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Sybase Beats Fourth Quarter Revenue and Pro Forma EPS Estimates Mobile and Wireless Business Grows 19 Percent Year-Over-Year; Company Adds 143 New Enterprise Database Customers in Q4 DUBLIN, Calif. – January 27, 2004 – Sybase, Inc. (NYSE: SY), a leading enterprise infrastructure and mobile software company, today announced fourth quarter 2003 net income of $39.2 million on a pro forma basis, or earnings per share of $0.39 on a diluted basis (EPS), exceeding First Call consensus EPS estimates of $0.31. Net income for the same period calculated in accordance with generally accepted accounting principles (GAAP) was $37.7 million, or EPS of $0.38. Pro forma net income for the full year 2003 was $105.8 million, or EPS of $1.08, and GAAP net income for the same period was $87.2 million, or EPS of $0.89. Total revenues for the fourth quarter 2003 were $210.7 million compared to fourth quarter 2002 revenues of $210.6 million. Total revenues for the full year 2003 were $778.1 million compared to $829.9 million for 2002. “With clear signs of economic stabilization in the fourth quarter, we enter 2004 with renewed optimism about the future of IT spending,” said John Chen, chairman, CEO and president of Sybase, Inc. “The magnitude of new customer wins in Q4, including business from customers who have not purchased from us in recent years, signals a re-focused energy on strategic IT investments. For example, our Unwired solutions subsidiary recorded it’s highest revenues in the past two years. Looking ahead, we think Unwired solutions, the Linux database and the Asia Pacific region will remain strong growth areas for Sybase.” Pro forma net income for the fourth quarter of 2002 was $29.3 million, or EPS of $0.30. GAAP net income (loss) was ($9.8) million, or EPS of ($0.10) for the same period. For the full year 2002, pro forma net income was $101.4 million, or EPS of $1.02 compared to GAAP net income (loss) of ($94.7) million, or EPS of ($0.95) for the same period. Pro forma amounts exclude deductions related to purchased intangibles, stock-based compensation expense, restructuring charges and the related income tax effects. A detailed reconciliation of pro forma and GAAP amounts in this release and full details of the company’s financial results are set forth in the attached financial exhibits.
Balance Sheet and Other Data Days sales outstanding for the three months ended December 31, 2003 was 60 days, compared with 72 days for the three months ended December 31, 2002.
About Sybase, Inc. #### Forward-looking Statements: Statements in this release concerning Sybase, Inc., its subsidiaries and their respective prospects and future growth are forward-looking statements that involve a number of uncertainties and risks. Factors that could cause actual events or results to differ materially from those suggested by such forward-looking statements include general business conditions; sales productivity; possible disruptive effects of organizational or personnel changes; political unrest or acts of war; market acceptance of the company’s products and services; customer and industry analyst perception of the company and its technology vision and future prospects; rapid technological changes; competitive factors; unanticipated delays in scheduled product availability dates; interoperability of the company’s products with other leading software application products; volatility of the stock markets generally; market growth rates in the client/server and Internet software markets; and other factors discussed in Sybase, Inc.’s reports filed with the Securities Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2002, and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2003. Sybase Fourth Quarter 2003 Selected Highlights Sybase announcements during the fourth quarter of 2003 extended the company’s leadership in the mobile enterprise computing market, positioned it for growth in the core data management market and expanded its reach with key strategic partnerships. In Q4 2003, Sybase: Mobile Enterprise Computing
Data Management and Enterprise Applications
Partnerships:
Awards and Benchmarking:
Sybase, iAnywhere Solutions, SQL Anywhere, Replication Server and PowerDesigner are U.S. registered trademarks of Sybase, Inc. or its subsidiaries.
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SYBASE, INC.
(1) Use of Pro Forma Financial Information
pro forma measures of operating results, net income and earnings per share, which are adjusted from GAAP-based results to exclude certain costs and
expenses. These pro forma adjustments are provided to enhance an overall understanding of our current financial performance and our prospects for
the future, and are one of the primary indicators management uses for planning and forecasting future periods. We have excluded such items,
including purchase accounting adjustments in connection with acquisitions, and the cost of restructuring from prior restructuring activities because
we do not believe they are indicative of our core business. For the sake of consistency and clarity in our financial reporting, we will continue to
include the costs associated with restructuring activity committed to prior to Q3 2003 as a pro forma adjustment in our financial statements until the
related charges and liabilities are completely settled. Pro forma financial information is never intended to be considered in isolation from, or as a
substitute for, financial results prepared in accordance with GAAP.
(2) Proforma adjustments
SYBASE, INC.
(1) Use of Pro Forma Financial Information To supplement our consolidated financial statements presented in accordance with generally accepted accounting principles (GAAP), Sybase uses pro forma measures of operating results, net income and earnings per share, which are adjusted from GAAP-based results to exclude certain costs and expenses. These pro forma adjustments are provided to enhance an overall understanding of our current financial performance and our prospects for the future, and are one of the primary indicators management uses for planning and forecasting future periods. We have excluded such items, including purchase accounting adjustments in connection with acquisitions, and the cost of restructuring from prior restructuring activities because we do not believe they are indicative of our core business. For the sake of consistency and clarity in our financial reporting, we will continue to include the costs associated with restructuring activity committed to prior to Q3 2003 as a pro forma adjustment in our financial statements until the related charges and liabilities are completely settled. Pro forma financial information is never intended to be considered in isolation from, or as a substitute for, financial results prepared in accordance with GAAP. (2) Proforma adjustments Proforma adjustments include the following: (a) amortization of purchased intangibles; (b) goodwill impairment loss; (c) amortization of unearned stock compensation; (d) cost of restructuring charges; (e) income tax effect of proforma adjustments; (f) cumulative effect of an accounting change. |
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