SPSS Inc. Reports Second Quarter 2002 Results.Business Editors/High Tech Writers CHICAGO--(BUSINESS WIRE)--July 30, 2002 SPSS A statistical package from SPSS, Inc., Chicago (www.spss.com) that runs on PCs, most mainframes and minis and is used extensively in marketing research. It provides over 50 statistical processes, including regression analysis, correlation and analysis of variance. Inc. (Nasdaq: SPSS), a worldwide provider of predictive analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. solutions, today announced results for the quarter ended June June: see month. 30, 2002. On a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis, diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of and revenues were $0.09 and $53.0 million, respectively, compared to pro forma diluted earnings per share and revenue of $0.09 and $47.1 million, respectively, in the same period last year. Such pro forma results exclude acquisition-related and other non-recurring charges as well as the company's consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: non-core investment in Illumitek Corporation, and include the effects of the adoption of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 142 (goodwill and other intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. ) as well as the full implementation of accounting interpretations on revenue recognition. On a reported basis, diluted earnings per share and revenues for the quarter ended June 30, 2002 were ($0.02) and $53.0 million, respectively, compared to diluted earnings per share and revenue of ($0.20) and $44.0 million, respectively, in the same period last year. Such reported results include acquisition-related and other non-recurring charges, the company's consolidated non-core investment in Illumitek Corporation, the effects of the adoption of SFAS No. 142, and the GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). prescribed pre·scribe v. pre·scribed, pre·scrib·ing, pre·scribes v.tr. 1. To set down as a rule or guide; enjoin. See Synonyms at dictate. 2. To order the use of (a medicine or other treatment). implementation of accounting interpretations on revenue recognition.
Summary of Pro Forma Results
Exclude acquisition and other non-recurring charges and consolidated
non-core investment in Illumitek Corporation; include the effects of
the full implementation of accounting interpretations on revenue
recognition and effects of adopting SFAS No. 142
(Unaudited; in millions, except for per share)
Three months ended Six months ended
June 30, June 30,
----------------------------------------------------------------------
2002 2001 Year/year % 2002 2001 Year/year %
change change
----------------------------------------------------------------------
Net revenues $53.0 $47.1 13% $102.4 $91.2 12%
----------------------------------------------------------------------
Operating income $1.5 $1.8 -14% $1.3 $3.7 -65%
----------------------------------------------------------------------
Net income $1.6 $1.3 20% $1.5 $2.0 -26%
----------------------------------------------------------------------
Diluted EPS $0.09 $0.09 0% $0.09 $0.14 -36%
----------------------------------------------------------------------
Weighted shares
outstanding 17,100 14,240 20% 17,129 14,072 22%
----------------------------------------------------------------------
Summary of GAAP Results
Include acquisition and other non-recurring charges and consolidated
non-core investment in Illumitek Corporation; show the effects of
the GAAP prescribed implementation of accounting interpretations on
revenue recognition and impact of adopting SFAS No. 142
(Unaudited; in millions, except for per share
Three months ended Six months ended
June 30, June 30,
----------------------------------------------------------------------
2002 2001 Year/year % 2002 2001 Year/year %
change change
----------------------------------------------------------------------
Net revenues $53.0 $44.0 20% $102.6 $80.5 27%
----------------------------------------------------------------------
Operating
income (loss) $(1.3) $(3.5) 62% $(6.1) $(19.4) 69%
----------------------------------------------------------------------
Net income (loss)$(0.3) $(2.7) 91% $(2.8) $(13.3) 79%
----------------------------------------------------------------------
Diluted EPS $(0.02) $(0.20) 90% $(0.17) $(0.97) 82%
----------------------------------------------------------------------
Weighted shares
outstanding 16,825 13,721 23% 16,825 13,689 23%
----------------------------------------------------------------------
Reconciliation of Pro Forma to GAAP Results
(unaudited; in millions, except for earnings per share)
Three months ended June 30, 2002
----------------------------------------------------------------------
