SALT LAKE CITY, Aug. 3 /PRNewswire-FirstCall/ -- Altiris, Inc.
(NASDAQ:ATRS), a pioneer of IT lifecycle management solutions that
reduce the total cost of owning information technology, today
announced financial results for the second quarter ended June 30,
2005. For the second quarter, the Company reported total revenue of
$46.3 million, an increase of 16 percent over $40.0 million
reported in the second quarter of 2004. Net income for the second
quarter of 2005 was $4.0 million, or $0.14 per diluted share,
including $10.0 million in other income related to a legal
settlement, offset by $2.6 million for the amortization of acquired
intellectual property, $952,000 for amortization of intangible
assets and $2.7 million in stock-based compensation. This compares
to net income of $3.7 million, or $0.13 per diluted share, reported
in the second quarter of 2004, and includes $1.0 million for the
amortization of acquired intellectual property, $681,000 for
amortization of intangible assets, and $145,000 in stock-based
compensation. On a pro forma basis, the Company reported net income
of $1.9 million, or $0.07 per diluted share, for the second quarter
of 2005, excluding $10.0 million in other income related to a legal
settlement, $2.6 million for the amortization of acquired
intellectual property, $952,000 for amortization of intangible
assets and $2.7 million in stock-based compensation, and applying a
tax rate of 35 percent. "Although the second quarter was
challenging, we continued to make good progress across our market
with new and existing customers and partners," commented Greg
Butterfield, chairman and CEO of Altiris. "We demonstrated growth
in revenue from server and asset management, as well as increased
demand for patch management and security solutions. We are pleased
to report strength in revenue contribution through our VAR and
systems integrator partners, where we are refocusing efforts to
drive additional opportunities." "While we do not believe that the
spending environment in our market will improve radically in the
second half of 2005, we believe that we have taken the appropriate
steps to increase the productivity and efficiency of our sales
force, adjust our operating model and position us to take better
advantage of the opportunities ahead of us. As a result, we are
optimistic about our future," concluded Butterfield. Earnings Call
Information Altiris, Inc. will broadcast a conference call
discussing the company's second quarter results on Wednesday,
August 3 beginning at 5:00 p.m. Eastern Time. A live Webcast of the
call will be available from the Investor Relations section of the
company's corporate website at
http://phx.corporate-ir.net/phoenix.zhtml?c=131071&p=irol-irhome
. For those unable to listen to the live Webcast, a replay of the
call will also be available on the Altiris Website, or by dialing
877-519-4471 and entering passcode 6310978. Pro Forma Financial
Measures In this earnings release and during our earnings
conference call and Webcast to be broadcast on August 3, 2005 as
described above, we use or plan to discuss certain pro forma
financial measures, which may be considered non- GAAP financial
measures. Generally, a non-GAAP financial measure is a numerical
measure of a company's performance, financial position, or cash
flows that either excludes or includes amounts that are not
normally excluded or included in the most directly comparable
measure calculated and presented in accordance with generally
accepted accounting principles in the United States of America, or
GAAP. A reconciliation between pro forma and GAAP measures can be
found in the accompanying tables and on the Investor Relations
Section of our website at http://www.altiris.com/. We believe that,
while these pro forma measures are not a substitute for GAAP
results, they provide a basis for evaluating the Company's cash
requirements for ongoing operating activities. These pro forma
measures have been reconciled to the nearest GAAP measure as
required under SEC rules regarding the use of non-GAAP financial
measures. We compute pro forma net income by adjusting GAAP net
income before taxes for amortization of acquisition-related
intellectual property, amortization of other acquired intangible
assets such as customer lists and work force, stock- based
compensation and a legal settlement. In addition, we used a
pro-forma tax rate of 35 percent for the second quarters of 2005
and 2004. About Altiris Altiris, Inc. is a pioneer of IT lifecycle
management software that allows IT organizations to easily manage
desktops, notebooks, thin clients, handhelds, industry-standard
servers, and heterogeneous software including Windows, Linux and
UNIX. Altiris automates and simplifies IT projects throughout the
life of an asset to reduce the cost and complexity of management.
Altiris client and mobile, server, and asset management solutions
natively integrate via a common Web-based console and repository.
