Boole & Babbage Reports Record Results in Fourth Quarter & Fiscal 1996; License growth was 17% for Q4 before currency impact; Operating income in Q4 increased by 28% with EPS up 33% to $.44; Client/server new sales increased by 66% for the year as margins increased to 11.4% and EPS grew 24% to $1.50.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Nov. 12, 1996--Boole & Babbage (language) Babbage - The structured assembly language for the General Electric Company 4xxx range of computers and their OS4000 operating system. It is strictly an assembler in that the generated code is relatively predictable but it can be written in a sufficiently structured , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BOOL) announced that revenues for its fiscal fourth quarter ended September September: see month. 30, 1996 were a record $45,478,000 or a 10% increase over the fiscal 1995 revenues of $41,173,000. 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. was up 28% to $5,711,000 compared with $4,460,000 in 1995's fourth quarter. Related earnings per share increased 33% to a record $.44 versus $.33 last year. For the year ended September 30, 1996, revenues were up 8% to a record $167,178,000 and operating income was up 19% to $19,114,000. Related earnings per share was up 24% to a record level of $1.50 compared to $1.21 for fiscal 1995. Cash and installment leases increased to $143 million compared to $98 million last year. "I was pleased that all channels did well in the fourth quarter despite some strong 1995 comparables and less favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. currency translations," said Paul E. Newton, 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. . "Particularly strong was the North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. channel which grew nearly 20% as it posted record new product revenues. And, for the first time in the last 5 years, North America led all sales channels in growth for the fiscal year. I was also encouraged by the record quarter from our non-European international channel which seems to have built some momentum for fiscal 1997 after struggling against some tough 1995 comparable quarters earlier in the year. Our Japanese subsidiary was particularly strong with a record performance. "On the product side, both our mainframe and client/server groups had a record quarter and year. Impressively, our client/server group not only grew by 62% in Q4, but for the tenth consecutive quarter set a new record and now comprises nearly 25% of our new business. In addition, we won several major accounts with our leading enterprise availability management and automation product, COMMAND/POST, which is now our best-selling best·sell·er also best seller n. A product, such as a book, that is among those sold in the largest numbers. best product. Our products are fundamental to managing distributed systems Distributed systems (computers) A distributed system consists of a collection of autonomous computers linked by a computer network and equipped with distributed system software. in hundreds of the world's largest companies. This is an exciting, mainstream business with a solid foundation and great potential. "We are continuing to revitalize re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. our product line as over half of our new sales come from products that are new or have been redesigned since 1990. We plan to continue this trend into 1997 as we introduce new products to manage IBM's MQSeries, a middleware Software that functions as a conversion or translation layer. It is also a consolidator and integrator. Custom-programmed middleware solutions have been developed for decades to enable one application to communicate with another that either runs on a different platform or comes from a offering to handle message queuing The process of lining up events in the order you want them processed. Whether it refers to packets in an IP network that search for the most optimal path to their destination, or telephone callers sitting in a "hold queue" waiting to be answered, queuing means the same thing: deciding on so that work processes can be spread across various types of computing platforms See platform. . We are also expanding our suite of products aimed at the new CMOS-based parallel processors and adding specific solutions for large client/server systems. Our goal is to entrench en·trench also in·trench v. en·trenched, en·trench·ing, en·trench·es v.tr. 1. To provide with a trench, especially for the purpose of fortifying or defending. 2. and expand the market position we've successfully gained over the past 3 years. "As we have just completed our 20th straight quarter of growth with improved financial results, I'm also pleased to report that our Board has approved our third 3-for-2 stock split which will be payable on December 10, 1996," Newton concluded. Except for the historical information contained herein, the matters discussed in this news release are 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. that involve risks and uncertainties, including timely development and market acceptance of new products, the impact of competitive products particularly from larger companies with more resources, and worldwide economic conditions as they affect the spending intentions of the Company's customers, as well as the other risks detailed from time to time in the Company's SEC reports, including the 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 fiscal 1995 as well as the most recently filed Form 10-Q Form 10-Q See 10-Q. . Boole & Babbage is a leader in Enterprise Automation software for distributed systems. The Company is committed to supporting open systems and the growing client/server market to help IS organizations increase systems availability and reduce costs. Boole & Babbage maintains strategic alliances with other industry leaders to ensure its customers the most powerful, efficient solutions. Founded in 1967, Boole & Babbage sells more than 40 products in North America, Europe, Asia, Japan, Australia, and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . -0-
Boole & Babbage, Inc.
Consolidated Statements of Income
(Amounts in thousands, except net income per share)
Three Months Ended Twelve Months Ended
September 30, September 30,
1996 1995(a) 1996 1995(a)
Revenue:
New product revenue $25,198 $22,404 $90,652 $80,854
Maintenance fees and
other 20,280 18,769 76,526 73,513
Total Revenue 45,478 41,173 167,178 154,367
Costs and expenses:
Cost of revenue 7,684 8,031 31,662 29,487
Product development,
net 5,709 4,846 19,273 16,594
Sales and marketing 22,292 19,908 81,358 77,339
General and
administrative 4,082 3,928 15,771 14,903
Total costs and
expenses 39,767 36,713 148,064 138,323
Operating income 5,711 4,460 19,114 16,044
Interest and other
income, net 1,708 1,120 5,941 3,904
Income before provision
for income taxes 7,419 5,580 25,055 19,948
Provision for income taxes 2,075 1,680 7,015 6,000
Net income $5,344 $3,900 $18,040 $13,948
Net income per share $0.44 $0.33 $1.50 $1.21
Shares used in per
share calculations 12,145 11,750 12,045 11,550
(a) Reflects reclassifications to conform to current year's
presentation.
Boole & Babbage, Inc.
Consolidated Balance Sheets
(Amounts in thousands)
September 30, September 30,
1996 1995
Assets
Cash and short-term investments $60,055 $38,140
Installment and other receivables, net 83,246 60,289
Accounts receivable, net 23,281 27,293
Deferred tax asset 12,186 10,653
Prepaid expenses and other current
assets 3,183 4,967
Purchased and internally developed
software, net 11,614 12,278
Equipment, furniture and leasehold
improvements, net 8,695 7,341
Other assets 4,804 2,947
Total assets $207,064 $163,908
Liabilities and Stockholders' Equity
Accounts payable and accrued
payroll expense $14,532 $13,744
Other accrued liabilities 20,089 18,133
Short-term borrowings and notes
payable 1,652 1,576
Capital lease obligations 3,081 2,031
Deferred maintenance revenue 74,685 58,237
Stockholders' equity
Common Stock 37,648 30,855
Retained earnings 60,712 42,672
Unrealized gain on marketable
securities 370 132
Foreign currency translation adjustment 699 1,013
Less treasury stock (6,404) (4,485)
Total stockholders' equity 93,025 70,187
Total liabilities and
stockholders' equity $207,064 $163,908
CONTACT: Boole & Babbage, Inc. Arthur F. Knapp Jr., 408/526-3333 aknapp@boole.com http://www.boole.com |
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