Net Operating Net Diluted
revenues income/ income/ EPS
(loss) (loss)
----------------------------------------------------------------------
Pro forma $53.0 $1.5 $1.6 $ 0.09
----------------------------------------------------------------------
Illumitek investment - (1.0) (0.6) (0.04)
----------------------------------------------------------------------
Merger-related - (0.3) (0.3) (0.01)
----------------------------------------------------------------------
Special G&A - (1.5) (1.0) (0.06)
----------------------------------------------------------------------
Acq. In process tech. - - - -
----------------------------------------------------------------------
GAAP $ 53.0 $ (1.3) $(0.3) $(0.02)
----------------------------------------------------------------------
Six months ended June 30, 2002
----------------------------------------------------------------------
Net Operating Net Diluted
revenues income/ income/ EPS
(loss) (loss)
----------------------------------------------------------------------
Pro forma $102.4 $1.3 $ 1.5 $ 0.09
----------------------------------------------------------------------
Illumitek investment 0.2 (1.8) (0.7) (0.04)
----------------------------------------------------------------------
Merger-related - (2.3) (1.5) (0.09)
----------------------------------------------------------------------
Special G&A - (3.2) (2.0) (0.12)
----------------------------------------------------------------------
Acq. In process tech. - (0.1) (0.1) (0.01)
----------------------------------------------------------------------
GAAP $102.6 $(6.1) $(2.8) $(0.17)
----------------------------------------------------------------------
"Given the current business environment, I was delighted to hit both earnings and revenue expectations in the quarter," said Jack Noonan The term Noonan might refer to: People
Siebel, originally Flugzeugbau Halle, was a German aircraft manufacturer in Halle an der Saale. Siebel aircraft included:
adj. Of considerable size; fairly large. siz  a·ble·ness n. contract
for the OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and of our forecasting technology as well as increased revenues
from consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.)service - work done by one person or group that benefits another; "budget separately for goods and services" ." Significant sales for the quarter included: -- Analytical Solutions: Up 25 percent growth from pro forma revenues in the second quarter 2001, and flat on a fully comparable basis excluding revenues from NetGenesis and LexiQuest. Sales of Clementine and other enterprise data mining products increased in North America but were down internationally. Approximately $600K in OEM deals was recognized in the current quarter, compared to $2 million during the same period last year. -- Market Research: Growth of 13 percent from pro forma market research revenues in the second quarter 2001 and 36 percent sequentially, partially due to our previously announced contract with Procter and Gamble. The Online (AOL) business generated revenues of $1.7 million, flat sequentially to the prior quarter and still drawing the bulk of its revenue from the customer base received from AOL/DMS. Yet the pipeline growth of new prospects increased despite continued price pressure from new competitors. -- Statistics: Steady demand for comparatively low-ticket, shrink-wrap products produced an 11 percent increase from pro forma statistics revenues in the same period last year, due in part to a six-figure contract with CNAM-TS, the national healthcare organization of France. -- ShowCase: Up six percent from the June 2001 quarter and 20 percent sequentially, reflecting improved sales in North America and the close of a seven-figure contract with a large French retail and manufacturing company. Examples of other organizations concluding transactions with the company in the quarter include Microsoft Corporation (company) Microsoft Corporation - The biggest supplier of operating systems and other software for IBM PC compatibles. Software products include MS-DOS, Microsoft Windows, Windows NT, Microsoft Access, LAN Manager, MS Client, SQL Server, Open Data Base Connectivity (ODBC), MS Mail, , Philips Consumer Electronics Philips Consumer Electronics is a part of Koninklijke Philips Electronics N.V. (usually known as Philips); and is one of the largest electronics companies in the world. In 2005, its sales were € 30.4 billion (US$38. , Southwestern Bell
Southwestern Bell Telephone, L.P. , American Century Investments American Century Investments is a privately held investment management firm. Its headquarters are located at 4500 Main in Kansas City, Missouri, near the famous Country Club Plaza. It was formerly known as Twentieth Century Investments. The company was founded by James E. , Grand Victoria Casino Grand Victoria Casino can be one of:
Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic News Co., Warner Music Group Warner Music Group (WMG) is one of the four major record labels. Warner Music Group also has a publishing arm, Warner/Chappell Music, which dates back to 1929, when Jack Warner, president of Warner Bros. Pictures Inc. , Miller Brewing brewing: see beer. Co., Marriott Vacation Club International  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . , JPM JPM J. P. Morgan Chase & Co. (stock symbol) JPM Juan Pablo Montoya (formula 1 driver) JPM Jabatan Perdana Menteri (Malaysia) JPM Journal of Property Management Chase, Royal Caribbean, and Wyeth Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. Pty Ltd PTY LTD Propriety Limited (company structure in Australia) . Noonan continued, saying, "Our challenge is balancing the excitement we have about the growing demand for predictive analytics Predictive analytics encompasses a variety of techniques from statistics and data mining that process current and historical data in order to make “predictions” about future events. with the continued uncertainty we feel about customer spending in the coming months. Pipelines continue to build, particularly for our recently acquired LexiQuest text analysis products, and there is strong initial interest in our forthcoming offering, CustomerCentric Predictive Marketing (formerly Scenario A scenario (from Italian, that which is pinned to the scenery) is a synthetic description of an event or series of actions and events. In the Commedia dell'arte Manage Suite) for Siebel, which is on schedule for release in September September: see month. . Yet until there is more evidence to the contrary, we will continue to prepare for a tough second half by focusing on increased sales force productivity and cost control measures that better enable us to meet our projected earnings targets." Noonan said that Brian The name Brian (sometimes spelled Bryan) comes from an Irish backround. It is of Celtic origin and its meaning may be "hill" or "strong, noble, and high"[1]. Zanghi, the new SPSS executive vice president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , is leading a restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of the company's field sales operations to broaden what they sell and more effectively penetrate strategic accounts. "Brian quickly found that our telesales telesales Noun the selling of a commodity or service by telephone telesales npl → televentas fpl telesales npl → organization was in good shape," Noonan explained. "But he also discovered that our field marketing and sales groups had various duplicate DUPLICATE. The double of anything. 2. It is usually applied to agreements, letters, receipts, and the like, when two originals are made of either of them. Each copy has the same effect. roles and overly constrained con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. senior sales personnel. The changes he is making will eliminate the redundancies, establish primary sales contacts for customers, provide broader support to these sales people, and concentrate their efforts on increasing new license and services revenue. We believe these adjustments can produce the same or higher top-line performance at a lower cost." Noonan also noted the company's 8-K that was filed with the SEC earlier today related to its purchasing certain assets of netExs Corporation, a five-person software development company located in Oconomowoc, Wisc., USA. "What we bought is zero-client user interface technology for 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 and reporting functions that are tightly integrated with Microsoft SQL Server A relational DBMS from Microsoft that is a major component of the Windows Server System. It is Microsoft's high-end client/server database and is closely integrated with Microsoft Visual Studio and the Microsoft Office System. 2000 Analysis Services," he explained. "We believe this technology will be important to serving the analytical reporting needs of a number of our customers and prospects who are adopting this Microsoft (Microsoft Corporation, Redmond, WA, www.microsoft.com) The most successful and influential software company. Microsoft's software and Intel's hardware pioneered the PC and revolutionized the computer industry. platform." The transaction was completed in June 2002 for $1,000,000 in cash. Speaking to other aspects of the second quarter, Edward Edward killed his father at his mother’s instigation. [Br. Balladry: Edward in Benét, 302] See : Patricide Hamburg Hamburg, city, Germany Hamburg (häm`b  rkh), officially Freie und Hansestadt Hamburg (Free and Hanseatic City of Hamburg), city (1994 pop. ,