For more information, visit http://www.altiris.com/. Note on
Forward-Looking Statements This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, including but not limited to, statements regarding the
refocusing of our efforts with our VAR and systems integrator
partners, the spending environment in our market during the second
half of 2005, steps taken to increase the productivity and
efficiency of our sales force, adjust our operating model and
better position us for future opportunities, and our optimism for
the future. These forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results to differ, including, but not limited to, our
inability to develop and expand our VAR, systems integrator and
other indirect sales channels, changes in economic conditions
generally or technology spending in particular, factors affecting
our ability to realize the anticipated cost savings and
efficiencies from the adjustments made to our operating model,
problems or delays in reducing our cost structure, our inability to
align our expenses with anticipated revenues and Company strategy,
our inability to achieve the anticipated benefits of recently
acquired businesses, fluctuations in our future quarterly revenue
and operating results, slower than expected closure rates on larger
transactions, any deterioration of our relationships with HP, Dell,
Fujitsu Siemens Computers, Microsoft and other OEMs and strategic
partners, our inability to compete effectively in an increasingly
competitive market, our inability to manage expenses, disruptions
in our business and operations as a result of acquisitions,
difficulties and delays in product development, our failure to
expand our customer base, the length and complexity of our product
sales cycle, reduced market acceptance of our products and
services, our failure to continue to meet the sophisticated and
changing needs of our customers, risks inherent in doing business
internationally, our inability to implement and maintain adequate
internal systems and effective internal control over financial
reporting, changes in relevant accounting standards and securities
laws and regulations, and such other risks as identified in our
Quarterly Report on Form 10-Q for the period ended March 31, 2005
as filed with the Securities and Exchange Commission and all
subsequent filings, which contain and identify important factors
that could cause the actual results to differ materially from those
contained in our projections or forward-looking statements. Altiris
assumes no obligation and does not intend to update these
forward-looking statements. Altiris, Inc. Consolidated Statements
of Operations (Unaudited) (in 000's, except per share data) Three
Months Ended Six Months Ended June 30 June 30 2005 2004 2005 2004
Revenue: Software $26,054 $25,561 $54,781 $50,278 Services 20,277
14,462 38,483 27,157 Total revenue 46,331 40,023 93,264 77,435 Cost
of revenue: Software 111 226 263 547 Amortization of acquired
intellectual properties 2,603 1,020 4,419 2,068 Services 6,722
4,988 12,686 9,192 Total cost of revenue 9,436 6,234 17,368 11,807
Gross profit 36,895 33,789 75,896 65,628 Operating expenses: Sales
and marketing 20,823 15,344 38,389 30,440 Research and development
10,643 7,766 20,141 15,657 General and administrative 5,344 3,517
11,382 6,584 Amortization of intangible assets 952 681 2,017 1,345
Write-off of in-process research and development -- -- 1,600 --
Stock-based compensation 2,748 145 2,802 303 Total operating
expenses 40,510 27,453 76,331 54,329 Income (loss) from operations
(3,615) 6,336 (435) 11,299 Other income, net 10,208 191 10,255 412
Income before income taxes 6,593 6,527 9,820 11,711 Provision for
income taxes (2,559) (2,833) (3,729) (4,924) Net income $4,034
$3,694 $6,091 $6,787 Basic net income per share $0.15 $0.14 $0.22
$0.26 Diluted net income per share $0.14 $0.13 $0.22 $0.25 Basic
shares 27,441 26,349 27,368 26,228 Diluted shares 28,271 27,553
28,313 27,465 Altiris, Inc. Consolidated Statements of Operations
(Unaudited) (in 000's, except per share data) Three Months Ended
Six Months Ended June 30 June 30 2005 2004 2005 2004 PRO FORMA
ADJUSTMENTS GAAP income before income taxes $6,593 $6,527 $9,820
$11,711 Add back: Amortization of acquired intellectual properties
2,603 1,020 4,419 2,068 Amortization of intangible assets 952 681
2,017 1,345 Write-off of in-process research and development -- --
1,600 -- Litigation settlement (10,000) -- (10,000) -- Stock-based
compensation 2,748 145 2,802 303 Pro forma income before income
taxes 2,896 8,373 10,658 15,427 Pro forma provision for income
taxes (35%) (1,014) (2,931) (3,730) (5,399) Pro forma net income
$1,882 $5,442 $6,928 $10,028 Pro forma net income per share: Basic
$0.07 $0.21 $0.25 $0.38 Diluted $0.07 $0.20 $0.24 $0.37 Shares used
to compute pro forma net income per share: Basic 27,441 26,349
27,368 26,228 Diluted 28,271 27,553 28,313 27,465 Altiris, Inc.
Consolidated Balance Sheets (in 000's) June 30, December 31, 2005
2004 ASSETS (Unaudited) Current assets: Cash and marketable
securities $139,487 $183,447 Accounts receivable, net 38,056 40,056
Prepaid expenses and other current assets 3,416 4,171 Deferred tax
asset 1,110 1,757 Total current assets 182,069 229,431 Property and
equipment, net 6,921 5,713 Intangible assets, net 40,343 26,516
Goodwill 67,504 16,425 Other assets 293 157 Total Assets $297,130
$278,242 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities:
Current portion of capital lease obligations $1,248 $994 Accounts
payable 4,541 2,661 Accrued salaries and benefits 11,161 12,106
Other accrued expenses 7,714 13,951 Deferred revenue 43,560 38,007
Total current liabilities 68,224 67,719 Capital lease obligations,
net of current portion 1,346 871 Other accrued expenses,
non-current 57 -- Deferred tax liability, non-current 3,272 2,755
Deferred revenue, non-current 4,267 4,689 Total liabilities 77,166
76,034 Stockholders' equity: Common stock 3 3 Additional paid in
capital 215,352 194,789 Deferred compensation (8,367) (255)
Accumulated other comprehensive income (342) 444 Retained earnings
13,318 7,227 Total stockholders' equity 219,964 202,208 Total
liabilities and stockholders' equity $297,130 $278,242 DATASOURCE:
Altiris, Inc. CONTACT: Susan Richards of Altiris Inc.,
+1-801-805-2783, or ; or investors, Erica Abrams, , or Vanessa
Lehr, , both of The Blueshirt Group, +1-415-217-7722, for Altiris
Web site: http://www.altiris.com/
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