Correcting and Replacing, Business Objects Reports Record Q3 1999 Results, BW0001, CA BUSINESS OBJECTS.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)--Oct. 21, 1999-- Business Objects Reports Record Q3 1999 Results; Revenues Up 45 Percent Over Prior Year; Net Income Up 155 Percent Business Objects (Nasdaq:BOBJ BOBJ Business Objects SA ) today announced its results for the quarter and nine months ended September September: see month. 30, 1999. Third quarter revenues were $59.8 million, an increase of 45 percent compared to revenues of $41.3 million for the quarter ended September 30, 1998. Net income for the third quarter was $5.9 million, compared to $2.3 million for the same period last year. 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. net income per share and per ADS for the quarter ended September 30, 1999 were $0.30, compared to $0.13 in the third quarter of last year. Revenues for the nine months ended September 30, 1999 were $166.8 million, an increase of 45 percent compared to revenues of $115.4 million during the same period last year. Net income for the nine months ended September 30, 1999 was $14.2 million, compared to $5.7 million for the same period last year. Diluted income per share and per ADS for the nine months ended September 30, 1999 were $0.74, compared to $0.32 in the prior year nine month period. "We are very pleased with our achievement of record results in the third quarter," said 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 chief executive officer of Business Objects. "With revenue growth of 45%, we have now had nine consecutive quarters of year-over-year 40%+ revenue growth. Our net income in the third quarter of 1999 increased 155% over the prior year period. In the third quarter, we continued to demonstrate our domestic strength, as 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. region grew at 55%. Our indirect channels provided a solid contribution, with 46% of total revenues," Liautaud said. "We believe these strong results demonstrate our leadership in the business intelligence market and the growing acceptance of WEBINTELLIGENCE(TM) as the platform of choice for intranet deployments across the enterprise, and extranet A Web site for customers rather than the general public. It can provide access to research, current inventories and internal databases, virtually any information that is private and not published for everyone. applications linking customers, suppliers, and partners," Liautaud continued. "Business Objects was one of the first to understand the opportunity for business intelligence in the new Internet See Web 2.0 and Internet2. economy. We are working with many innovative customers who also recognize that e-business (Electronic-BUSINESS) Doing business online. The term is often used synonymously with e-commerce, but e-business is more of an umbrella term for having a presence on the Web. intelligence is a critical component of their success." Business Objects expanded its customer base in the third quarter, adding over 125,000 new licenses for a total of 1,442,000 worldwide. The Company's balance sheet continued to be strong with $93.9 million in cash and cash equivalents. Total assets at September 30, 1999 were $167.5 million, compared to $138.1 million at December December: see month. 31, 1998. About Business Objects Business Objects is the world's leading provider of integrated decision support tools. Business Objects products provide non-technical business users with access to information stored in 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. Business Objects provides a complete suite of decision support tools, including query To interrogate a collection of data such as records in a database. The term may also be used to search a single file or collection of files such as HTML files on the Web. However, in addition to obtaining lists of records that match the search criteria, queries to a database allow for , reporting, online analytical processing Online Analytical Processing, or OLAP (IPA: /ˈoʊlæp/), is an approach to quickly provide answers to analytical queries that are multidimensional in nature. , data mining, and DSS (1) (Digital Signature Standard) A National Security Administration standard for authenticating an electronic message. See RSA and digital signature. (2) (Digital Satellite S administration for both 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). and 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 environments. Business Objects has sold more than 1,442,000 licenses to over 9,100 organizations in more than 80 countries worldwide. Business Objects may be reached by phone at 408/953-6000 or on the world wide web at http://www.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 .com. The Company's stock is publicly traded under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors BOBJ. Note to Editors: WebIntelligence is a trademark of Business Objects SA. A full-text copy of this announcement may be obtained by calling the Company's fax retrieval retrieval /re·triev·al/ (-tre´v'l) in psychology, the process of obtaining memory information from wherever it has been stored. re·triev·al n. line at 800/414-2114 and selecting option "two." The announcement may also be downloaded from the Web; access "http://www.businesswire.com/cnn" and search on "Business Objects." For product information, contact 800/527-0580. -0-
BUSINESS OBJECTS S.A.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands of dollars, except per share
and per ADS data; unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
Revenues:
License fees $ 37,302 $ 26,232 $ 104,369 $ 74,811
Services 22,464 15,025 62,448 40,563
Total revenues 59,766 41,257 166,817 115,374
Cost of revenues:
License fees 1,232 781 3,188 2,357
Services 8,995 6,253 26,122 16,602
Total cost of
revenues 10,227 7,034 29,310 18,959
Gross margin 49,539 34,223 137,507 96,415
Operating expenses:
Sales and marketing 28,668 22,214 82,122 63,778
Research and
development 6,500 4,956 18,922 13,787
General and
administrative 4,107 3,380 12,007 9,531
Goodwill 808 312 2,060 929
Total operating
expenses 40,083 30,862 115,111 88,025
Income from operations 9,456 3,361 22,396 8,390
Interest and other
income, net 533 618 1,749 1,403
Income before minority
interest and provision
for income taxes 9,989 3,979 24,145 9,793
Provision for income
taxes (4,096) (1,631) (9,900) (4,011)
Minority interest -- (40) -- (114)
Net income $ 5,893 $ 2,308 $ 14,245 $ 5,668
Net income per ADS
and share- basic $ 0.33 $ 0.14 $ 0.80 $ 0.34
ADS and shares used
in computing net
income per ADS & per
share- basic 18,007 16,975 17,727 16,903
Net income per ADS
and share- diluted $ 0.30 $ 0.13 $ 0.74 $ 0.32
ADS and shares and
common share
equivalents used in
computing net income
per ADS & per share-
diluted 19,719 17,624 19,305 17,661
BUSINESS OBJECTS S.A.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Sep. 30, 1999 Dec. 31, 1998
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 93,863 $ 71,713
Accounts receivable, net 40,579 42,236
Other current assets 11,784 7,993
-------- --------
Total current assets 146,226 121,942
Property and equipment, net 13,695 13,804
Goodwill, net 5,583 1,460
Other assets 1,961 879
-------- --------
Total assets $167,465 $138,085
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 10,899 $ 10,439
Accrued payroll and related expenses 17,556 16,597
Deferred revenue 27,802 21,684
Other current liabilities 27,797 22,118
-------- --------
Total current liabilities 84,054 70,838
Notes Payable 1,000 --
Shareholders' equity 82,411 67,247
-------- --------
Total liabilities and shareholders'
equity $167,465 $138,085
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