SPSS executive vice president and chief financial officer, said that
solid growth was seen in sales to agencies of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Federal
Government as well as to colleges and universities. He noted that
although revenues from corporate accounts in 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. continued to
improve, performance internationally was uneven. "We had excellent
sales growth in France, Sweden Sweden, Swed. Sverige, officially Kingdom of Sweden, constitutional monarchy (2005 est. pop. 9,002,000), 173,648 sq mi (449,750 sq km), N Europe, occupying the eastern part of the Scandinavian peninsula. , Denmark Denmark (dĕn`märk), Dan. Danmark, officially Kingdom of Denmark, kingdom (2005 est. pop. 5,432,000), 16,629 sq mi (43,069 sq km), N Europe. , and Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. , but flat revenues in
the United Kingdom and Japan after both areas performed well in the
immediately preceding quarter," he said. "Very much
appreciated, however, was the weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak en·er n. of the United States dollar
relative to other major currencies, enabling foreign exchange to have no
material effect on earnings for the first time in a while."Hamburg further elaborated e·lab·o·rate adj. 1. Planned or executed with painstaking attention to numerous parts or details. 2. Intricate and rich in detail. v. e·lab·o·rat·ed, e·lab·o·rat·ing, e·lab·o·rates v. on the company's performance during the current quarter in each of its revenue reporting categories: -- Analytical Solutions: Up 25 percent growth from pro forma revenues in the second quarter 2001, and flat on a fully comparable basis excluding revenues from NetGenesis and LexiQuest. Sales of Clementine and other enterprise data mining products increased in North America but were down internationally. Approximately $600K in OEM deals was recognized in the current quarter, compared to $2 million during the same period last year. -- Market Research: Growth of 13 percent from pro forma market research revenues in the second quarter 2001 and 36 percent sequentially, partially due to our previously announced contract with Procter and Gamble. The Online (AOL) business generated revenues of $1.7 million, flat sequentially to the prior quarter and still drawing the bulk of its revenue from the customer base received from AOL/DMS. Yet the pipeline growth of new prospects increased despite continued price pressure from new competitors. -- Statistics: Steady demand for comparatively low-ticket, shrink-wrap products produced an 11 percent increase from pro forma statistics revenues in the same period last year, due in part to a six-figure contract with CNAM-TS, the national healthcare organization of France. -- ShowCase: Up six percent from the June 2001 quarter and 20 percent sequentially, reflecting improved sales in North America and the close of a seven-figure contract with a large French retail and manufacturing company. Providing detail on other financial aspects of the quarter and fiscal year, Hamburg made the following comments that, unless noted, reference pro forma results excluding acquisition-related and other non-recurring charges:
Topic Comments
Cost of revenues Increase primarily due to AOL sample costs,
Hyperion Solutions royalties, the amortization of
acquired technology assets, and royalties from
NetGenesis products
Sales, marketing, Show the addition of staff from the AOL/DMS
and services costs transaction, and the netExs, NetGenesis, and
LexiQuest acquisitions; partially offset by
reductions in the number of sales and professional
services personnel, mostly related to ShowCase
sales and marketing activities.
R&D costs Increase primarily due to the addition of staff
from the netExs, NetGenesis and LexiQuest
acquisitions as well as compensation increases in
the second half of 2001.
G&A costs Show the addition of staff from the NetGenesis
acquisition and expansion of the corporate
executive group; partially offset by the
elimination of goodwill amortization with the
implementation of SFAS No. 142
Special G&A, Costs associated with the purchase of netExs
Merger-related assets as well as integrating the LexiQuest and
charges NetGenesis acquisitions, including related
workforce reductions.
Other income & Gain from currency translations related to the
income taxes weakening of the US$ against other major
currencies. Effective tax rate of 36%
Cash Reduced from $23.2 million in March 2002 with
additional costs related to integrating the
LexiQuest and NetGenesis acquisitions, payments
for Hyperion royalties ($979K) and AOL sample
($1.8M), funding of the company's Illumitek
subsidiary ($870K), and capital expenditures
($4.7M).
