Amdocs Limited Reports 45.3% Increase in First Quarter Revenue to $342.2M; EPS, Excluding Acquisition-related Charges, Increases by 50.0% to $0.27.Business Editors ST. LOUIS--(BUSINESS WIRE)--Jan. 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 first quarter ended December December: see month. 31, 2000, revenue reached $342.2 million, an increase of 45.3% over last year's first quarter. Excluding acquisition-related charges, net income increased 61.3% to $61.1 million, while earnings per share increased 50.0% to $0.27 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 $37.9 million, or $0.18 per diluted share, in the first 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. , write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of in-process R&D and related tax effects, was $12.6 million, or $0.06 per diluted share, compared to net income of $17.3 million, or $0.08 per diluted share, in the first quarter of fiscal 2000. Avi Naor, Chief Executive Officer of Amdocs Management Limited, noted, "Amdocs continues to demonstrate excellence in its growth, profitability and overall business performance. Our strong consistent results this quarter and over time reflect a robust, solutions-based business model and a well-balanced well-bal·anced adj. 1. Evenly proportioned, balanced, or regulated. 2. Mentally stable; sensible or sound. well-balanced Adjective sensible and emotionally stable Adj. product/service portfolio with the breadth Breadth The percentage of assets or stocks advancing relative to those unchanged or declining. Also the number of independent forecasts available per year. A stock picker forecasting returns to 100 stocks every quarter exhibits a breadth of 400, assuming each forecast is and depth needed to address ongoing market changes." Management believes that the changing needs of communications providers are creating additional demand for Amdocs' market-leading customer care and billing solutions. "This growing demand is manifest manifest 1) adj., adv. completely obvious or evident. 2) n. a written list of goods in a shipment. MANIFEST, com. law. A written instrument containing a true account of the cargo of a ship or commercial vessel. 2. in all segments - mobile, wireline and IP - and in all regions. In an evolving communications environment, advanced customer care and billing solutions enable service providers to improve profitability and control costs while also dealing with IP transition, ongoing expansion and mounting competition. With our broad set of offerings, encompassing voice and IP technologies, CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. and billing software, and complete service coverage from implementation through 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. , Amdocs is uniquely positioned to leverage the expanding opportunities that are being generated in the communications market," Naor added. Naor concluded, "As the market leader for customer care and billing systems for communications and IP service providers, our business prospects are outstanding. Based on our 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. customer relationships, strong pipeline and high visibility, we are very confident that our positive momentum will be maintained with continued growth and excellent business results in the coming quarters." Amdocs is the world's leader in customer care and billing systems for communications and IP service providers. Amdocs has an unparalleled success record in project delivery of its mission-critical products. With over 7,700 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 Tuesday Tuesday: see week. , January January: see month. 23 at 5:00 p.m. Eastern Standard Time to discuss the company's first 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 Operations (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
December 31,
---------------------------------
2000 (1) 1999 (1)
--------------- --------------
Revenue:
License $ 38,076 $ 26,502
Service 304,091 209,004
--------------- --------------
342,167 235,506
Operating expenses:
Cost of license 1,658 1,173
Cost of service 191,788 138,467
Research and development 23,579 14,970
Selling, general and
administrative 43,450 27,460
--------------- --------------
260,475 182,070
--------------- --------------
Operating income 81,692 53,436
Other income, net 5,562 345
--------------- --------------
Income before income taxes 87,254 53,781
Income taxes 26,176 15,924
--------------- --------------
Net income $ 61,078 $ 37,857
=============== ==============
Diluted earnings per share $ 0.27 $ 0.18
=============== ==============
Diluted weighted average number of
shares outstanding 226,361 204,867
=============== ==============
(1) Excludes $54,160 and $700 for amortization of goodwill and
purchased intangible assets, $0 and $19,876 for write-off of
purchased in-process research and development and other costs,
and ($5,658) and $0 for related tax effects, in the three months
ended December 31, 2000 and 1999, respectively. Including the
above items, income before income taxes was $33,094 and $33,205,
and diluted earnings per share were $0.06 and $0.08 for the three
months ended December 31, 2000 and 1999, respectively.
AMDOCS LIMITED
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
Three months ended
December 31,
----------------------------------
2000 1999
--------------- ---------------
Revenue:
License $ 38,076 $ 26,502
Service 304,091 209,004
--------------- ---------------
342,167 235,506
Operating expenses:
Cost of license 1,658 1,173
Cost of service 191,788 138,467
Research and development 23,579 14,970
Selling, general and
administrative 43,450 27,460
Amortization of goodwill and
purchased intangible
assets 54,160 700
In-process research and
development and other
costs - 19,876
--------------- ---------------
314,635 202,646
--------------- ---------------
Operating income 27,532 32,860
Other income, net 5,562 345
--------------- ---------------
Income before income taxes 33,094 33,205
Income taxes 20,518 15,924
--------------- ---------------
Net income $ 12,576 $ 17,281
=============== ===============
Basic earnings per share $ 0.06 $ 0.09
=============== ===============
Diluted earnings per share $ 0.06 $ 0.08
=============== ===============
Basic weighted average number
of shares outstanding 221,217 201,020
=============== ===============
Diluted weighted average
number of shares outstanding 226,361 204,867
=============== ===============
AMDOCS LIMITED
Condensed Consolidated Balance Sheets
(in thousands)
As of
----------------- -----------------
December 31, September 30,
2000 2000
----------------- -----------------
(Unaudited)
ASSETS
Current assets
Cash, cash equivalents and
short-term
interest-bearing
investments $ 429,363 $ 402,300
Accounts receivable, net 297,225 263,100
Deferred income taxes and
taxes receivable 41,987 35,179
Prepaid expenses and other
current assets 38,217 34,327
----------------- -----------------
Total current assets 806,792 734,906
Equipment, vehicles and
leasehold improvements, net 133,889 128,081
Goodwill and other
intangible assets, net 955,658 1,011,053
Other non-current assets 63,470 61,045
---------------- -----------------
Total assets $ 1,959,809 $ 1,935,085
================ =================
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current Liabilities:
Accounts payable and
accruals $ 198,963 $ 198,445
Short-term financing
arrangements 9,355 28,713
Deferred revenue 141,519 133,546
Deferred income taxes and
income taxes payable 71,413 55,197
---------------- -----------------
Total current liabilities 421,250 415,901
Non-current liabilities 92,907 88,412
Shareholders' equity 1,445,652 1,430,772
---------------- -----------------
Total liabilities and
shareholders' equity $ 1,959,809 $ 1,935,085
================ =================
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