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PLEASANTON, Calif. – July 27, 2004 -- PeopleSoft, Inc. (Nasdaq: PSFT) today announced its second quarter 2004 financial results. For the quarter ended June 30, 2004, the Company reported license revenue of $130 million and total revenue of $647 million. Pro forma net income was $51 million for the second quarter of 2004, compared to $54 million in the same period last year. Pro forma earnings per share were $0.14, compared with $0.17 in the same period last year.
On a GAAP basis, net income for the second quarter of 2004 was $11 million compared with $37 million in the same period last year. GAAP earnings per share were $0.03 for the second quarter compared with $0.11 in the same period last year.
Cash flow from operations in the second quarter of 2004 was $89 million. At June 30, 2004, the Company’s cash and investment balances were $1.6 billion and Days Sales Outstanding for the quarter was 55 days.
Pro forma results exclude restructuring charges and purchase accounting adjustments and other charges arising from the acquisition of J.D. Edwards, including the revenue impact of the deferred maintenance write-down to fair value, and the amortization of capitalized software and intangibles. Pro forma results also exclude costs directly associated with Oracle’s hostile tender offer. Historical pro forma results have been adjusted to reflect this presentation. A reconciliation of the pro forma to GAAP financial measures in this press release is incorporated below and is available on our website at www.peoplesoft.com.
Management Commentary “Organisations throughout Japan and Asia Pacific (JAPAC) continue to benefit from PeopleSoft’s broad portfolio of applications and industry-specific functionality,” said Murray Creighton, senior vice president PeopleSoft, Japan and Asia Pacific. “PeopleSoft is delivering unprecedented flexibility to organisations in the region, enabling them to optimize business operations to compete more effectively.”
Customers that purchased PeopleSoft solutions in the second quarter in Japan and Asia Pacific include Asia Pacific Breweries Limited, Australian Air Express Pty Limited, Casio Computer Co., Ltd, Cellon (China) Co., Ltd, Cerebos Pacific Limited, Chinatrust Financial Holding Co., Ltd, Cognizant Technology Solutions India Private Ltd, Crown Limited, Department of Defence Australia, Department of Human Services, Doosan Corporation, GUD Holdings Limited, Hong Leong Assurance Berhad, Hong Leong Bank Berhad, MG Logistics Pty Limited, Mizuho Securities Co., Ltd., MOS FOOD SERVICES,INC, National Thermal Power Corporation Ltd, NEC Personal Products Co., Ltd, NTT DATA SYSTEMS CORPORATION, OMRON HEALTHCARE CO.,Ltd., Powerco Limited, PT ISM Bogasari Flour Mills, Pulstec Industrial Co.,Ltd., Punjab National Bank, Singapore Computer Systems Limited, Standard Chartered Bank, Taiwan Semiconductor Manufacturing Co Ltd, Tong Yang Group, Toyota Motor Corporation.
Non-GAAP Financial Measures The Company utilizes non-GAAP financial measures in analyzing financial results because they are useful to investors and management in evaluating the Company's ongoing operational performance. These financial measures facilitate making period-to-period comparisons exclusive of the impact of certain events, such as the acquisition of J.D. Edwards, other restructuring charges, and the costs directly associated with responding to Oracle's hostile tender offer, which events might otherwise obscure the results of our core business when compared to our competitors or our own historical performance. In addition, presentation of these non-GAAP financial measures enables investors to evaluate the Company's performance under both the GAAP and pro forma measures that management and the Board of Directors use to evaluate the Company's performance.
Where non-GAAP financial measures have been included in this press release, the Company has provided the comparable GAAP measure and, in the table below, reconciled the GAAP to the non-GAAP measures. A reconciliation of these GAAP to non-GAAP financial measures is also available on our web site at www.peoplesoft.com.
PeopleSoft’s non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. PeopleSoft’s non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
Company to Host Conference Call PeopleSoft will host a conference call today, July 27, 2004, at 3:00 p.m. PT/6:00 p.m. ET to discuss the quarterly results. A live audio-only web cast of the call will be made available in the Investor Relations section of the Company's web site at www.peoplesoft.com. A replay of the call will be made available for seven days following the call and will be accessible on the Company's web site.
About PeopleSoft PeopleSoft (Nasdaq: PSFT) is the world's second largest provider of enterprise application software with 12,200 customers in more than 25 industries and 150 countries. For more information, visit us at www.peoplesoft.com.
PeopleSoft and the PeopleSoft logo are registered trademarks of PeopleSoft, Inc. All other Company and product names may be trademarks of their respective owners. Copyright © 2004 PeopleSoft, Inc. All rights reserved.
Forward-Looking Statements This press release may contain forward-looking statements that state PeopleSoft's intentions, beliefs, expectations, or predictions for the future. You are cautioned that these statements are only predictions and may differ materially from actual future events or results. All forward-looking statements are only as of the date they are made and PeopleSoft undertakes no obligation to update or revise them. The specific forward-looking statements relate to such matters as the impact of PeopleSoft's combination with J.D. Edwards including the integration, the profitability of our international operations, and the combined Company's projected financial performance. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the PeopleSoft's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the costs and disruption to our business arising from the Oracle hostile tender offer, the publicity surrounding the United States Department of Justice lawsuit against Oracle and the unknown outcome of that suit; our ability to successfully complete the integration of J.D. Edwards into PeopleSoft and to achieve anticipated synergies, economic and political conditions in the U.S. and abroad; the ability to complete and deliver products and services within currently estimated time frames and budgets; the ability to manage expenses effectively; the ability to achieve revenue from products and services that are under development; the competitive environment and pricing pressures; and other risks referenced from time to time in PeopleSoft's filings with the Securities and Exchange Commission. Please refer to PeopleSoft's most recent reports on Form 10-Q and Form 10-K for more information on the risk factors that could cause actual results to differ.
Important Additional Information
PeopleSoft has filed a Solicitation/Recommendation Statement on Schedule 14D-9 regarding Oracle's tender offer. PeopleSoft stockholders should read the Schedule 14D-9 (including any amendments) because these documents contain important information. The Schedule 14D-9 and other public filings made by PeopleSoft with the SEC are available without charge from the SEC's website at www.sec.gov and from PeopleSoft at www.peoplesoft.com.
Contacts: Bob Okunski Investor Relations PeopleSoft (877) 528-7413 firstname.lastname@example.org
Steve Swasey Public Relations PeopleSoft (925) 694-5230 email@example.com