July 07, 2004 06:00 AM US Eastern Timezone
PeopleSoft Announces Second Quarter 2004 Preliminary Results
PLEASANTON, Calif.--(BUSINESS WIRE)--July 7, 2004--PeopleSoft Inc. (Nasdaq:PSFT) today announced preliminary financial results for the quarter ended June 30, 2004. The Company expects to report total revenues between $655 million and $665 million with license revenue in the range of $129-$133 million. The Company also expects to report pro forma earnings per share of $0.13-$0.15 and GAAP earnings per share of $0.03-$0.05.
"Although we have been able to meet or exceed our financial projections since Oracle launched their hostile tender offer more than a year ago, the extensive publicity of the antitrust trial during the last month of our quarter was impossible to completely overcome," said Craig Conway, PeopleSoft President and CEO.
"We believe the adverse impact to our business has been substantial, with even greater impact this past month," Conway continued. "We look forward to returning to normal business soon and recovering these damages."
Conway noted, "We believe that evidence submitted in the United States of America v. Oracle trial clearly displayed Oracle's intent to disrupt our business and damage PeopleSoft."
PeopleSoft will announce its final second quarter financial results on July 27, 2004.
Non-GAAP Financial Measures
The Company uses non-GAAP pro forma financial measures, which exclude adjustments related to purchase accounting and restructuring costs, in analyzing financial results because they provide meaningful information regarding the Company's operational performance and facilitate management's internal comparisons to the Company's historical operating results and comparisons to competitors' operating results.
The Company believes that these non-GAAP financial measures are useful to investors because they allow for greater transparency. Wherever non-GAAP financial measures have been included in this press release, the Company has reconciled them in the tables below to their GAAP counterparts.
These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
The following table reconciles the non-GAAP earnings per share to GAAP earnings per share:
Q2 04
EPS
-------------
Pro forma $0.15
Revenue impact of deferred maintenance
write-down (0.03)
Restructuring charges (0.01)
Oracle Costs (0.02)
Amortization of capitalized software
and intangible assets (0.04)
-------------
GAAP $0.05
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