Days Sales 90 days average rate (82 spot rate). Compares to
Outstanding 99 days average rate (88 spot rate) in March 2002,
112 average rate (101 spot rate) in December 2001,
and 114 (134) in December 2000. A/R reduced from
December 2001 despite higher revenues and the
addition of NetGenesis, AOL, and LexiQuest related
receivables
Current & other Deferred tax assets due to the deferral of revenue
assets with the application of accounting interpretations
on revenue recognition; includes goodwill related
to the ISL, AOL, NetGenesis, LexiQuest and netExs
transactions; includes fixed and intangible assets
from the AOL transaction and netExs, NetGenesis,
and LexiQuest acquisitions.
Capitalized Includes the determined value of the technologies
software acquired in the AOL transaction and the netExs,
NetGenesis and LexiQuest acquisitions. Target
capitalization for the fiscal year is 10%-12% of
research and development costs.
Deferred Down from March 2002 consistent with the company's
revenues seasonal fluctuation in recurring revenue.
Current Increase in borrowings against line of credit,
liabilities reflects the addition of accrued liabilities from
netExs, NetGenesis, and LexiQuest.
Staff 1,395 full-time employees as of 30 June 2002; 297
are sales representatives (226 quota-carrying).
Compares to 1,432 full-time employees as of 31
March 2002; 296 are sales representatives
(230 quota-carrying) and to 1,385 full-time staff,
289 sales representatives (229 quota-carrying) as
of 31 December 2001. 59% are employed in North
America (31% at headquarters in Chicago), 41% in
international offices.
Hamburg did not recommend changes to currently published estimates for the company's performance in the second half of 2002. "We have thus far been able to make revenue targets," he said, "and the sales force reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. , combined with our cost reduction programs, should help us meet profitability goals in the next two quarters." He noted that third quarter results would show a reorganization charge related to these measures of between $7 and $8 million. The company posted pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. and revenues of $0.25 and $48.1 million in the third quarter 2001, respectively, and $0.25 and $48.2 million in the fourth quarter 2001, respectively. These figures compare to GAAP earnings (loss) and revenues of $0.19 and $47.9 million in the third quarter 2001, respectively, and ($0.73) and $48.2 million in the fourth quarter 2001, respectively. SPSS will hold an investor conference call to discuss the contents of this news release on Wed., July July: see month. 31, 2002, at 9:00 a.m. CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT . To participate, please dial 800-946-0705 in the United States and (719) 457-2637 internationally. A replay will be available for one week after the call. For access, dial 888-203-1112 in the United States and (719) 457-0820 internationally. Use confirmation code 462688 for the replay. The live call and replay will also be available online at www.spss.com/invest. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. : Certain statements in this press release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such statements can be identified by phrases such as "should be," "planning" and "expects." Such statements also involve known and unknown risks, including market conditions and competition, which may cause the company's actual results, performance, achievements, or industry results, to be materially different than any future results, performance or achievements expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. in or by such forward-looking statements. By way of example and not limitation, known risks and uncertainties include changes in: market conditions, especially in Asia; changes and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. product demand and acceptance; the competitive environment; product release schedules; and currency fluctuations. In light of these and other risks and uncertainties, the inclusion of forward-looking statements in this release should not be regarded as representations by the company that any future results, performance or achievements will be attained at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. . The company assumes no obligation to update the information contained in this press release. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the company's periodic reports (copies of which are available from SPSS upon request). About SPSS Inc. SPSS Inc. (Nasdaq: SPSS) headquartered in Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. , IL, USA, is a multinational multinational Of, relating to, or being a company with subsidiaries or other operations in a number of countries. The diversity of operations of such companies subjects them to unique risks (for example, exchange rate changes or government nationalization) computer software company providing technology that transforms data into insight through the use of predictive analytics and other data mining techniques. The company's analytical solutions enable organizations to manage the future by learning from the past, understanding the present, as well as anticipating potential problems and opportunities. For more information, visit www.spss.com.
