Amdocs Limited Demonstrates Continued Strong Growth in Second Quarter; EPS, Excluding Acquisition-Related Charges, Increases By 42.9% to $0.30.Business Editors ST. LOUIS--(BUSINESS WIRE)--April 23, 2001 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, 2001, revenue reached $372.3 million, an increase of 37.5% over last year's second quarter. Excluding acquisition-related charges, net income increased 49.7% to $67.6 million, while earnings per share increased 42.9% to $0.30 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 net income of $45.2 million, or $0.21 per diluted share, in the second quarter of fiscal 2000. The Company's as-reported net income, which includes acquisition-related charges of amortization of goodwill and purchased 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. and related tax effects, was $15.4 million, or $0.07 per diluted share, compared to net income of $42.9 million, or $0.20 per diluted share, in the second quarter of fiscal 2000. Avi Naor, Chief Executive Officer of Amdocs Management Limited, noted, "This was another excellent quarter for Amdocs. We continue to demonstrate strong, consistent growth, and to exceed our financial objectives. Our new business wins this quarter were strong across all our product platforms and from both new and existing customers. We are very confident that our positive momentum will be maintained with excellent business results in the coming quarters." Naor continued, "We had 13 new business wins during the quarter, an unprecedented number for Amdocs. As a result of our ongoing success, we continued to expand our workforce, adding 450 information system professionals worldwide in the last quarter. We also have a strong and diverse pipeline of business prospects, across all regions, lines of business and services, including solutions and outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. projects. Our visibility is excellent, based on our ongoing 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. relationships with existing customers." Naor concluded, "Amdocs' stability and consistency Consistency can refer to:
adj. 1. Evenly proportioned, balanced, or regulated. 2. Mentally stable; sensible or sound. well-balanced Adjective sensible and emotionally stable Adj. portfolio also provides great stability. Our portfolio of offerings includes a broad product suite, spanning CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. , billing and order management; the ability to support multiple lines of business, whether mobile, wireline or IP; a variety of service alternatives including licensed solutions and outsourcing projects; and geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. diversity spanning all major global markets. Furthermore, our solutions-based, services-oriented business model and long-term customer relationships ensure a consistent, ongoing revenue flow." Amdocs is the world's leader in CRM, billing and order management systems for communications and IP service providers. Amdocs has an unparalleled success record in project delivery of its mission-critical products. With over 8,150 information systems professionals deployed worldwide, Amdocs supports a global customer base. For more information visit our Web site at www.amdocs.com. Amdocs will host a conference call on April 23 at 5 p.m. Eastern Daylight For other uses, see Daylight (disambiguation). Daylight or the light of day is the combination of all direct and indirect sunlight outdoors during the daytime (and perhaps twilight). Time to discuss the Company's second quarter results. The call will be carried live on the 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 via www.vcall.com and the Amdocs website, 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. , including statements about Amdocs' growth and business results in future quarters. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, Amdocs' ability to continue leveraging its growth in each of the mobile, wireline and IP business segments, 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
Pro forma Consolidated Statements of Income (Unaudited)
Excluding Purchased In-Process Research and Development,
Acquisition Related Costs, Amortization of Goodwill and
Purchased Intangible Assets and Related Tax Effects
(in thousands, except per share data)
Three months ended Six months ended
March 31, (1) March 31, (2)
-------------------- --------------------
2001 2000 2001 2000
--------- --------- --------- ---------
Revenue:
License $ 43,290 $ 30,441 $ 81,366 $ 56,943
Service 328,999 240,304 633,090 449,308
--------- --------- --------- ---------
372,289 270,745 714,456 506,251
Operating expenses:
Cost of license 1,295 1,458 2,953 2,631
Cost of service 206,154 156,272 397,942 295,100
Research and development 25,152 17,713 48,731 32,683
Selling, general and
administrative 48,168 33,087 91,618 60,186
--------- --------- --------- ---------
280,769 208,530 541,244 390,600
--------- --------- --------- ---------
Operating income 91,520 62,215 173,212 115,651
Other income, net 5,096 2,318 10,658 2,663
--------- --------- --------- ---------
Income before income taxes 96,616 64,533 183,870 118,314
Income taxes 28,985 19,360 55,161 35,494
--------- --------- --------- ---------
Net income $ 67,631 $ 45,173 $ 128,709 $ 82,820
========= ========= ========= =========
Diluted earnings per share $ 0.30 $ 0.21 $ 0.57 $ 0.40
========= ========= ========= =========
Diluted weighted
average number of
shares outstanding 227,213 211,416 226,994 207,904
========= ========= ========= =========
(1) Excludes $54,164 and $2,100 of amortization of goodwill and
purchased intangible assets, and tax effects related to the above
of $1,946 and ($210) for the three months ended March 31, 2001
and 2000, respectively. Including the above items, income before
income taxes was $42,452 and $62,433 and diluted earnings per
share were $0.07 and $0.20 for the three months ended March 31,
2001 and 2000, respectively.
