Business Objects Reports Fourth Quarter and Full Year Results.PARIS--(BUSINESS WIRE)--Feb. 4, 1997--Business Objects (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 : BOBJY) today announced its results for the fourth quarter and year ended December December: see month. 31, 1996. Fourth quarter revenues of $25.8 million increased 31% compared to revenues of $19.8 million in the fourth quarter of 1995. Revenues for the year ended December 31, 1996 were $85.1 million, up 40% over revenues of $60.6 million in 1995. Net income for the fourth quarter of 1996 was $1.8 million compared to $3.3 million in the fourth quarter of 1995. Net income per ADS for the fourth quarter of 1996 was $0.11, compared to net income per ADS of $0.20 in the fourth quarter of 1995. Earnings per ADS reflect the adjustment, in May of 1996, of the conversion ratio between Ordinary Shares and American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. Shares (ADS) from two-to-one Two´-to-one´ a. 1. (Mach.) Designating, or pert. to, a gear for reducing or increasing a velocity ratio two to one. to one-to-one one-to-one adj. 1. Allowing the pairing of each member of a class uniquely with a member of another class. 2. Mathematics , producing the same results as a two-for-one stock split. Bernard Liautaud Bernard Liautaud is chairman and chief strategy officer of Business Objects. Liautaud cofounded Business Objects in 1990 and was chief executive officer until September 2005. , 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. of Business Objects stated: "We are pleased with our fourth quarter results. They demonstrate that we have largely overcome our product transition issues and are on the way to a full recovery. Our full year results reflect the significant impact of our product transition. But with the November November: see month. 1996 release of BusinessObjects A query, reporting and analysis suite of tools from Business Objects that runs under all versions of Windows and various Unix clients. It is the leading decision support tool in the business intelligence market, providing access to a wide variety of databases, including Oracle, INFORMIX 4.0.5, the product is stable and deployable. "A strong indicator of the robustness of our product is the signing, in the fourth quarter, of what we believe to be the largest deal for a client/server An architecture in which the user's PC (the client) is the requesting machine and the server is the supplying machine, both of which are connected via a local area network (LAN) or wide area network (WAN). query, reporting and analysis solution, a multi-million dollar transaction of ten thousand users in the U.S. This represents our third 10,000 user customer in the last year. We believe we have taken ownership of large deployments with numerous additional transactions above 1,000 users this year. "A significant event, today, was the production release of our new data mining product, BusinessMiner An earlier data mining tool from Business Objects (www.businessobjects.com) that extracted data from dBASE, Excel, SPSS and ASCII files and other relational databases that were imported into BusinessObjects performance management software. . BusinessMiner is the first data mining product to be truly deployable to the mainstream business user throughout the enterprise. This product is an outstanding addition to our complete offering and demonstrates our continued ability to be first in providing DSS (1) (Digital Signature Standard) A National Security Administration standard for authenticating an electronic message. See RSA and digital signature. (2) (Digital Satellite S technology to the market. "While we have challenges ahead of us, we are excited about our future, with a robust web-enabled product line that includes all areas of decision support, from reporting to OLAP (OnLine Analytical Processing) Decision support software that allows the user to quickly analyze information that has been summarized into multidimensional views and hierarchies. OLAP tools are used to perform trend analysis on sales and financial information. to data mining." This document and announcements referenced above may contain forward looking statements. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, but are not limited to: residual effects of the product transition issues with BusinessObjects version 4 encountered in 1996, the timing of the introduction and the quality of products or product enhancements, competition and pricing in the computer software industry, the size and timing of individual license transactions, variability of the Company's sales cycle, customer order deferrals in anticipation of new products, and customers' budget changes. For a more complete discussion of risk factors which could affect the Company's current and future operating results, see the discussions in the Company's reports filed with the SEC from time to time, including but not limited to the Annual Report on Form 20-F for the year ended December 31, 1995 and the Forms 6-K for the quarterly periods ended March 31, 1996, June June: see month. 