Outlook Remains Positive SAN JOSE, Calif., Nov. 21
/PRNewswire-FirstCall/ -- Agile Software Corporation (NASDAQ:AGIL),
a leading provider of product lifecycle management (PLM) solutions,
today announced results for the second quarter of fiscal 2006,
which ended October 31, 2005. Total revenues for the quarter were
$31.5 million, compared to $28.2 million for the second quarter of
fiscal 2005. License revenues for the second quarter of fiscal 2006
were $10.1 million, compared to $11.2 million for the second
quarter of fiscal 2005. Net loss for the second quarter of fiscal
2006, on a generally accepted accounting principles (GAAP) basis,
was $4.0 million, or ($0.07) per share, compared to a net loss of
$92,000, or ($0.00) per share, for the second quarter of fiscal
2005. Non-GAAP net loss for the second quarter of fiscal 2006,
which excludes amortization of intangibles and stock compensation,
was $1.6 million, or ($0.03) per share, compared to a non-GAAP net
income of $672,000, or $0.01 per share, for the second quarter of
fiscal 2005. Reconciliation between our net income (loss) on a GAAP
and non-GAAP basis is provided in a table immediately following the
non-GAAP Condensed Consolidated Statements of Operations below.
Management Commentary "Revenues were up year-over-year, but down
sequentially," said Bryan Stolle, Agile chief executive officer.
"While PLM remains the hottest segment within enterprise software
sector, the demand picture in the overall enterprise software
sector is still difficult, creating challenges in delivering
predictable results. Overall, we are optimistic about the PLM
segment, but we are experiencing somewhat inconsistent results due
to unpredictable customer capital spending patterns." "We remain
optimistic about the long-term prospects for our business and for
PLM, though we are disappointed in the Q2 results," said Jay
Fulcher, president and COO. "Agile continues to win in the market,
and Agile customers continue to broaden their deployment of our
solutions. In the second half of our fiscal year we will be focused
on driving more predictable revenues and improved bottom line
performance while continuing to deliver value to our customers."
Customer Wins and Expansions Organizations that purchased new or
additional licenses of Agile's PLM solutions include: Advanced
Medical Optics, Alps, Alcatel, Analogic, Arthrocare, Braun,
Chunghwa, Cisco, Eastman Kodak, Flextronics, Harris, Hill-Rom,
Hitachi, IBM, Intier, Intuitive Surgical, Inventech, Lockheed
Martin, Matsushita, Metaldyne, Panasonic, Philip Morris
International, Philips, SanDisk, Sanmina SCI, Siemens, Tellabs,
Texas Instruments, Thyssen Krupp and Welch Allyn. Awards and
Recognition Agile is very proud that Agile customers Arthrocare
Corporation and Lucent Technologies were honored with Start
Magazine's Technology and Business Awards for clearly demonstrating
their commitment and understanding of how PLM helps them
effectively improve and enhance their companies and their bottom
lines. During the quarter, Agile was also recognized by leading
industry analyst Gartner as a visionary in the PLM market. The
Gartner Magic Quadrant profiles companies that will have the
greatest impact on the PLM market, and positions each vendor based
on Gartner's view of how evaluated companies will serve users and
perform during a two year period. Agile earned high marks for its
ability to deliver value to discrete manufacturing industries, and
earned the highest ratings of any PLM vendor in the high tech and
life sciences industries. Agile was also noted as a top vendor in
the automotive and consumer packaged goods industries. Last but not
least, Agile was named to Software Magazine's 23rd Annual Software
500, a list of the world's foremost software and services
providers. The Software 500 is a revenue-based ranking of the
world's largest software and services suppliers targeting
enterprise IT organizations. Conference Call Details Agile will
discuss its second quarter results and management's forward looking
guidance on a conference call today beginning at 2:00 p.m. Pacific
Time. A Web cast of the conference will be available on Agile's Web
site at http://www.agile.com/ under the 'Investor Relations'
section. You may access replays of the Web cast for ninety days
after the call at http://www.agile.com/investors . Financial and
statistical information to be discussed in the call will be
available on the company's Web site immediately prior to
commencement of the call. Additional investor information can be
accessed at http://www.agile.com/ or by calling Agile's Investor
Relations at 408-284-4011. About Agile Software Corporation Agile
Software Corporation helps companies drive profits, accelerate
innovation, reduce costs, and ensure regulatory compliance
throughout the product lifecycle. With a broad suite of enterprise
class PLM solutions, time-to-value focused implementations, and a
unique Guaranteed Business ResultsSM program, Agile helps companies
get the most from their products. Alcatel, Boeing, Dell Inc.,
Flextronics International, Hitachi, Leapfrog, Lockheed Martin,
Magna Steyr, Siemens, QUALCOMM and ZF are among the over 10,000
customers in the automotive, aerospace and defense, consumer
products, electronics, high tech, industrial products, and life
sciences industries that have licensed Agile solutions. For more
information, call 408-284-4000 or visit http://www.agile.com/.
