J.D. Edwards Reports Sales and Earnings for the First Quarter Ended January 31, 1999.DENVER--(BUSINESS WIRE)--Feb. 23, 1999-- Revenue Grows 25% for Application Software Provider 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. & 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) ) today reported financial results for the fiscal quarter ended January January: see month. 31, 1999. The results were within the preliminary ranges reported on February February: see month. 11, 1999. Revenue for the first quarter of fiscal 1999 increased 25% to $222.9 million, compared to revenue of $178.3 million in the first quarter of fiscal 1998. Net income for the quarter was $4.3 million, or $0.04 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 $6.4 million, or $0.06 per diluted share, in the same period last year. License fee revenue was $69.6 million compared to license fee revenue of $68.0 million in the first quarter of fiscal 1998. Services revenue rose 39% over the same period last year, to $153.3 million. Operating Highlights Since the last earnings release, J.D. Edwards has taken steps to further enhance the company's product line and penetration into its target markets. The company announced Idea to Action(TM), acquired sales engineering automation technology, released additional product functionality, enhanced its focus on vertical industries, and formed strategic business alliances. Significant announcements and milestones achieved since the last earnings release include: o The launch of a "new era" in application solutions with Idea to Action. The Idea to Action approach delivers the solutions organizations need to maintain control of their businesses as technologies and market environments change. J.D. Edwards drives Idea to Action with ActivEra(TM), a collection of tools and technologies that allows companies to change their enterprise software quickly and easily during and after implementation. o Acquisition of The Premisys Corporation. The Premisys Corporation is a provider of sales engineering automation software which visually illustrates how products are configured con·fig·ure tr.v. con·fig·ured, con·fig·ur·ing, con·fig·ures To design, arrange, set up, or shape with a view to specific applications or uses: and helps companies respond rapidly to their customers and prospects. The sales configuration technology will be integrated with J.D. Edwards 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, (TM), the company's multi-platform offering, to extend the reach of the J.D. Edwards SCOREx supply chain solution for sales force automation Automating the sales activities within an organization. A comprehensive SFA package provides such functions as contact management, note and information sharing, quick proposal and presentation generation, product configurators, calendars and to-do lists. and tailored products. The combined solution will allow made-to-order made-to-or·der adj. 1. Made in accordance with particular instructions or requirements; custom-made. 2. Very suitable: a made-to-order job. Adj. 1. manufacturing and distribution companies to reduce turnaround time (1) In batch processing, the time it takes to receive finished reports after submission of documents or files for processing. In an online environment, turnaround time is the same as response time. in preparing price estimates and quotations, provide accurate as-configured technical drawings, and support manufacturing and distribution processes with intelligent drawings. o Release of the latest version of OneWorld in December December: see month. 1998. The release includes the customer service management system, the newest suite of the J.D. Edwards SCOREx supply chain solution. This system includes functionality in call center management, installed base management, service contract management and service order management, enabling organizations to deliver post-sales service and support offerings that are personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. for their customers' evolving needs. The release also included considerable enhancements and new functionality in areas such as human resources, payroll, activity-based costing In a business organization, Activity-based costing (ABC) is a method of allocating costs to products and services. It is generally used as a tool for planning and control. This is a necessary tool for doing value chain analysis. and management, repetitive manufacturing, quality management and e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. . The Java(TM) and HTML HTML in full HyperText Markup Language Markup language derived from SGML that is used to prepare hypertext documents. Relatively easy for nonprogrammers to master, HTML is the language used for documents on the World Wide Web. deployment options give customers the ability to extend enterprise applications via 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 and corporate Intranets. o New customer additions. New license agreements were signed with customers including McKesson General Medical, Cook County, Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. , Lenox Incorporated, Manchester United plc, Lexmark International, United Dominion dominion, power to rule, or that which is subject to rule. Before 1949 the term was used officially to describe the self-governing countries of the Commonwealth of Nations—e.g., Canada, Australia, or India. Industries, Land O'Lakes