30, 1996, and September September: see month. 30, 1996. About Business Objects Business Objects (NASDAQ:BOBJY) is the world's leading provider of integrated enterprise decision support tools. The company's award-winning products include BusinessObjects, the first integrated query, reporting, and on-line analytical processing (database) On-Line Analytical Processing - (OLAP) A category of database software which provides an interface such that users can transform or limit raw data according to user-defined or pre-defined functions, and quickly and interactively examine the results in various dimensions (OLAP) tool; BusinessQuery, the first Microsoft Excel (tool) Microsoft Excel - A spreadsheet program from Microsoft, part of their Microsoft Office suite of productivity tools for Microsoft Windows and Macintosh. Excel is probably the most widely used spreadsheet in the world. Latest version: Excel 97, as of 1997-01-14. add-in to provide a business representation of data; and BusinessMiner, the first data mining tool positioned for the mainstream business user. Business Objects products provide non-technical business users with access to information stored in corporate data warehouses, data marts A subset of a data warehouse for a single department or function. A data mart may have tens of gigabytes of data rather than hundreds of gigabytes for the entire enterprise. See data warehouse. , and packaged business applications. The company pioneered the modern decision support market in 1990 by introducing the "semantic layer Semantic Layer The semantic layer is a business representation of corporate data that helps end users access data autonomously using common business terms. Developed and patented by Business Objects, it maps complex data into familiar business terms such as product, ," a patented technology that maps complex databases to a business representation understandable by non-technical end users. Oracle users recently voted BusinessObjects the best DSS/OLAP tool in the Oracle Technical Journal's annual best product awards, and the product was named to the distinguished Crossroads A-List from Open Systems Advisors. Business Objects has sold more than 475,000 licenses to over 4,000 organizations in more than 60 countries. The company maintains business partnerships with more than 450 organizations around the world. The company's web site is http://www.businessobjects.com . A full-text copy of this announcement may be obtained by calling the Company's fax retrieval line at 800/414-2114 and selecting option "one". The announcement may also be downloaded from the Web; access "http://www.businesswire.com/cnn" and search on "Business Objects". -0- Note to Editors: BusinessObjects is a trademark of Business Objects S.A. Other company and product names may be trademarks of the respective companies with which they are associated. -0-
BUSINESS OBJECTS S.A.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per ADS data)
Three Months Ended Twelve Months Ended
Dec 31, Dec 31,
1996 1995 1996 1995
Revenues:
License fees: $19,503 $16,070 $64,451 $48,782
Services 6,323 3,684 20,686 11,824
Total revenues 25,826 19,754 85,137 60,606
Cost of revenues:
License fees 1,038 612 3,235 2,107
Services 1,994 1,083 6,780 4,044
Total cost of revenues 3,032 1,695 10,015 6,151
Gross margin 22,794 18,059 75,122 54,455
Operating expenses:
Sales and marketing 14,748 9,738 50,038 30,666
Research and development 2,936 2,257 10,634 8,071
General and
administrative 1,966 1,679 7,402 5,706
Total operating expenses 19,650 13,674 68,074 44,443
Income from operations 3,144 4,385 7,048 10,012
Net interest income and
other 263 505 1,849 1,999
Income before provision for
income taxes 3,407 4,890 8,897 12,011
Provision for income taxes (1,596) (1,542) (3,737) (3,963)
Net income $1,811 $3,348 $5,160 $8,048
Net income per share & ADS $0.11 $0.20 $0.31 $0.48
Shares & ADS used in
calculation of net
income per share 16,768 16,823 16,837 16,737
BUSINESS OBJECTS S.A.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands)
Dec 31, Dec 31,
1996 1995
(1) (1)
Assets
Current assets:
Cash and short-term investments $42,171 $46,702
Accounts receivable, net 24,176 17,174
Other current assets 3,710 2,793
Total current assets 70,057 66,669
Property and equipment, net 10,101 3,961
Deposits and other 612 383
Total assets $80,770 $71,013
Liabilities and shareholders' equity
Current liabilities:
Accounts payable $4,533 $3,443
Accrued wages and expenses 7,541 6,660
Deferred revenue 10,386 6,002
Income taxes payable -- 3,754
Other current liabilities 6,454 4,572
Total current liabilities 28,914 24,431
Long-term debt 19 121
Shareholders' equity 51,837 46,461
Total liabilities and shareholders'
equity $80,770 $71,013
1) Derived from audited figures
CONTACT: Business Objects Robert P. Verheecke, +(33-1) - 41 25 21 21 or Herbst Consulting Lisa Herbst, 408/739-0252 |
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