Sybase posts Q3 pro forma EPS of $0.26, net income rises 26%

Our Convergence Bureau
01 November 2002

Dublin, California: Sybase (www.sybase.com), a leading enterprise infrastructure and integration company, has reported the third quarter pro forma earnings per share (EPS) of $0.26 on revenues of $203.0 million, meeting analyst consensus EPS estimates as polled by First Call. This compares to pro forma EPS of $0.20 on revenues of $226.8 million in the same period last year.

“Our success is driven by our ability to solve real business problems,” says Sybase CEO and president John Chen. “With a full-product stack and targeted integration solutions in areas such as Hipaa and USA Patriot Act compliance, we’re well positioned to take advantage of opportunities in the market, regardless of the economic climate. We’re proud of these successes and our ability to manage our business to deliver bottom-line results.”

For the third quarter 2002, Sybase reported a pro forma net income of $25.2 million versus $20 million for the same period in 2001. Pro forma results exclude amortisation of goodwill and purchased intangibles, stock compensation expenses, restructuring and other related charges.

On an as-reported basis, the third quarter 2002 net income was $11.3 million, compared to a loss of ($7.1) million in the third quarter 2001. The third quarter of 2001 includes goodwill amortisation of $15.1 million. The third quarter 2002 as-reported EPS was $0.12 on a diluted basis compared to ($0.07) in the same period last year.

As of 30 September 2002, Sybase reported $366.9 million in cash and cash investments, including restricted cash of $3.9 million, representing approximately $3.85 per outstanding share at the end of the third quarter. During the third quarter, Sybase repurchased an additional $39.9 million of its stock, and had approximately $60 million of its current share repurchase authorisation remaining at the quarter end. Days sales outstanding was 55 days for the three months ending 30 September 2002.

Sybase’s notable customer and partner wins in the third quarter included AT&T Wireless, Baylor Healthcare, Salomon Smith Barney, Heineken, Indiana University, ING, Jefferies, Job Corps, MBNA America Bank, Nortel Networks, Starz Encore, TD Waterhouse, and the US Navy.