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COMPUWARE CORPORATION ANNOUNCES 59-PERCENT INCREASE IN SECOND-QUARTER NET INCOME

 FARMINGTON HILLS, Mich., Oct. 25 /PRNewswire/ -- Compuware Corporation (NASDAQ-NMS: CPWR), a world leader in the sales of integrated systems software products which improve programmer productivity, today announced financial results for the second quarter, ended Sept. 30, 1993.
 Net income for the second quarter increased 59 percent to $13.4 million from $8.4 million in the second quarter of the previous fiscal year. Net income per common share was $.36 for the second quarter vs. $.25 for the same period a year ago, based on 37.7 and 32.8 million shares outstanding, respectively. Revenues for the second quarter were $68.2 million, an increase of $13.3 million, or 24 percent, from $54.9 million for the same period last year.
 Total revenues for the first six months of fiscal 1994 were $129.5 million, up 25 percent from $103.5 million for the same period in fiscal 1993. Net income for the first six months of fiscal 1994 increased to $21.5 million, up 56 percent from $13.8 million for the same period of the prior fiscal year. Net income per common share for the first six months of fiscal 1994 was $.57, up 39 percent from $.41 for the same period a year ago, based on 37.6 million and 32.9 million shares outstanding, respectively.
 License fees grew 32 percent to $24.9 million in the second quarter of fiscal 1994, from $18.9 million in the second quarter of the previous year. License fees for each product family grew proportionally. Software maintenance fees rose 20 percent from $21.0 million in the second quarter of fiscal 1993 to $25.2 million in the second quarter of fiscal 1994.
 Compuware's Professional Services Division experienced a revenue increase of 20 percent, rising from $15.0 million in the second quarter of fiscal 1993 to $18.0 million in the second quarter of fiscal 1994.
 "We are pleased with the continued strength of our revenue and earnings in fiscal 1994," said Peter Karmanos Jr., chairman and chief executive officer. "An excellent performance in North America and diligence throughout the difficult summer-selling period contributed to our second-quarter success."
 Compuware Corporation, headquartered in Farmington Hills, develops, markets and supports an integrated set of systems software products which improve the productivity of programmers and analysts in application program testing, test data preparation, error analysis and maintenance. The company also offers a broad range of data processing professional services, including business systems analysis, design, programming, and implementation, along with software conversion and systems planning and consulting.
 COMPUWARE CORPORATION AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (In thousands, Except Per Share Data)
 Three Months Ended Six Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Revenues:
 Software license fees $24,971 $18,933 $44,354 $34,484
 Maintenance fees 25,190 21,039 49,437 40,032
 Professional services fees 18,028 14,955 35,684 28,994
 Total revenues 68,189 54,927 129,475 103,510
 Operating expenses:
 Cost of software license
 fees 1,774 1,889 3,607 3,637
 Cost of maintenance 3,305 2,677 6,476 5,276
 Cost of professional
 services 15,826 13,875 31,726 26,486
 Software product
 development 4,735 4,251 9,505 8,549
 Sales and marketing 18,877 15,121 38,663 29,643
 Administrative and general 4,757 4,898 9,662 9,719
 Total operating expenses 49,274 42,711 99,639 83,310
 Income from operations 18,915 12,216 29,836 20,200
 Other income (expense) 1,090 (164) 1,985 (241)
 Income before income taxes 20,005 12,052 31,821 19,959
 Income tax provision 6,561 3,607 10,342 6,107
 Net income 13,444 8,445 21,479 13,852
 Dividends on preferred stock --- 118 --- 235
 Earnings attributable to
 common shareholders $13,444 $8,327 $21,479 $13,617
 Net income per common share $.36 $.25 $.57 $.41
 Weighted average number of
 common and common equivalent
 shares outstanding 37,747 32,808 37,552 32,904
 COMPUWARE CORPORATION AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 (In Thousands)
 Sept. 30, March 31,
 1993 1993
 Assets
 Current assets:
 Cash and cash equivalents $99,004 $113,243
 Investment 18,467 ---
 Accounts receivable, net 67,584 68,972
 Notes receivable, related party 137 275
 Deferred tax asset 23,297 23,073
 Prepaid expenses and other
 current assets 2,581 1,920
 Total current assets 211,070 207,483
 Investments 4,187 ---
 Property and equipment, less
 accumulated depreciation and
 amortization 11,871 10,897
 Capitalized software, less
 accumulated amortization 30,582 29,768
 Other:
 Excess of cost of investment over
 equity in net assets acquired,
 less accumulated amortization 1,993 2,147
 Covenant not to compete 3,447 4,287
 Accounts receivable 6,500 ---
 Maintenance contracts acquired 5,122 5,664
 Other 2,375 1,750
 Total other assets 19,437 13,848
 Total assets $277,147 $261,996
 Liabilities and shareholders' equity
 Current liabilities:
 Accounts payable $6,241 $6,468
 Accrued expenses 16,798 22,263
 Deferred revenue 56,125 58,299
 Income taxes payable 1,279 2,232
 Total current liabilities 80,443 89,262
 Deferred income taxes 5,298 4,450
 Total liabilities 85,741 93,712
 Shareholders' equity:
 Common stock 362 351
 Additional paid-in capital 147,085 142,178
 Retained earnings 43,677 25,726
 Foreign currency translation
 adjustment 282 29
 Total shareholders' equity 191,406 168,284
 Total liabilities and shareholders'
 equity $277,147 $261,996
 -0- 10/25/93
 /CONTACT: Chris Norris of Compuware, 313-737-7300/
 (CPWR)


CO: Compuware Corporation ST: Michigan IN: CPR SU: ERN

ML -- DE032 -- 6498 10/25/93 16:17 EDT
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Publication:PR Newswire
Date:Oct 25, 1993
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