Amdocs Limited Continues to Show Strong Growth in Second Quarter; Revenue Increases by 57.3% and Operating Income by 86.3%.ST. LOUIS--(BUSINESS WIRE)--April 27, 1999-- 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, 1999, revenue increased by 57.3% to $147.8 million from $94.0 million in the second quarter last year. Second quarter operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. grew 86.3%, to $35.6 million. Net income increased 463.7% to $23.1 million, compared to $4.1 million in the second quarter last year. 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 for the quarter increased to $0.12 compared to $0.03 in the second quarter of fiscal 1998. Avi Naor, President and Chief Executive Officer of Amdocs Management Limited, noted, "Amdocs continues to demonstrate strong, consistent growth. We have exceeded performance targets for the quarter and the first half of fiscal 1999." Naor added, "Looking at the market, we are experiencing excellent demand for both our customer care and billing and order management products. This reflects the unique standing of Amdocs' solutions in our target market -- high-end high-end adj. Informal 1. Appealing to sophisticated and discerning customers: a high-end department store; high-end video equipment. 2. and mid-tier telecom carriers, as well as high-growth new entrants." Naor continued, "We continue to expand our range of products, enabling us to continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. broaden the solutions we offer to our customers. We are serving an ever-widening set of telecom operations, including wireless, local, long distance, international, ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. , VOIP (Voice Over IP) A digital telephone service that uses the public Internet as well as private backbones instead of the traditional telephone network. Many companies, including Vonage, 8x8 and AT&T (CallVantage), typically offer calling within the country for a and data services. In addition, our new Order Management system is being received enthusiastically." Naor concluded, "Looking forward, our pipeline remains strong, with many promising sales prospects. Visibility remains at the same high level as in previous quarters, due to the ongoing business relationships that we have with our customers, together with new sales. Overall, we are very confident regarding our future business prospects." For the first half of fiscal 1999, Amdocs reported that revenues increased 54.7% to $279.3 million compared to $180.6 million in the same period last year. Operating income reached $65.8 million, up 82.9% from $36.0 million in the first half of 1998. Net income grew to $43.3 million, or $0.22 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, as compared to $12.1 million, or $0.09 per diluted share for the first half last year. Amdocs Amdocs is a leading provider of product-driven customer care and billing solutions to premier telecommunications companies See telecom company. worldwide. 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 3,600 information systems professionals dedicated to the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. industry, Amdocs has an installed base of successful projects with more than 70 major telecommunications companies throughout the world. 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. -0-
Amdocs Limited
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
Three months ended Six months ended
March 31, March 31,
------------------- -----------------
1999 1998 1999 1998
---- ---- ---- ----
Revenue:
License $ 17,308 $ 9,698 $ 32,348 $ 18,419
Service 130,522 84,310 246,907 162,147
--------- --------- --------- ---------
147,830 94,008 279,255 180,566
Operating expenses:
Cost of license 1,370 2,655 2,693 5,867
Cost of service 84,280 54,617 160,195 104,750
Research and
development 9,140 5,634 17,519 10,955
Selling,
general and
administrative 17,415 11,977 33,062 23,024
--------- --------- --------- ---------
112,205 74,883 213,469 144,596
--------- --------- --------- ---------
Operating income 35,625 19,125 65,786 3,953
11,837
--------- --------- --------- ---------
Income before
income taxes 33,059 8,286 61,833 24,133
Income taxes 9,918 4,181 18,550 12,067
--------- --------- --------- ---------
Net income $ 23,141 $ 4,105 $ 43,283 $ 12,066
========= ========= ===== Consolidated
Balance Sheets
(in thousands, except per share data)
March 31, September 30,
billed of
$7,124 and $10,331, 121,283 79,723
respectively
Accounts receivable from
related parties, including
unbilled of $0 and
$537, respectively 10,144 l current assets
186,456 141, 22,052 23,362
Other noncurrent assets 22,161 20,555
-------- --------
$301,550 $239,966
Accrued personnel costs 26,8obligations
4,184 2,952
--------- ---------
Total cur 12,675 9,215
Other noncurrent liab -- --
Ordinar 447,503
Unrealized income (loss)
on derivative instruments 225 (1,495)
Unearned compensation (6,559) (8,947)
Accumulated deficit (418,816) (462,099)
---------- ----------
Total shareholders' equity (deficit) 25,771 (21,889)
---------- ----------
$ 301,550 $ 239,966
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