J.D. Edwards Reports Sales and Earnings for the First Quarter Ended January 31, 1998; Revenue Grows 45% for Business Enterprise Software Provider.DENVER--(BUSINESS WIRE)--Feb. 23, 1998--J.D. Edwards & Company (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 :JDEC JDEC Joint Data Exchange Center (US/Russian missile warning) JDEC Joint Document Exploitation Center (US DoD) ), one of the world's leading providers of enterprise business applications solutions, today announced financial results for the fiscal quarter ended January January: see month. 31, 1998. Revenue for the first quarter of fiscal 1998 increased 45% to $178.3 million, compared to revenue of $122.8 million in the first quarter of fiscal 1997. Net income for the quarter increased 176% to $6.4 million, or $0.06 per 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. share, compared to net income of $2.3 million, or $0.02 per diluted share, in the first quarter of fiscal 1997. License fee revenue grew 66% to $68.0 million, from $40.9 million in the first quarter of fiscal 1997. Revenue from license fees represented 38% of total revenue for the first quarter of fiscal 1998, compared to 33% of revenue for the same period of the prior year. Services revenue rose 35% over the first quarter of fiscal 1997, to $110.3 million. The Company experienced strong growth in all geographic areas. Total revenue from international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. increased 52% in the first quarter of fiscal 1998, compared to the first quarter of fiscal 1997. Growth in the Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , Middle East and Africa region was especially
strong. The total number of personnel increased 27% over the same period
last year, to 3,808.Fueling the first quarter growth was an increase in volume and average size of WorldSoftware and OneWorld Oneworld is a worldwide airline alliance. As of 2007 it is the third largest after Star Alliance and SkyTeam. Member airlines and their affiliates enjoy a high degree of co-operation in schedueling, ticketing, code sharing, flight transfer operations, frequent flyer benefits, license transactions on AS/400, Windows NT (Windows New Technology) A 32-bit operating system from Microsoft for Intel x86 CPUs. NT is the core technology in Windows 2000 and Windows XP (see Windows). Available in separate client and server versions, it includes built-in networking and preemptive multitasking. , HP9000, and RS/6000 platforms. Key areas of focus during the quarter were extension of the Company's enterprise software offering to enhance its supply chain capabilities through product alliances with partners such as ILOG S.A. and CrossWorlds Software, Inc.; further development of alliances with system integrators See systems integrator. to expand implementation capacity; and continued penetration of the middle market through direct and indirect channel development. The Company distributes, implements, and supports its products worldwide through a network of direct offices and over 190 third-party business partners. The Company's products are available in 18 languages, and are supported around the globe through a worldwide network of support 24 hours a day, seven days a week. About J.D. Edwards (J.D. Edwards & Company, Denver, CO, www.jdedwards.com) A developer of multinational, integrated enterprise software for distribution, finance, human resources, manufacturing and supply chain management. J.D. Edwards develops, markets and supports enterprise software that operates in multiple computing computing - computer environments, including IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) AS/400, UNIX UNIX Operating system for digital computers, developed by Ken Thompson of Bell Laboratories in 1969. It was initially designed for a single user (the name was a pun on the earlier operating system Multics). , Windows NT and the 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 . Founded in 1977, J.D. Edwards is headquartered in Denver Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. and posted fiscal 1997 revenues of $647.8 million. J.D. Edwards' OneWorld is a network-centric, multinational software package that enables customers to change technology or business practices while reducing costs and business interruptions. Additional information about J.D. Edwards' product offerings can be obtained by contacting the company at 800/727-5333 or via the Internet at http://www.jdedwards.com. -0- Copyright (c) J.D. Edwards World Source Company, 1998. J.D. Edwards is a registered trademark of J.D. Edwards & Company. OneWorld and Configurable Network Computing Configurable Network Computing or CNC is JD Edwards®'s (JDE) client-server proprietary architecture and methodology that implements its highly-scalable enterprise-wide business solutions software that can run on a wide variety of hardware, operating systems (OS) and hardware are trademarks of J.D. Edwards World Source Company. All other product names and companies referenced herein are trademarks or registered trademarks of their respective owners. The historical results stated above are not necessarily indicative indicative: see mood. of the results of any future period. -0-
J.D. EDWARDS & COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months Ended January 31,
1997 1998
Revenue:
License fees $ 40,934 $ 67,990
Services 81,887 110,266
Total revenue 122,821 178,256
Costs and expenses:
Cost of license fees 7,698 11,119
Cost of services 51,493 70,588
Sales and marketing 34,706 50,421
General and administrative 14,772 18,439
Research and development 10,142 19,938
Total costs and expenses 118,811 170,505
Operating income 4,010 7,751
Other income (expense):
Interest income 93 3,659
Interest expense (275) (545)
Foreign currency losses and other, net (131) (665)
Income before income taxes 3,697 10,200
Provision for income taxes 1,368 3,774
Net income $ 2,329 $ 6,426
Net income per common share:
Basic $ .03 $ .07
Diluted $ .02 $ .06
Shares used in computing per share amounts:
Basic 79,094 93,413
Diluted 93,520 108,116
J.D. EDWARDS & COMPANY
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
October 31, January 31,
1997 1998
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $224,437 $190,532
Short-term investments 30,464 39,442
Accounts receivable, net of allowance for
doubtful accounts of $9,800 at
October 31, 1997 and $10,900 at
January 31, 1998, respectively 174,532 211,492
Prepaid and other current assets 21,436 25,843
Total current assets 450,869 467,309
Long-term investments 108,096 147,974
Property and equipment, net 55,705 50,362
Software development costs, net 11,879 10,243
Deposits and other assets 16,488 21,747
-------- --------
$643,037 $697,635
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 34,915 $ 30,132
Unearned revenue and customer deposits 67,104 121,370
Accrued liabilities 110,565 98,457
Total current liabilities 212,584 249,959
Unearned revenue, net of current portion,
and other 33,592 32,790
Total liabilities 246,176 282,749
Commitments and contingencies -- --
Stockholders' equity:
Preferred stock, $.001 par value; 5,000,000
shares authorized; none outstanding -- --
Common stock, $.001 par value; 300,000,000
shares authorized; 92,822,186 and
94,236,026 issued and outstanding as of
October 31, 1997 and January 31, 1998,
respectively 93 94
Additional paid-in capital 294,278 307,218
Retained earnings 102,856 109,282
Cumulative translation adjustments and
other, net (366) (1,708)
Total stockholders' equity 396,861 414,886
-------- --------
$643,037 $697,635
CONTACT: J.D. Edwards Chris CHRIS Chemical Hazards Response Information System (US DoD) CHRIS California Historical Resources Information System CHRIS Computerized Human Resources Information System CHRIS Command Human Resources Intelligence System Hardman HARDMAN Hardware/Manpower Integration , 303/334-4662 (PR) chris_hardman@jdedwards.com Etta West, 303/334-4772 (IR) etta_west@jdedwards.com |
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