SPSS Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(in thousands, except for share and per share data)
Pro Forma
(unaudited)
Three Months Ended
June 30, Yr/Yr % of total revenues
2002 2001 % Chg. 2002 2001
---- ---- ------ ---- ----
Net revenues:
Analytical
solutions 10,185 8,163 25% 19% 18%
Market research 11,298 10,016 13% 21% 21%
Statistics 19,946 18,025 11% 38% 38%
ShowCase 11,521 10,847 6% 22% 23%
------- -------
Total net revenues 52,950 47,051 13% 100% 100%
Operating expenses:
Cost of revenue 5,370 3,508 53% 10% 7%
Sales, marketing
and services 30,273 29,480 3% 57% 63%
Research &
development 11,709 8,837 32% 22% 19%
General and
administrative 4,055 3,437 18% 8% 7%
------- -------
Operating expenses 51,407 45,262 14% 97% 96%
------- -------
Operating income 1,543 1,789 -14% 3% 4%
Other income (expense):
Net interest income
(expense) 13 -121 111% - -
Other income 872 356 145% 2% 1%
------- -------
Other income (expense) 885 235 277% 2% 1%
------- -------
Income before income
taxes 2,428 2,024 20% 5% 5%
Income tax expense 874 729 20% 2% 2%
------- -------
Net income 1,554 1,295 20% 3% 3%
======= =======
Basic net income per
share 0.09 0.09 -
Shares used in basic
per share
computation 16,825 13,639 23%
Diluted net income
per share 0.09 0.09 -
Shares used in
diluted per share
computation 17,100 14,240 20%
SPSS Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(in thousands, except for share and per share data)
Pro Forma
(unaudited)
Six Months Ended
June 30, Yr/Yr % of total revenues
2002 2001 % Chg. 2002 2001
---- ---- ------ ---- ----
Net revenues:
Analytical
solutions 20,346 14,645 39% 20% 16%
Market research 19,630 16,419 20% 19% 18%
Statistics 41,246 38,968 6% 40% 43%
ShowCase 21,162 21,130 - 21% 23%
------- -------
Total net revenues 102,384 91,162 12% 100% 100%
Operating expenses:
Cost of revenue 11,150 6,802 64% 11% 7%
Sales, marketing
and services 60,678 58,305 4% 59% 64%
Research &
development 19,622 16,017 23% 19% 18%
General and
administrative 9,618 6,297 53% 10% 7%
------- -------
Operating expenses 101,068 87,421 16% 99% 96%
------- -------
Operating income 1,316 3,741 -65% 1% 4%
Other income (expense):
Net interest income
(expense) 152 -181 184% - -
Other income
(expense) 879 -399 320% 1% -1%
------- -------
Other income
(expense) 1,031 -580 278% 1% -1%
------- -------
Income before income
taxes 2,347 3,161 -26% 2% 3%
Income tax expense 845 1,138 -26% 1% 1%
------- -------
Net income 1,502 2,023 -26% 1% 2%
======= =======
Basic net income per
share 0.09 0.15 -40%
Shares used in basic
per share
computation 16,821 13,689 23%
Diluted net income
per share 0.09 0.14 -36%
Shares used in
diluted per share
computation 17,129 14,072 22%
SPSS Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(in thousands, except for share and per share data)
(unaudited)
Three Months Ended
June 30, Yr/Yr % of total revenues
2002 2001 % Chg. 2002 2001
---- ---- ------ ---- ----
Net revenues:
Analytical
solutions 10,228 6,993 46% 19% 16%
Market research 11,298 7,552 50% 21% 17%
Statistics 19,946 18,626 7% 38% 42%
ShowCase 11,521 10,847 6% 22% 25%
------- -------
Total net revenues 52,993 44,018 20% 100% 100%
Operating expenses:
Cost of revenues 5,419 3,508 54% 10% 8%
Sales and marketing 30,627 29,480 4% 58% 67%
Research and
development 11,994 8,837 36% 23% 20%
General and
administrative 4,384 3,879 13% 8% 9%
Special general and
administrative 1,537 1,806 -15% 3% 4%
Merger-related 357 - 100% 1% -
------- -------
Operating expenses 54,318 47,510 14% 103% 108%