(2) Excludes $108,324 and $2,800 of amortization of goodwill and
purchased intangible assets, $0 and $19,876 write-off of
purchased in-process research and development, and tax effects
related to the above of $7,604 and $0 for the six months ended
March 31, 2001 and 2000, respectively. Including the above items,
income before income taxes was $75,546 and $95,638 and diluted
earnings per share were $0.12 and $0.29 for the six months ended
March 31, 2001 and 2000, respectively.
AMDOCS LIMITED
Consolidated Statements of Income (Unaudited)
(in thousands, except per share data)
Three months ended Six months ended
March 31, March 31,
-------------------- --------------------
2001 2000 2001 2000
--------- --------- --------- ---------
Revenue:
License $ 43,290 $ 30,441 $ 81,366 $ 56,943
Service 328,999 240,304 633,090 449,308
--------- --------- --------- ---------
372,289 270,745 714,456 506,251
Operating expenses:
Cost of license 1,295 1,458 2,953 2,631
Cost of service 206,154 156,272 397,942 295,100
Research and development 25,152 17,713 48,731 32,683
Selling, general and
administrative 48,168 33,087 91,618 60,186
Amortization of goodwill
and purchased
intangible assets 54,164 2,100 108,324 2,800
In-process research and
development and other
indirect acquisition-
-related costs - - - 19,876
--------- --------- --------- ---------
334,933 210,630 649,568 413,276
--------- --------- --------- ---------
Operating income 37,356 60,115 64,888 92,975
Other income, net 5,096 2,318 10,658 2,663
--------- --------- --------- ---------
Income before income taxes 42,452 62,433 75,546 95,638
Income taxes 27,039 19,570 47,557 35,494
--------- --------- --------- ---------
Net income $ 15,413 $ 42,863 $ 27,989 $ 60,144
========= ========= ========= =========
Basic earnings per share $ 0.07 $ 0.21 $ 0.13 $ 0.30
========= ========= ========= =========
Diluted earnings per share $ 0.07 $ 0.20 $ 0.12 $ 0.29
========= ========= ========= =========
Basic weighted
average number of
shares outstanding 221,884 205,985 221,546 203,465
========= ========= ========= =========
Diluted weighted
average number of
shares outstanding 227,213 211,416 226,994 207,904
========= ========= ========= =========
AMDOCS LIMITED
Condensed Consolidated Balance Sheets
(in thousands)
As of
---------------------------
March 31, September 30,
2001 2000
----------- -------------
(Unaudited)
ASSETS
Current assets:
Cash, cash equivalents and short-term
interest-bearing investments $ 468,055 $ 402,300
Accounts receivable, including unbilled
of $6,525 and $4,203, respectively 312,899 263,100
Deferred income taxes and taxes receivable 37,012 35,179
Prepaid expenses and other current assets 44,493 34,327
----------- -----------
Total current assets 862,459 734,906
Equipment, vehicles and leasehold
improvements, net 152,760 128,081
Goodwill and other intangible assets, net 900,109 1,011,053
Other non-current assets 71,992 61,045
----------- -----------
Total assets $ 1,987,320 $ 1,935,085
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accruals $ 203,448 $ 198,445
Short-term financing arrangements 9,263 28,713
Deferred revenue 146,813 133,546
Deferred income taxes and income
taxes payable 66,861 55,197
----------- -----------
Total current liabilities 426,385 415,901
Non-current liabilities 91,963 88,412
Shareholders' equity 1,468,972 1,430,772
----------- -----------
Total liabilities and shareholders' equity $ 1,987,320 $ 1,935,085
=========== ===========
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