Non-GAAP Financial Measures In addition to reporting our financial
results in accordance with generally accepted accounting
principles, or GAAP, we are also providing with this press release
non-GAAP net income (loss) and non-GAAP net income (loss) per share
information. In preparing our non-GAAP information, we have
excluded where applicable, stock-based compensation (a non-cash
charge), acquisition-related amortization of intangible assets and
acquired in-process research and development (non-cash charges),
acquisition related compensation (a non-recurring charge), and
restructuring and other charges. Because of the non-recurring or
infrequent nature and/or non-cash nature of several of these
charges, we believe that excluding them provides both management
and investors with additional insight into our current operations,
the trends affecting the Company and the Company's marketplace
performance. In particular, management finds it useful to exclude
the non-cash charges in order to more readily correlate the
Company's operating activities with the Company's ability to
generate cash from operations, and excludes the non-recurring and
infrequently incurred cash items as a means of more accurately
predicting liquidity requirements. Accordingly, management uses
these non-GAAP measures, along with the comparable GAAP
information, in evaluating our historical performance and in
planning our future business activities. Please note that our
non-GAAP measures may be different than those used by other
companies. The additional non-GAAP financial information we present
should be considered in conjunction with, and not as a substitute
for, our financial information presented in accordance with GAAP.
Safe Harbor Statement This press release contains "forward-looking
statements" as defined under securities laws, including statements
relating to the Company's expectations regarding the Company's
financial results in future periods. Actual results may differ
materially and adversely from those expressed in any
forward-looking statements. These factors include, but are not
limited to, overall spending patterns for enterprise software in
general and for PLM in particular and other risk factors detailed
in the Company's filings with the Securities and Exchange
Commission. For additional information regarding the risks inherent
in our business, please see "Risk Factors" included in our Annual
Report on Form 10-K for the year ended April 30, 2005, and in our
Quarterly Report on Form 10-Q for the quarter ended July 31, 2005,
as filed with the Securities and Exchange Commission. We undertake
no obligation to revise our forward-looking statements to reflect
events or circumstances after the date hereof as a result of new
information, future events or otherwise. NOTE: Agile and Agile
Software are registered trademarks of Agile Software Corporation.
Agile Software Corporation CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except per share data) (Unaudited) Three
Months Ended Six Months Ended October 31, October 31,
------------------ ------------------ 2005 2004 2005 2004 -------
------- ------- ------- Revenues: License $10,076 $11,206 $23,477
$21,520 Service 21,403 17,011 42,386 33,178 ------- ------- -------
------- Total revenues 31,479 28,217 65,863 54,698 ------- -------
------- ------- Cost of revenues: License 835 1,164 1,607 2,241
Service (1) 10,731 8,013 22,413 15,582 Amortization of intangible
assets 725 177 1,450 355 ------- ------- ------- ------- Total cost
of revenues 12,291 9,354 25,470 18,178 ------- ------- -------
------- Gross profit 19,188 18,863 40,393 36,520 ------- -------
------- ------- Operating expenses: Sales and marketing (1) 12,332
11,122 25,162 21,458 Research and development (1) 8,534 5,515
16,755 10,845 General and administrative (1) 2,868 2,744 6,314
5,477 Amortization of intangible assets 627 390 1,229 1,046
Restructuring charges -- -- -- 2,132 ------- ------- -------
------- Total operating expenses 24,361 19,771 49,460 40,958
------- ------- ------- ------- Loss from operations (5,173) (908)
(9,067) (4,438) Interest and other income, net 1,284 1,078 2,154
1,878 ------- ------- ------- ------- Loss before income taxes
(3,889) 170 (6,913) (2,560) Provision for income taxes 111 262 407
535 ------- ------- ------- ------- Net loss $(4,000) $(92)
$(7,320) $(3,095) ======= ======= ======= ======= Net loss per
share: Basic and diluted $(0.07) $(0.00) $(0.14) $(0.06) =======
======= ======= ======= Weighted average shares 53,757 52,677
53,674 52,560 ======= ======= ======= ======= (1) Effective May 1,
2005, Agile adopted FAS 123(R), "Share-Based Payments," and uses
the modified prospective method to value its share-based payments.
Accordingly, for the three and six months ended October 31, 2005,
stock compensation was accounted under FAS 123(R) while for the
three and six months ended October 31, 2004, stock compensation was
accounted under APB 25, "Accounting for Stock Issued to Employees."
The amounts in the tables above include stock compensation as
follows: Cost of service revenue $181 $53 $273 $143 Sales and
marketing 478 85 891 244 Research and development 142 8 203 23
General and administrative 206 51 404 123 ------- ------- -------
------- Total stock compensation $1,007 $197 $1,771 $533 =======
======= ======= ======= Agile Software Corporation Non-GAAP
Financial Measures and Reconciliations (In thousands, except per
share data) (Unaudited) Three Months Ended Six Months Ended October
31, October 31, ----------------------- ------------------------
2005 2004 2005 2004 ------- ------- ------- ------- GAAP net loss
to non-GAAP net income (loss) reconciliation: GAAP net loss
$(4,000) $(92) $(7,320) $(3,095) Stock compensation (1) 1,007 197
1,771 533 Amortization of intangible assets 1,352 567 2,679 1,401
Restructuring charges -- -- -- 2,132 ------- ------- -------
------- Non-GAAP net income (loss) $(1,641) $672 $(2,870) $971
======= ======= ======= ======= GAAP basic and diluted to non-GAAP
basic and diluted earnings (loss) per share reconciliation: GAAP
basic and diluted loss per share $(0.07) $(0.00) $(0.14) $(0.06)
Stock compensation (1) 0.02 -- 0.04 0.01 Amortization of intangible
assets 0.02 0.01 0.05 0.03 Restructuring charges -- -- -- 0.04
------- ------- ------- ------- Non-GAAP basic and diluted earnings
(loss) per share $(0.03) $0.01 $(0.05) $0.02 ======= =======
======= ======= Weighted average shares used in calculating
non-GAAP diluted net income per share 53,757 54,300 (2) 53,674
54,219 (2) (1) Effective May 1, 2005, Agile adopted FAS 123(R),
"Share-Based Payments," and uses the modified prospective method to
value its share-based payments. Accordingly, for the three and six
months ended October 31, 2005, stock compensation was accounted
under FAS 123(R) while for the three and six months ended October
31, 2004, stock compensation was accounted under APB 25,
"Accounting for Stock Issued to Employees." (2) Weighted average
shares used in calculating non-GAAP diluted net income per share
for the three and six months ended October 31, 2004 were computed
while giving effect to all dilutive potential common shares, which
were anti-dilutive for the purpose of calculating GAAP diluted net
loss per share. Agile Software Corporation CONDENSED CONSOLIDATED
BALANCE SHEETS (In thousands) (Unaudited) October 31, April 30,
2005 2005 ---------------- ---------------- ASSETS Current assets:
Cash and cash equivalents $96,675 $81,760 Short-term investments
86,023 93,444 Accounts receivable, net 20,472 26,899 Other current
assets 4,241 5,157 ---------------- ---------------- Total current
assets 207,411 207,260 Long-term investments 17,945 23,176 Property
and equipment, net 9,770 10,067 Intangible assets, net 9,756 12,735
Other assets 1,026 1,127 Goodwill 66,716 66,658 ----------------
---------------- Total assets $312,624 $321,023 ================
================ LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Accounts payable and other liabilities $24,449 $26,694
Deferred revenue 23,199 25,190 ---------------- ----------------
Total current liabilities 47,648 51,884 Other non-current
liabilities 6,677 8,258 ---------------- ---------------- Total
liabilities 54,325 60,142 Total stockholders' equity 258,299
260,881 ---------------- ---------------- Total liabilities and
stockholders' equity $312,624 $321,023 ================
================ DATASOURCE: Agile Software Corporation CONTACT:
Terri Pruett of Agile Software Corporation, +1-408-284-4048, or Web
site: http://www.agile.com/
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