Company Reports Non-GAAP Earnings Per Share Growth of 63%
Year-Over-Year, and GAAP Earnings Per Share Growth of 217%
Year-Over-Year; Company Board Authorizes Additional $1 Billion
Share Buy-Back HOUSTON, Nov. 2 /PRNewswire-FirstCall/ -- BMC
Software, Inc. (NYSE:BMC) today announced financial results for its
second quarter of fiscal 2006 ended September 30, 2005. BMC
Software's non-GAAP net earnings, which exclude special items,
assuming an effective tax rate of 28%, were $58.2 million, or $0.26
per diluted share, for the second quarter of fiscal 2006,
representing a 63% increase over the year-ago quarter. In the
year-ago quarter, non-GAAP net income was $35.2 million, or $0.16
per diluted share. Fiscal 2006 second quarter net earnings on a
GAAP basis were $42.3 million, or $0.19 per diluted share,
representing a 217% increase over the year-ago quarter. In the
year-ago quarter, net earnings on a GAAP basis were $12.7 million,
or $0.06 per diluted share. Included in the financial tables is a
complete reconciliation between non-GAAP and GAAP results. Total
revenues for the second quarter of fiscal 2006 increased two
percent to $361.0 million. Non-GAAP operating expenses declined by
$22.3 million, or 7%, to $299.6 million. Non-GAAP operating income
increased by $28.2 million, or 85%, to $61.4 million, and non-GAAP
operating margin for the quarter nearly doubled from the prior year
to 17%. The company continues to maintain a strong balance sheet,
ending the second quarter of fiscal 2006 with $1.2 billion of cash
and marketable securities and $1.6 billion in deferred revenues.
During the second fiscal quarter the company continued its
accelerated stock buy-back program, spending $100 million to
re-purchase approximately five million outstanding shares. In
addition, BMC Software's board of directors has recently authorized
the re-purchase of up to $1 billion worth of the company's shares.
This is in addition to the $34 million buy-back remaining under the
previous authorization. "We are very pleased with the improvement
in profitability this quarter; however, we have more work to do in
driving revenue growth," said Bob Beauchamp, president and CEO, BMC
Software. "In particular, we are focused on improving license
bookings. Our April 2005 sales force realignment to support
Business Service Management (BSM) is gaining traction, and we are
increasing our momentum and pipeline. Converting this momentum and
pipeline into strong financial results is our key focus for the
remainder of the fiscal year." License bookings in the second
quarter of fiscal 2006 were $107.3 million, an increase of 8%
sequentially and a decline of 27% from the year-ago quarter. The
following table illustrates license bookings: Second Quarter FY06
Business Segment Results ($ Millions) License Net Change License
License License Revenues in Deferred Bookings* Bookings Bookings
License Percent Percent Revenue Growth vs. Growth vs. Q2 FY05 Q1
FY06 DM - Mainframe 27.1 (10.3) 16.8 (64)% (39)% MAINVIEW(R) 10.3
0.4 10.8 23% 41% Mainframe Management 37.4 (9.8) 27.6 (51)% (22)%
Scheduling & Output Mgmt. 10.6 4.2 14.8 17% 34% DM -
Distributed Systems 4.4 (0.9) 3.5 (60)% 12% PATROL(R) 21.1 (5.5)
15.7 (24)% 9% Distributed Systems Mgmt. 36.1 (2.1) 34.0 (19)% 19%
Service Management 40.9 1.7 42.5 (9)% 27% Identity Management 2.7
0.5 3.3 60% 15% Total BMC 117.2 (9.9) 107.3 (27)% 8% Due to the
exclusion of the non-material category of "Other," all totals do
not foot. * License bookings measure the value of new license
contracts signed during the quarter, including both the amount that
goes to the income statement and the amount that goes to the
deferred license revenue account on the balance sheet. License
bookings can be calculated by adding license revenues and the net
change in the deferred license revenue balance. FY'06 and Q3
Guidance The company announced today that it is raising its
guidance for earnings for the year and expects fiscal 2006 non-GAAP
earnings per share to be in the range of $0.97 to $1.03 on
estimated revenues of $1.49 to $1.52 billion. Please note that BMC
Software's fiscal 2006 estimates do not include an estimated $0.57