Nohara Sangyo Co., Ltd., Wausau Paper Mills, Beers Construction Company and Allied Digital Technologies. The company now has over 5,000 customers worldwide. o Numerous customers going live on OneWorld. Customers that recently went live include Abitibi-Consolidated Inc., Computer Network Technology Corp., District of North Vancouver North Vancouver, city (1991 pop. 38,436), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver, of which it is a suburb. Shipbuilding, woodworking, and the shipping of grain, lumber, and ore are the chief industries. , Gibson Greetings, Inc., Johnson Industries, Mail-Well Corporation, Physician Sales & Service, Vollrath Company Inc., LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , and Wyle Electronics. o Enhanced focus on vertical industries. J.D. Edwards' vertical sales and marketing focus will allow the company to better serve its customers through increased industry knowledge and tailored development efforts. Underscoring its commitment to provide tailored solutions for key industries, the company announced availability of the J.D. Edwards' Energy and Chemical Solutions (ECS See eComStation. ) suite within the latest version of OneWorld. o New performance and scalability records. In performance tests on the AS/400e server, OneWorld processed more than 72,000 business transactions per hour with up to 1,800 concurrent users In computer science, the number of concurrent users for a resource in a location, with the location being a computing network or a single computer, refers to the total number of people using the resource at the same time. . In performance tests on the Netfinity 700 M10 server, the J.D. Edwards system processed more than 58,000 transactions per hour with up to 1,500 users. o Strategic business alliance with Sun Microsystems Sun Microsystems, Inc. (NASDAQ: JAVA[3]) is an American vendor of computers, computer components, computer software, and information-technology services, founded on 24 February 1982. , Inc. J.D. Edwards OneWorld will run on Sun's Solaris(TM) operating environment and take advantage of the 64-bit capabilities of the Solaris 7 software. OneWorld for the Solaris 7 will include full HTML and Java technology support. o Corporate culture recognition. J.D. Edwards' commitment to its employees was rewarded by being named to Fortune Magazine's Top 100 Companies to Work for in America list. About J.D. Edwards J.D. Edwards provides Idea to Action(TM) software for managing the enterprise and supply chain. The Company's integrated applications give customers control over their front office, manufacturing, logistics/distribution, human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. and finance processes for the consumer products, industrial and services industries. J.D. Edwards enables Idea to Action with ActivEra(TM), a collection of tools and technologies that extend the J.D. Edwards SCOREx supply chain solution and OneWorld(TM) and WorldSoftware(TM) enterprise business software. ActivEra allows customers to change their enterprise software quickly and easily during and after implementation. The Company's solutions operate in multiple computing computing - computer environments, including 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. (R), 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). (R) and OS/400(R), and are Java(TM) and HTML enabled. Founded in 1977, J.D. Edwards is headquartered in Denver and posted fiscal 1998 revenues of $934 million. Additional information can be obtained by contacting the Company at 1-800/727-5333 or via the Internet at www.jdedwards.com. Copyright (c)J.D. Edwards World Source Company, 1999. J.D. Edwards is a registered trademark of J.D. Edwards & Company. The names of all other product and services of J.D. Edwards used herein are trademarks and registered trademarks of J.D. Edwards World Source Company. The historical results stated above are not necessarily indicative 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,
--------------------------------
1998 1999
------------- -------------
Revenue:
License fees $ 67,990 $ 69,599
Services 110,266 153,338
-------- --------
Total revenue 178,256 222,937
Costs and expenses:
Cost of license fees 11,119 5,291
Cost of services 70,588 99,462
Sales and marketing 50,421 69,413
General and administrative 18,439 24,389
Research and development 19,938 22,715
-------- --------
Total costs and expenses 170,505 221,270
Operating income 7,751 1,667
Other income (expense):
Interest income 3,659 5,344
Interest expense (545) (203)
Foreign currency losses and
other, net (665) (34)
-------- --------
Income before income taxes 10,200 6,774
Provision for income taxes 3,774 2,506
-------- --------
Net income $ 6,426 $ 4,268
======== ========
Net income per common share:
Basic $ 0.07 $ 0.04
======== ========
Diluted $ 0.06 $ 0.04
======== ========
==================
Shares used in computing per share
amounts:
Basic 93,413 103,111
Diluted 108,116 111,549
J.D. EDWARDS & COMPANY
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
October 31, January 31,
1998 1999
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $183,115 $178,750
Short-term investments 28,667 37,224
Accounts receivable, net of
allowance for doubtful accounts
of $12,900 at October 31, 1998
and $11,400 at January 31, 1999,
respectively 265,704 275,208
Prepaid and other current assets 32,823 35,491
-------- --------
Total current assets 510,309 526,673
Long-term investments 322,527 321,815
Property and equipment, net 60,689 64,420
Software development costs, net 5,821 4,558
Non-current portion of deferred
income taxes 43,658 48,080
Deposits and other assets 7,469 5,721
-------- --------
$950,473 $971,267
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 60,366 $ 43,167
Unearned revenue and customer
deposits 121,092 161,178
Accrued liabilities 157,473 140,581
-------- --------
Total current liabilities 338,931 344,926
Unearned revenue, net of current
portion,and other 27,546 21,541
-------- --------
Total liabilities 366,477 366,467
Stockholders' equity:
Preferred stock, $.001 par value;
5,000,000 shares authorized; none
outstanding -- --
Common stock, $.001 par value;
300,000,000 shares authorized;
102,681,608 and 103,957,614
issued and outstanding as of
October 31, 1998 and January 31,
1999, respectively 103 104
Additional paid-in capital 406,886 424,044
Deferred compensation (677) (647)
Retained earnings 177,324 181,592
Accumulated other comprehensive
income:
Foreign currency translation
adjustments 360 (293)
-------- --------
Total stockholders' equity 583,996 604,800
-------- --------
$950,473 $971,267
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