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COMPUWARE CORPORATION REPORTS FIRST-QUARTER RESULTS

 FARMINGTON HILLS, Mich., July 26 /PRNewswire/ -- Compuware Corporation (NASDAQ: CPWR), a world leader in the sales of integrated systems software products which improve programmer productivity, today announced financial results for the first quarter ended June 30, 1993.
 Net income for the quarter increased 49 percent to $8 million from $5.4 million in the first quarter of the previous fiscal year. Earnings per share were $0.22 for the first quarter versus $0.16 for the same period a year ago based on 37.4 and 33.0 million shares outstanding, respectively. Revenues for the first quarter were $61.3 million, an increase of $13 million or 26 percent, over the same period last year.
 License fees grew 25 percent to $19.4 million in the first quarter of fiscal 1994. Although license fees for all product families grew substantially, the largest increases were in the File and Data Management and the Fault Diagnosis areas.
 Software maintenance fees also contributed substantially to Compuware's first-quarter growth, rising 28 percent from $19 million in first-quarter 1993 to $24.2 million in first-quarter 1994.
 Compuware's Professional Services Division experienced a revenue increase of 26 percent, rising from $14 million in first-quarter fiscal 1993 to $17.7 million in first-quarter fiscal 1994. The increase was due primarily to the addition of billable professional staff.
 "We experienced healthy growth in both operating divisions," said Peter Karmanos Jr., Compuware Corporation chairman and chief executive officer. "First-quarter growth is particularly rewarding because the first quarter is typically our most difficult quarter. The strong quarter is partly attributable to our continued focus on run-time productivity issues and specialized individual sales and sales support teams."
 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; unaudited)
 Three Months Ended
 June 30,
 1993 1992
 Revenues:
 Software license fees $19,383 $15,551
 Maintenance fees 24,247 18,993
 Professional services fees 17,656 14,039
 Total revenues 61,286 48,583
 Operating expenses:
 Cost of software license fees 1,833 1,748
 Cost of maintenance 3,171 2,599
 Cost of professional services 15,900 12,611
 Software product development 4,770 4,298
 Sales and marketing 19,786 14,522
 Administrative and general 4,905 4,821
 Total operating expenses 50,365 40,599
 Income from operations 10,921 7,984
 Other income (expenses) 895 (77)
 Income before income taxes 11,816 7,907
 Income tax provision 3,781 2,500
 Net income $8,035 $5,407
 Net income per common share $.22 $.16
 Weighted average number of common
 and common equivalent shares
 outstanding 37,353 33,003
 COMPUWARE CORPORATION AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 (In thousands)
 June 30, March 31,
 1993 1993
 Assets
 Current Assets:
 Cash and cash equivalents $120,729 $113,243
 Accounts receivable, net 61,998 68,972
 Notes receivable, related party 175 275
 Deferred tax asset 21,568 23,073
 Prepaid expenses and other
 current assets 3,363 1,920
 Total current assets 207,833 207,483
 Investments 1,735 ---
 Property and equipment, less
 accumulated depreciation
 and amortization 11,777 10,897
 Capitalized software, less
 accumulated amortization 30,205 29,768
 Other:
 Excess of cost of investment over
 equity in net assets acquired,
 less accumulated amortization 2,031 2,147
 Covenant not to compete 3,867 4,287
 Maintenance contracts acquired 5,393 5,664
 Other 2,273 1,750
 Total other assets 13,564 13,848
 Total assets $265,114 $261,996
 Liabilities and shareholders' equity
 Current liabilities:
 Accounts payable $6,672 $6,468
 Accrued expenses 17,445 22,263
 Deferred revenue 56,032 58,299
 Income taxes payable 2,518 2,232
 Total current liabilities 82,667 89,262
 Deferred income taxes 4,230 4,450
 Total liabilities 86,897 93,712
 Shareholders' equity:
 Common stock 354 351
 Additional paid-in capital 143,737 142,178
 Retained earnings 33,762 25,726
 Foreign currency translation
 adjustment 364 29
 Total shareholders' equity 178,217 168,284
 Total liabilities and
 shareholders' equity $265,114 $261,996
 -0- 7/26/93
 /CONTACT: Chris Norris of Compuware Corporation, 313-737-7300; or Edd Snyder or Jeff Caponigro of Casey Communications Management, 313-423-4600, for Compuware Corporation/
 (CPWR)


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

KE-ML -- DE025 -- 5860 07/26/93 16:17 EDT
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Date:Jul 26, 1993
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