of expenses per share of special items. The company also said that
it now expects cash flow from operations for the 2006 fiscal year
to range between $375 and $425 million. This updated guidance
includes payments of $37 million in taxes related to the
repatriation of foreign earnings under the American Jobs Creation
Act and cash restructuring payments of $43 million. Second quarter
cash used from operations was $8 million. This reflects cash
outflows during the second fiscal quarter of $27 million for taxes
related to the repatriation of foreign earnings and $10 million for
restructuring. Excluding these two items, second quarter adjusted
cash flow from operations was $29 million. The company estimates
that third quarter revenues will be in the $375 to $395 million
range and non-GAAP earnings per share, which exclude special items,
will be in the $0.25 to $0.30 range. During the third fiscal
quarter, the company expects to see an increase in license bookings
for its Service Management and Identity Management units as
compared to the year-ago quarter. Conference Call A conference call
to discuss second quarter fiscal 2006 results is scheduled for
today, November 2, 2005 at 4:00 p.m. Central time. Those interested
in participating may call (719) 457-2617 and use the passcode BMC.
To access a replay of the conference call, which will be available
for one week, dial (719) 457-0820 and use the passcode BMC. A live
webcast of the conference call will be available on the company's
website at http://www.bmc.com/investors . A replay of the webcast
will be available within 24 hours and archived on the website.
Non-GAAP Financial Measures This press release includes the
non-GAAP financial measures of net earnings, diluted earnings per
share, operating expenses, operating income and operating margin
excluding charges for (i) restructuring costs and (ii) amortization
of acquired technology and intangibles. Restructuring costs are
excluded, as management believes these to be non-recurring costs
which would distort comparisons with historical results if not
excluded. The other items are excluded, as they are noncash charges
related to completed acquisitions. The non-GAAP financial measures
of net earnings and diluted earnings per share are also adjusted to
reflect an effective tax rate of 28%, which differs from the GAAP
rate. We have applied a standard 28% tax rate to normalize our
results against historical reported results. A reconciliation
between the GAAP results and the non-GAAP results excluding these
items is included with the financial tables accompanying this press
release. BMC Software's management uses both GAAP and non-GAAP
results in its evaluation of the performance of the company;
although, the non-GAAP results are used for budgeting and for
determining executive compensation on a quarterly basis. While GAAP
results are more comprehensive, the company provides investors
supplemental non-GAAP measures and the reconciliation of non-GAAP
to GAAP information to provide additional insight into BMC
Software's financial results. Because non-GAAP gauges are not
influenced by certain non- cash or non-recurring expenses, they can
add value by focusing on the ongoing performance of the company's
core operations and by giving investors additional options for
tracking historical and expected results. About BMC Software BMC
Software, Inc. is a leading provider of enterprise management
solutions that empower companies to manage their IT infrastructure
from a business perspective. Delivering Business Service
Management, BMC Software solutions span enterprise systems,
applications, databases and service management. Founded in 1980,
BMC Software has offices worldwide and fiscal 2005 revenues of more
than $1.46 billion. For more information about BMC Software, visit
http://www.bmc.com/ . This news release contains both historical
information and forward-looking information. Statements of plans,
objectives, strategies and expectations for future operations and
results, identified by words such as "believe," "anticipate,"
"expect," "estimate" and "guidance" are forward-looking statements.
Numerous important factors affect BMC Software's operating results
and could cause BMC Software's actual results to differ materially
from the forecasts and estimates indicated by this press release or
by any other forward-looking statements made by, or on behalf of,
BMC Software, and there can be no assurance that future results
will meet expectations, estimates or projections. These factors
include, but are not limited to, the following: 1) BMC Software's
revenues and earnings are subject to a number of factors, including
the significant percentage of quarterly sales typically closed at
the end of each quarter, that make estimation of operating results
prior to the end of a quarter extremely uncertain; 2) BMC
Software's operating costs and expenses are relatively fixed over
the short term; 3) increased competition and pricing pressures
could adversely affect BMC Software's earnings; 4) BMC Software's
maintenance revenue could decline if maintenance renewal rates
decline or if license revenues do not grow; 5) new software
products and product strategies may not be timely introduced or
successfully adopted; 6) BMC Software's quarterly cash flow from
operations is and has been volatile and is dependent upon a number
of factors described in BMC Software's filings with the SEC; 7) BMC
Software's effective tax rate is subject to quarterly fluctuation
and any change in such tax rate could affect the company's
earnings; and 8) the additional risks and important factors
described in BMC Software's quarterly reports on Form 10-Q and in
its Annual Report on Form 10-K for the fiscal year ended March 31,
2005 and other filings with the SEC. BMC Software undertakes no
obligation to update information contained in this release. BMC
Software, the BMC Software logos, and all other BMC Software
product or service names are registered trademarks or trademarks of
BMC Software, Inc. BMC SOFTWARE, INC. AND SUBSIDIARIES STATEMENTS
OF OPERATIONS (Unaudited) Three Months Ended Incr/(Decr) Sept. 30,
Sept. 30, Percentage 2005 2006 Change (In millions, except per
share data) Revenues: License $132.5 $117.2 (12)% Maintenance 199.9
220.7 10% Professional services 22.7 23.1 2% Total revenues 355.1
361.0 2% Cost of license revenues 33.7 32.1 (5)% Cost of
maintenance revenues 44.2 38.6 (13)% Cost of professional services
23.2 20.8 (10)% Selling and marketing expenses 131.2 116.3 (11)%
Research and development expenses 55.4 57.8 4% General and
administrative expenses 48.4 46.7 (4)% Amortization of intangible
assets 5.3 9.2 74% Acquired research and development 0.2 --- n/m
Settlement of litigation 11.3 --- n/m Total operating expenses
352.9 321.5 (9)% Operating income (loss) 2.2 39.5 1695% Other
income, net 15.7 19.4 24% Earnings (loss) before income taxes 17.9
58.9 229% Income tax provision (benefit) 5.2 16.6 219% Net earnings
(loss) $12.7 $42.3 233% Diluted earnings (loss) per share $0.06
$0.19 217% Shares used in computing diluted earnings (loss) per
share 223.9 220.8 (1)% BMC SOFTWARE, INC. AND SUBSIDIARIES NON-GAAP
STATEMENTS OF OPERATIONS EXCLUDING SPECIAL ITEMS (Unaudited) Three
Months Ended Incr/(Decr) Sept. 30, Sept. 30, Percentage 2005 2006
Change (In millions, except per share data) Revenues: License
$132.5 $117.2 (12)% Maintenance 199.9 220.7 10% Professional
services 22.7 23.1 2% Total revenues 355.1 361.0 2% Cost of license
revenues 19.7 17.9 (9)% Cost of maintenance revenues 44.5 38.8
(13)% Cost of professional services 23.2 21.3 (8)% Selling and
marketing expenses 130.3 116.8 (10)% Research and development
expenses 55.8 58.0 4% General and administrative expenses 48.4 46.8
(3)% Total operating expenses 321.9 299.6 (7)% Operating income
(loss) 33.2 61.4 85% Other income, net 15.7 19.4 24% Earnings
(loss) before income taxes 48.9 80.8 65% Income tax provision
(benefit) 13.7 22.6 65% Net earnings (loss) $35.2 $58.2 65% Diluted
earnings (loss) per share $0.16 $0.26 63% Shares used in computing
diluted earnings (loss) per share 223.9 220.8 (1)% See the
accompanying Supplemental Analysis of Effect of Special Items,
where these Non-GAAP Statements of Operations Excluding Special
Items are reconciled to the Statements of Operations prepared in
accordance with U.S. generally accepted accounting principles. BMC
SOFTWARE, INC. AND SUBSIDIARIES STATEMENTS OF OPERATIONS
(Unaudited) Six Months Ended Incr/(Decr) Sept. 30, Sept. 30,
Percentage 2005 2006 Change (In millions, except per share data)
Revenues: License $232.8 $231.1 (1)% Maintenance 404.7 434.3 7%
Professional services 43.6 43.9 1% Total revenues 681.1 709.3 4%
Cost of license revenues 64.3 65.4 2% Cost of maintenance revenues
89.1 84.4 (5)% Cost of professional services 43.7 44.1 1% Selling
and marketing expenses 255.9 260.5 2% Research and development
expenses 102.6 114.0 11% General and administrative expenses 89.6
106.1 18% Amortization of intangible assets 9.5 18.2 92% Acquired
research and development 0.2 --- n/m Settlement of litigation 11.3
--- n/m Total operating expenses 666.2 692.7 4% Operating income
(loss) 14.9 16.6 11% Other income, net 33.3 37.0 11% Earnings
(loss) before income taxes 48.2 53.6 11% Income tax provision
(benefit) 24.8 52.4 111% Net earnings (loss) $23.4 $1.2 (95)%
Diluted earnings (loss) per share $0.10 $0.01 (90)% Shares used in
computing diluted earnings (loss) per share 224.5 220.7 (2)% BMC
SOFTWARE, INC. AND SUBSIDIARIES NON-GAAP STATEMENTS OF OPERATIONS
EXCLUDING SPECIAL ITEMS (Unaudited) Six Months Ended Incr/(Decr)
Sept. 30, Sept. 30, Percentage 2005 2006 Change (In millions,
except per share data) Revenues: License $232.8 $231.1 (1)%
Maintenance 404.7 434.3 7% Professional services 43.6 43.9 1% Total
revenues 681.1 709.3 4% Cost of license revenues 38.8 36.2 (7)%
Cost of maintenance revenues 90.4 81.6 (10)% Cost of professional
services 43.7 41.4 (5)% Selling and marketing expenses 254.3 235.0
(8)% Research and development expenses 104.1 110.6 6% General and
administrative expenses 89.6 100.1 12% Total operating expenses
620.9 604.9 (3)% Operating income (loss) 60.2 104.4 73% Other
income, net 33.3 37.0 11% Earnings (loss) before income taxes 93.5
141.4 51% Income tax provision (benefit) 26.2 39.6 51% Net earnings
(loss) $67.3 $101.8 51% Diluted earnings (loss) per share $0.30
$0.46 53% Shares used in computing diluted earnings (loss) per
share 224.5 220.7 (2)% BMC SOFTWARE, INC. AND SUBSIDIARIES BALANCE
SHEETS (Unaudited) March 31, June 30, September 30, 2005 2005 2005
(In millions) Current assets: Cash and cash equivalents $820.1
$853.7 $526.0 (a) Marketable securities 108.7 115.1 341.3 (a) Trade
accounts receivable, net 191.8 120.3 110.6 Current trade finance
receivables, net 151.8 127.7 118.1 Other current assets 168.0 164.0
171.1 Total current assets 1,440.4 1,380.8 1,267.1 Property and
equipment, net 383.7 366.2 359.2 Software development costs and
related assets, net 126.1 118.5 113.7 Long-term marketable
securities 354.3 327.1 352.3 (a) Long-term finance receivables, net
126.1 94.3 91.8 Acquired technology, goodwill and intangibles, net
687.9 661.6 643.0 Other long-term assets 179.8 187.7 188.4 $3,298.3
$3,136.2 $3,015.5 Current liabilities: Accounts payable and accrued
liabilities $320.8 $269.4 $219.0 Current portion of deferred
revenue 764.3 778.3 749.1 Total current liabilities 1,085.1 1,047.7
968.1 Long-term deferred revenue 868.0 858.3 811.1 Other long-term
liabilities 83.4 79.6 82.3 Total stockholders' equity 1,261.8
1,150.6 1,154.0 $3,298.3 $3,136.2 $3,015.5 (a) Total cash and
marketable securities are $1,219.6 at September 30, 2005 BMC
SOFTWARE, INC. AND SUBSIDIARIES STATEMENTS OF CASH FLOWS
(Unaudited) Three Months Ended Sept. 30, Sept. 30, 2004 2005 Cash
flows from operating activities: Net earnings (loss) $12.7 $42.3
Adjustments to reconcile net earnings (loss) to net cash provided
by (used in) operating activities: Acquired research and
development 0.2 --- Depreciation and amortization 53.0 56.3
Impairment of investments 1.0 --- Provision for uncollectable trade
and finance receivables (2.6) (0.8) (Gain) loss on marketable
securities (0.3) (0.3) Earned portion of stock-based compensation
1.1 1.0 (Increase) decrease in finance receivables (64.4) 11.0
Increase (decrease) in payables to third-party financing
institutions for finance receivables (7.1) 1.5 Increase (decrease)
in accrued exit costs (5.5) (14.8) Net change in trade receivables,
payables, deferred revenue and other components of working capital
21.9 (103.9) Net cash provided by (used in) operating activities
10.0 (7.7) Cash flows from investing activities: Cash paid for
technology acquisitions and other investments, net of cash acquired
(207.2) (5.6) Return of capital for cost-basis investments 0.7 ---
Proceeds from sale of financial instruments and other 4.5 ---
Purchases of marketable securities (111.1) (262.2) Proceeds from
maturities of/ sales of marketable securities 41.3 8.7 Proceeds
from sale of property and equipment --- --- Purchases of property
and equipment (17.6) (7.6) Capitalization of software development
costs and related assets (15.4) (13.8) Net cash provided by (used
in) investing activities (304.8) (280.5) Cash flows from financing
activities: Payments on capital leases (1.3) (1.4) Stock options
exercised and other 8.5 60.6 Treasury stock acquired (25.0) (100.0)
Net cash provided by (used in) financing activities (17.8) (40.8)
Effect of exchange rate changes on cash 2.4 1.3 Net change in cash
and cash equivalents (310.2) (327.7) Cash and cash equivalents,
beginning of period 789.2 853.7 Cash and cash equivalents, end of
period $479.0 $526.0 Six Months Ended Sept. 30, Sept. 30, 2004 2005
Cash flows from operating activities: Net earnings (loss) $23.4
$1.2 Adjustments to reconcile net earnings (loss) to net cash
provided by (used in) operating activities: Acquired research and
development 0.2 --- Depreciation and amortization 102.5 113.8
Impairment of investments 1.0 --- Provision for uncollectable trade
and finance receivables (5.4) 1.7 (Gain) loss on marketable
securities 1.8 (1.1) Earned portion of stock-based compensation 1.4
1.8 (Increase) decrease in finance receivables 1.5 66.5 Increase
(decrease) in payables to third-party financing institutions for
finance receivables (25.4) (14.0) Increase (decrease) in accrued
exit costs (17.0) (6.5) Net change in trade receivables, payables,
deferred revenue and other components of working capital 16.1
(78.2) Net cash provided by (used in) operating activities 100.1
85.2 Cash flows from investing activities: Cash paid for technology
acquisitions and other investments, net of cash acquired (212.0)
(8.9) Return of capital for cost-basis investments 0.7 --- Proceeds
from sale of financial instruments and other 4.5 --- Purchases of
marketable securities (119.5) (269.5) Proceeds from maturities of/
sales of marketable securities 191.0 39.6 Proceeds from sale of
property and equipment --- 5.0 Purchases of property and equipment
(34.4) (11.8) Capitalization of software development costs and
related assets (29.6) (24.9) Net cash provided by (used in)
investing activities (199.3) (270.5) Cash flows from financing
activities: Payments on capital leases (2.3) (2.8) Stock options
exercised and other 13.4 77.5 Treasury stock acquired (45.0)
(186.0) Net cash provided by (used in) financing activities (33.9)
(111.3) Effect of exchange rate changes on cash (0.2) 2.5 Net
change in cash and cash equivalents (133.3) (294.1) Cash and cash
equivalents, beginning of period 612.3 820.1 Cash and cash
equivalents, end of period $479.0 $526.0 BMC SOFTWARE, INC. AND
SUBSIDIARIES SUPPLEMENTAL ANALYSIS OF EFFECT OF SPECIAL ITEMS
(Unaudited) Three Months Ended September 30, 2004 Non-GAAP Special
Excluding As Reported Items Special Items (In millions, except per
share data) Revenues: License $132.5 $--- $132.5 Maintenance 199.9
--- 199.9 Professional services 22.7 --- 22.7 Total revenues 355.1
--- 355.1 Cost of license revenues 33.7 (14.0) (a,b) 19.7 Cost of
maintenance revenues 44.2 0.3 (a) 44.5 Cost of professional
services 23.2 --- 23.2 Selling and marketing expenses 131.2 (0.9)
(a) 130.3 Research and development expenses 55.4 0.4 (a) 55.8
General and administrative expenses 48.4 --- 48.4 Amortization of
intangible assets 5.3 (5.3) (b) --- Acquired research and
development 0.2 (0.2) (c) --- Settlement of litigation 11.3 (11.3)
(d) --- Total operating expenses 352.9 (31.0) 321.9 Operating
income (loss) 2.2 31.0 33.2 Other income, net 15.7 --- 15.7
Earnings (loss) before income taxes 17.9 31.0 48.9 Income tax
provision (benefit) 5.2 8.5 (e) 13.7 Net earnings (loss) $12.7
$22.5 $35.2 Diluted earnings (loss) per share $0.06 $0.10 $0.16
Shares used in computing diluted earnings (loss) per share 223.9
223.9 223.9 (a) Changes in estimates related to exit activities
$(0.1) (b) Amortization of acquired technology & intangibles
$(19.4) (c) Acquired research and development $(0.2) (d) Settlement
of Litigation $(11.3) (e) Tax effect of special items and
adjustment to effective tax rate of 28% $8.5 Three Months Ended
September 30, 2004 Non-GAAP Special Excluding As Reported Items
Special Items (In millions, except per share data) Revenues:
License $117.2 $--- $117.2 Maintenance 220.7 --- 220.7 Professional
services 23.1 --- 23.1 Total revenues 361.0 --- 361.0 Cost of
license revenues 32.1 (14.2)(a,b) 17.9 Cost of maintenance revenues
38.6 0.2 (a) 38.8 Cost of professional services 20.8 0.5 (a) 21.3
Selling and marketing expenses 116.3 0.5 (a) 116.8 Research and
development expenses 57.8 0.2 (a) 58.0 General and administrative
expenses 46.7 0.1 (a) 46.8 Amortization of intangible assets 9.2
(9.2)(b) --- Acquired research and development --- --- ---
Settlement of litigation --- --- --- Total operating expenses 321.5
(21.9) 299.6 Operating income (loss) 39.5 21.9 61.4 Other income,
net 19.4 --- 19.4 Earnings (loss) before income taxes 58.9 21.9
80.8 Income tax provision (benefit) 16.6 6.0 (e) 22.6 Net earnings
(loss) $42.3 $15.9 $58.2 Diluted earnings (loss) per share $0.19
$0.07 $0.26 Shares used in computing diluted earnings (loss) per
share 220.8 220.8 220.8 (a) Changes in estimates related to exit
activities $1.6 (b) Amortization of acquired technology &
intangibles $(23.5) (c) Acquired research and development $--- (d)
Settlement of Litigation $--- (e) Tax effect of special items and
adjustment to effective tax rate of 28% $6.0 BMC SOFTWARE, INC. AND
SUBSIDIARIES SUPPLEMENTAL ANALYSIS OF EFFECT OF SPECIAL ITEMS FOR
THE SIX MONTHS ENDED SEPTEMBER 30, 2005 (Unaudited) Six Months
Ended September 30, 2004 Non-GAAP Special Excluding As Reported
Items Special Items Revenues: License $232.8 $--- $232.8
Maintenance 404.7 --- 404.7 Professional services 43.6 --- 43.6
Total revenues 681.1 --- 681.1 Cost of license revenues 64.3
(25.5)(a,c) 38.8 Cost of maintenance revenues 89.1 1.3 (a) 90.4
Cost of professional services 43.7 --- 43.7 Selling and marketing
expenses 255.9 (1.6)(a) 254.3 Research and development expenses
102.6 1.5 (a) 104.1 General and administrative expenses 89.6 ---
89.6 Amortization of intangible assets 9.5 (9.5)(c) --- Acquired
research and development 0.2 (0.2)(f) --- Settlement of litigation
11.3 (11.3)(g) --- Total operating expenses 666.2 (45.3) 620.9
Operating income (loss) 14.9 45.3 60.2 Other income, net 33.3 ---
33.3 Earnings (loss) before income taxes 48.2 45.3 93.5 Income tax
provision (benefit) 24.8 1.4 (e,h) 26.2 Net earnings (loss) $23.4
$43.9 $67.3 Diluted earnings (loss) per share $0.10 $0.20 $0.30
Shares used in computing diluted earnings (loss) per share 224.5
224.5 224.5 (a) Changes in estimates related to exit activities
$1.7 (b) Exit costs and related charges $--- (c) Amortization of
acquired technology & intangibles $(35.5) (d) Income tax
provision for earnings to be repatriated $--- (e) Tax effect of
special items and adjustment to effective tax rate of 28% $(2.6)
(f) Acquired research and development $(0.2) (g) Settlement of
litigation $(11.3) (h) Release of tax accrual related to IRS
settlement $4.0 Six Months Ended September 30, 2005 Non-GAAP
Special Excluding As Reported Items Special Items (In millions,
except per share data) Revenues: License $231.1 $--- $231.1
Maintenance 434.3 --- 434.3 Professional services 43.9 --- 43.9
Total revenues 709.3 --- 709.3 Cost of license revenues 65.4
(29.2)(b,c) 36.2 Cost of maintenance revenues 84.4 (2.8)(b) 81.6
Cost of professional services 44.1 (2.7) 41.4 Selling and marketing
expenses 260.5 (25.5)(b) 235.0 Research and development expenses
114.0 (3.4)(b) 110.6 General and administrative expenses 106.1
(6.0) 100.1 Amortization of intangible assets 18.2 (18.2)(b) ---
Acquired research and development --- --- --- Settlement of
litigation --- --- --- Total operating expenses 692.7 (87.8) 604.9
Operating income (loss) 16.6 87.8 104.4 Other income, net 37.0 ---
37.0 Earnings (loss) before income taxes 53.6 87.8 141.4 Income tax
provision (benefit) 52.4 (12.8)(d,e) 39.6 Net earnings (loss) $1.2
$100.6 $101.8 Diluted earnings (loss) per share $0.01 $0.45 $0.46
Shares used in computing diluted earnings (loss) per share 220.7
220.7 220.7 (a) Changes in estimates related to exit activities
$--- (b) Exit costs and related charges $(41.5) (c) Amortization of
acquired technology & intangibles $(46.3) (d) Income tax
provision for earnings to be repatriated $(36.5) (e) Tax effect of
special items and adjustment to effective tax rate of 28% $23.7 (f)
Acquired research and development $--- (g) Settlement of litigation
$--- (h) Release of tax accrual related to IRS settlement $---
http://www.newscom.com/cgi-bin/prnh/20011003/BMCLOGO
http://photoarchive.ap.org/ DATASOURCE: BMC Software, Inc. CONTACT:
Investor Relations, Derrick Vializ, +1-713-918-1805, or , or Media
Relations, Andy Foster, +1-713-918-2441, or , both of BMC Software,
Inc. Web site: http://www.bmc.com/
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