------- -------
Operating income
(loss) -1,325 -3,492 62% -3% -8%
Other income (expense):
Net interest income
(expense) -42 -121 65% - -
Other income
(expense) 872 -426 305% 2% -1%
------- -------
Other income
(expense) 830 -547 252% 2% -1%
Income (loss) before
income taxes and
minority interest -495 -4,039 88% -1% -9%
Income tax expense
(benefit) -178 -1,292 -86% - -3%
------- -------
Income (loss) before
minority interest -317 -2,747 88% -1% -6%
Minority interest 58 - - - -
------- -------
Net income (loss) -259 -2,747 91% -1% -6%
======= =======
Basic net income
(loss) per share -0.02 -0.2 90%
Shares used in basic
per share
computation 16,825 13,721 23%
Diluted net income
(loss) per share -0.02 -0.2 90%
Shares used in
diluted per share
computation 16,825 13,721 23%
SPSS Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(in thousands, except for share and per share data)
(unaudited)
Six Months Ended
June 30, Yr/Yr % of total revenues
2002 2001 % Chg. 2002 2001
---- ---- ------ ---- ----
Net revenues:
Analytical
solutions 20,565 11,251 83% 20% 14%
Market research 19,630 10,891 80% 19% 14%
Statistics 41,246 37,208 11% 40% 46%
ShowCase 21,162 21,130 0% 21% 26%
------- -------
Total net revenues 102,603 80,480 27% 100% 100%
Operating expenses:
Cost of revenues 11,267 8,246 37% 11% 10%
Sales and marketing 61,381 58,304 5% 60% 72%
Research and
development 20,102 16,017 26% 20% 20%
General and
administrative 10,344 7,181 44% 10% 9%
Special general and
administrative 3,192 3,773 -15% 3% 5%
Merger-related 2,260 6,337 -64% 2% 8%
Acquired in-process
technology 150 - 100% - -
------- -------
Operating expenses 108,696 99,858 9% 106% 124%
------- -------
Operating income
(loss) -6,093 -19,378 -69% -6% -24%
Other income (expense):
Net interest income
(expense) 52 -181 129% - -
Other income
(expense) 879 -1,181 174% 1% -1%
------- -------
Other income
(expense) 931 -1,362 168% 1% -1%
Income (loss) before
income taxes and
minority interest -5,162 -20,740 75% -5% -25%
Income tax expense
(benefit) -1,858 -7,466 -75% -2% -9%
------- -------
Income (loss) before
minority interest -3,304 -13,274 75% -3% -16%
Minority interest 497 - -
------- -------
Net income (loss) -2,807 -13,274 79%
======= =======
Basic net income
(loss) per share -0.17 -0.97 82%
Shares used in basic
per share
computation 16,825 13,689 23%
Diluted net income
(loss) per share -0.17 -0.97 82%
Shares used in
diluted per share
computation 16,825 13,689 23%
SPSS Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30, December 31,
ASSETS 2002 2001
---- ----
Current assets: (unaudited)
Cash and cash equivalents 20,001 21,400
Marketable securities - 9,792
Accounts receivable, net 44,741 50,086
Inventories 2,939 3,217
Deferred tax assets, net 22,200 22,200
Prepaid expenses and other current
assets 11,825 11,800
------- -------
Total current assets 101,706 118,495
Equipment and leasehold
improvements, net 38,030 33,382
Capitalized software development
costs, net 27,655 24,671
Other assets 81,241 75,462
------- -------
Total assets 248,632 252,010
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable 7,750 1,175
Accounts payable 9,680 9,786
Other current liabilities 39,977 34,771
Deferred revenues 41,165 47,145
Deferred income taxes 1,943 1,943
Other noncurrent liabilities 19,391 23,917
------- -------
Total liabilities 119,906 118,737
Stockholders' equity 128,726 133,273
------- -------
Total liabilities and
stockholders' equity 248,632 252,010
======= =======
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion