already received
positive recognition from key industry influencers, including PC
Magazine, InfoWorld InfoWorld is an information technology online media and events business operating under the umbrella of InfoWorld Media Group, a division of IDG (International Data Group). and hundred of customers that beta tested A test of new or revised hardware or software that is performed by users at their facilities under normal operating conditions. Beta testing follows alpha testing. Vendors of packaged software often offer their customers the opportunity of beta testing new releases or versions, and the the
product.
"Over the past few quarters, we have taken meaningful steps to develop products and processes that align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. IT service management with business objectives and position Altiris as the leader in service-oriented management. As we look ahead, we believe we are well-positioned to further capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. our market opportunity and are excited about the future," concluded Butterfield. Earnings Call Information Altiris, Inc. will broadcast a conference call discussing the company's first quarter fiscal year 2006, Wednesday Wednesday: see week. , April 26, 2006 beginning at 5:00 p.m. Eastern Time. A live Webcast of the call will be available from the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the company's corporate website at http://phx.corporate-ir.net/phoenix.zhtml?c=131071&p=irol-irhome. For those unable to listen to the live Webcast, a replay of the call will also be available on the Altiris Website, or by dialing 800-405-2236 and entering passcode 11058184. Non-GAAP Financial Measures In this earnings release and during our earnings conference call and Webcast as described above, we use or plan to discuss certain Non-GAAP financial measures. Generally, a Non-GAAP financial measure is a numerical numerical expressed in numbers, i.e. Arabic numerals of 0 to 9 inclusive. numerical nomenclature a numerical code is used to indicate the words, or other alphabetical signals, intended. measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting in the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, , or GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). . A reconciliation between Non-GAAP and GAAP measures can be found in the accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. tables and on the Investor Relations Section of our website at www.altiris.com. We believe that, while these Non-GAAP measures are not a substitute for GAAP results, they provide a basis for evaluating the Company's cash requirements for ongoing operating activities. These Non-GAAP measures have been reconciled rec·on·cile v. rec·on·ciled, rec·on·cil·ing, rec·on·ciles v.tr. 1. To reestablish a close relationship between. 2. To settle or resolve. 3. to the nearest GAAP measure as required under SEC rules. We compute To perform mathematical operations or general computer processing. For an explanation of "The 3 C's," or how the computer processes data, see computer. Non-GAAP net income by adjusting GAAP net income before taxes for amortization of acquisition-related intellectual property, amortization of other acquired intangible assets such as customer lists and work force, restructuring charges and stock-based compensation. In addition, we used a Non-GAAP tax rate of 35 percent for the first quarters of 2006 and 2005. About Altiris Altiris Inc. is a leading provider of service-oriented management software that enables IT organizations to easily manage, secure and service heterogeneous Not the same. Contrast with homogeneous. heterogeneous - Composed of unrelated parts, different in kind. Often used in the context of distributed systems that may be running different operating systems or network protocols (a heterogeneous network). IT assets. Flexible solutions from Altiris(R) help IT align services to drive business objectives, deliver audit-ready security, automate To turn a set of manual steps into an operation that goes by itself. See automation. tasks, and reduce the cost and complexity of management. For more information, visit www.altiris.com. Altiris is a registered trademark of Altiris Inc. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and in other countries. The other company names or products mentioned are or may be trademarks of their respective owners. Note on Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including but not limited to, statements regarding continuing customer demand for our products, the expectation that SVS SVS - OS/VS2 will contribute to our future growth, our leadership in service-oriented management and our position in the market to capitalize on market opportunities including the new service-based delivery models, and the strength of our business in 2006. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ, including, but not limited to, the following: changes in the demand for our products; our inaccurate assessment of market demand or IT technology trends; errors or bugs in the SVS products; our inability to compete effectively in an increasingly competitive market; changes in economic conditions generally or technology spending in particular; changes in the competitive dynamics of our markets, including strategic alliances and consolidation among our competitors or strategic partners; deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. of our relationships with Dell, HP, Fujitsu Siemens Computers Fujitsu Siemens Computers is a Japanese and German IT vendor, selling consumer and business computing products in the markets of Europe, the Middle East and Africa (products marketed elsewhere are sold under the Fujitsu brand). , Microsoft (Microsoft Corporation, Redmond, WA, www.microsoft.com) The most successful and influential software company. Microsoft's software and Intel's hardware pioneered the PC and revolutionized the computer industry. and other OEMs and strategic partners; our inability to develop and expand our VAR, systems integrator An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. and other distribution channels; our inability to implement and maintain adequate internal systems and effective internal control over financial reporting, which may result in unexpected fluctuations in our quarterly financial results; our inability to align our expenses with anticipated revenues and Company strategy; our inability to manage expenses; our inability to achieve the anticipated benefits of acquired businesses; slower than expected closure rates on larger transactions; disruptions in our business and operations as a result of acquisitions; difficulties and delays in product development and bringing products to market; the length and complexity of our product sales cycle; our failure to continue to meet the sophisticated and changing needs of our customers; risks inherent in doing business internationally; changes in relevant accounting standards and securities laws and regulations, and such other risks as identified in our Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the period ended December December: see month. 31, 2005 as filed with the Securities and Exchange Commission and all subsequent filings, which contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements. Altiris assumes no obligation, and does not intend, to update these forward-looking statements.
Altiris, Inc.
Consolidated Balance Sheets
(Unaudited)
(in 000's)
March 31, December 31,
2006 2005
============ ============
ASSETS
Current assets:
Cash and marketable securities $171,015 $153,268
Accounts receivable, net 34,694 45,547
Prepaid expenses and other current assets 3,771 3,383
Deferred tax asset 6,764 5,861
------------ ------------
Total current assets 216,244 208,059
Property and equipment, net 6,672 6,564
Intangible assets, net 31,049 33,936
Goodwill 68,068 68,068
Other assets 599 330
------------ ------------
Total Assets $322,632 $316,957
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of capital lease
obligations $1,450 $1,518
Accounts payable 3,205 2,406
Accrued salaries and benefits 8,405 12,508
Other accrued expenses 8,403 7,011
Deferred revenue 52,694 57,270
------------ ------------
Total current liabilities 74,157 80,713
Capital lease obligations, net of current
portion 1,315 1,634
Other accrued expenses, non-current 30 57
Deferred tax liability, non-current 5,294 5,556
Deferred revenue, non-current 5,742 4,857
------------ ------------
Total liabilities 86,538 92,817
------------ ------------
Stockholders' equity:
Common stock 3 3
Additional paid-in capital 220,696 217,087
Deferred compensation - (3,031)
Accumulated other comprehensive income (571) (397)
Retained earnings 15,966 10,478
------------ ------------
Total stockholders' equity 236,094 224,140
------------ ------------
Total liabilities and stockholders' equity $322,632 $316,957
============ ============
Altiris, Inc.
Consolidated Statements of Operations
(Unaudited)
(in 000's, except per share data)
Three Months Ended
March 31
==========================
2006 2005
------------ ------------
Revenue:
Software $31,455 $28,726
Services 25,949 18,206
------------ ------------
Total revenue 57,404 46,932
------------ ------------
Cost of revenue:
Software 147 152
Amortization of acquired intellectual
properties 1,825 1,817
Services (inclusive of stock-based
compensation of $137,000 and $0,
respectively) 9,127 5,964
------------ ------------
Total cost of revenue 11,099 7,933
------------ ------------
Gross profit 46,305 38,999
------------ ------------
Operating expenses:
Sales and marketing (inclusive of stock-
based compensation of $1,064,000 and
$27,000, respectively) 21,192 17,593
Research and development (inclusive of
stock-based compensation of $1,000,000
and $6,000, respectively) 11,283 9,503
General and administrative (inclusive of
stock-based compensation of $723,000 and
$21,000, respectively) 5,781 6,059
Amortization of intangible assets 1,063 1,065
Restructuring charge 42 -
Write-off of in-process research and
development - 1,600
------------ ------------
Total operating expenses 39,361 35,820
------------ ------------
Income from operations 6,944 3,179
Other income, net 1,476 49
------------ ------------
Income before income taxes and cumulative
effect of an accounting change 8,420 3,228
Provision for income taxes (3,276) (1,170)
------------ ------------
Income before cumulative effect of an
accounting change 5,144 2,058
Cumulative effect of an accounting change,
net of tax 351 0
------------ ------------
Net income $5,495 $2,058
============ ============
Basic earnings per share
Before cumulative effect of an accounting
change $0.18 $0.08
Cumulative effect of an accounting change 0.02 -
------------ ------------
Net income $0.20 $0.08
============ ============
Diluted earnings per share
Before cumulative effect of an accounting
change $0.18 $0.07
Cumulative effect of an accounting change 0.01 -
------------ ------------
Net income $0.19 $0.07
============ ============
Basic shares 27,881 27,295
============ ============
Diluted shares 28,275 28,303
============ ============
Non-GAAP ADJUSTMENTS
--------------------
GAAP income before income taxes and
cumulative effect of an accounting change $8,420 $3,228
Add back:
Amortization of acquired intellectual
properties 1,825 1,817
Amortization of intangible assets 1,063 1,065
Write-off of in-process research and
development - 1,600
Restructuring charge 42 -
Stock-based compensation 2,924 54
--------------------------
Non-GAAP income before income taxes and
cumulative effect of an accounting change 14,274 7,764
Non-GAAP provision for income taxes (35%) (4,996) (2,717)
------------ ------------
Non-GAAP net income before cumulative effect
of an accounting change $9,278 $5,047
============ ============
Non-GAAP net income per share
Basic $0.33 $0.18
Diluted $0.33 $0.18
Shares used to compute Non-GAAP net income
per share:
Basic 27,881 27,295
============ ============
Diluted 28,275 28,303
============ ============
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