Amdocs Limited Continues Strong, Consistent Growth in Second Quarter; Revenue increases by 83.1% to $270.7 million and EPS by 84.2% to $0.21.Business Editors ST. LOUIS, MO--(BUSINESS WIRE)--April 18, 2000 Amdocs AMDOCS American Directories Operations & Computerized Systems (corporate care & billing software company) Limited (NYSE NYSE See: New York Stock Exchange : DOX DOX Design of Experiments DOX Direct Operational Exchange ) today reported that for the second quarter ended March 31, 2000, revenue reached $270.7 million, an increase of 83.1% over last year's second quarter. Excluding non-cash acquisition-related amortization expenses, net income increased 95.2% to $45.2 million, compared with $23.1 million in the second quarter of 1999, while diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.21 versus $0.12 in the same period in the prior year. As-reported net income for the quarter, including these amortization expenses, was $42.9 million, or $0.20 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, compared to $23.1 million or $0.12 per diluted share in the second quarter of fiscal 1999. Cash balances continued to grow this quarter, reaching $242.6 million, an increase of $56.3 million compared to the end of the first quarter of fiscal 2000. Avi Naor, Chief Executive Officer of Amdocs Management Limited, noted, "This was an outstanding quarter for Amdocs. We posted excellent business results and strong growth, and we continued our proven strategy of developing long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. , service-based relationships with leading communications companies Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D. ." Naor continued, "Tremendous opportunities in the communications markets are driving global demand for advanced customer care and billing solutions. Demand is strong in all segments, including wireline, wireless, IP and convergence convergence Mathematical property of infinite series, integrals on unbounded regions, and certain sequences of numbers. An infinite series is convergent if the sum of its terms is finite. . Service providers are turning to Amdocs for solutions that are both innovative and reliable, enabling them to transform market opportunities into sustained business success. Amdocs, the world's leader in customer care and billing systems, is uniquely positioned to excel in this arena." Naor added, "Our merger with Solect, the Toronto-based IP customer care and billing provider, initially announced on February February: see month. 29 this year, was completed on April 5. The integration of the organizations is moving forward quickly, and there is an excellent fit in terms of corporate cultures. The Solect acquisition has enhanced our product offering, enabling us to 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>. some important market opportunities. This is a clear vindication VINDICATION, civil law. The claim made to property by the owner of it. 1 Bell's Com. 281, 5th ed. See Revendication. of our approach, which uses mergers and acquisitions as an instrument to improve product and service offerings to our customers." Naor concluded, "Looking forward, our pipeline is strong. We continue to foster ongoing business relationships with our existing and new customers, and revenue visibility is at the same high level as in previous quarters. The second quarter continues our record of faultless fault·less adj. Being without fault. See Synonyms at perfect. fault  less·ly adv. ,
consistent results and sustained, solid growth. We are very confident
regarding our future business prospects."Amdocs is a leading provider of customer care, billing and order management systems for communications and Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the services. Amdocs has an unparalleled success record in project delivery of its mission-critical products. With human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. of over 5,900 information systems professionals, Amdocs has an installed base of successful projects with more than 75 service providers throughout the world. In April 2000, Amdocs completed the acquisition of Solect Technology Group Inc., a leading provider of customer care and billing systems for IP service providers. For more information visit our Web site at www.amdocs.com This press release may contain forward looking statements as defined under the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the adverse effects of market competition, rapid changes in technology that may render (1) To make visible; to draw. The term comes from the graphics world where a rendering is an artist's drawing of what a new structure would look like. In computer-aided design (CAD), a rendering is a particular view of a 3D model that has been converted into a realistic image. the company's products and services obsolete OBSOLETE. This term is applied to those laws which have lost their efficacy, without being repealed, 2. A positive statute, unrepealed, can never be repealed by non-user alone. 4 Yeates, Rep. 181; Id. 215; 1 Browne's Rep. Appx. 28; 13 Serg. & Rawle, 447. , potential loss of a major customer, and risks associated with operating businesses in the international market. These and other risks are discussed at greater length in the company's filings with the Securities and Exchange Commission.
AMDOCS LIMITED
Proforma Consolidated Statements of Operations
(Unaudited)
Excluding Impact of Charges for In-Process Research & Development
and Amortization Expenses Resulting from Acquisition and Related Tax
Effects
(in thousands, except per share data)
Three months ended Six months ended
March 31 March 31
2000(a) 1999 2000(a) 1999
Revenue:
License $ 30,441 $ 17,308 $ 56,943 $ 32,348
Service 240,304 130,522 449,308 246,907
--------- --------- --------- ---------
270,745 147,830 506,251 279,255
Operating expenses:
Cost of license 1,458 1,370 2,631 2,693
Cost of service 156,272 84,280 295,100 160,195
Research
and development 17,713 9,140 32,683 17,519
Selling, general and
administrative 33,087 17,415 60,186 33,062
--------- --------- --------- ---------
208,530 112,205 390,600 213,469
--------- --------- --------- ---------
Operating income 62,215 35,625 115,651 65,786
Other income
(expense), net 2,318 (2,566) 2,663 (3,953)
--------- --------- --------- ---------
Income before
income taxes 64,533 33,059 118,314 61,833
Income taxes 19,360 9,918 35,494 18,550
--------- --------- --------- ---------
Net income $ 45,173 $ 23,141 $ 82,820 $ 43,283
========= ========= ========= =========
Diluted earnings
per share $ 0.21 $ 0.12 $ 0.40 $ 0.22
========= ========= ========= =========
Diluted weighted
average number of
shares outstanding 211,416 199,542 207,904 199,263
========= ========= ========= =========
(a) For the three and six months ended March 31, 2000, excludes
$2,310 and $2,800 related to non-cash amortization charges for
goodwill and other intangibles associated with the acquisition
of ITDS, net of tax effects.
For the six months ended March 31, 2000, also excludes $19,876
non-cash charge for in-process research and development
related to the acquisition of ITDS.
With these charges, income before taxes was $62,433 and
$95,638 for the three and six months ended March 31, 2000 and
diluted earnings per share were $0.20 and $0.29 for the three
and six months ended March 31, 2000.
AMDOCS LIMITED
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three months ended Six months ended
March 31, March 31,
2000 1999 2000 1999
Revenue:
License $ 30,441 $ 17,308 $ 56,943 $ 32,348
Service 240,304 130,522 449,308 246,907
--------- --------- --------- ---------
270,745 147,830 506,251 279,255
Operating expenses:
Cost of license 1,458 1,370 2,631 2,693
Cost of service 156,889 84,280 295,923 160,195
Research
and development 17,713 9,140 32,683 17,519
Selling, general and
administrative 34,570 17,415 62,163 33,062
In process research and
development expenses -- -- 19,876 --
--------- --------- --------- ---------
210,630 112,205 413,276 213,469
--------- --------- --------- ---------
Operating income 60,115 35,625 92,975 65,786
Other income
(expense), net 2,318 (2,566) 2,663 (3,953)
--------- --------- --------- ---------
Income before
income taxes 62,433 33,059 95,638 61,833
Income taxes 19,570 9,918 35,494 18,550
--------- --------- --------- ---------
Net income $ 42,863 $ 23,141 $ 60,144 $ 43,283
========= ========= ========= =========
Basic earnings
per share $ 0.21 $ 0.12 $ 0.30 $ 0.22
========= ========= ========= =========
Diluted earnings
per share $ 0.20 $ 0.12 $ 0.29 $ 0.22
========= ========= ========= =========
Basic weighted
average number of
shares outstanding 205,985 196,800 203,465 196,800
========= ========= ========= =========
Diluted weighted
average number of
shares outstanding 211,416 199,542 207,904 199,263
========= ========= ========= =========
AMDOCS LIMITED
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
(in thousands)
As of
March 31, Sept. 30,
2000 1999
----------------------
ASSETS
Current assets
Cash, cash equivalents and short
term interest bearing investments $242,551 $ 85,174
Accounts receivable, including unbilled
of $9,764 and $4,243, respectively 226,539 159,312
Prepaid expenses and other
current assets 58,921 46,289
-------- --------
Total current assets 528,011 290,775
Equipment, vehicles and
leasehold improvements, net 99,204 83,997
Goodwill and other
intangible assets, net 110,858 20,742
Other assets 44,771 34,497
-------- --------
Total assets $782,844 $430,011
======== ========
LIABILITIES AND SHAREHOLDERS EQUITY
Current Liabilities:
Accounts payable and accruals $136,009 $108,686
Short-term financing arrangements 23,154 8,103
Deferred revenue 114,682 104,688
Deferred income taxes and income
taxes payable 53,184 33,412
-------- --------
Total current liabilities 327,029 254,889
Noncurrent liabilities 63,852 51,385
Shareholders equity 391,963 123,737
-------- --------
Total liabilities and
shareholders equity $782,844 $430,011
======== ========
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