Media releases are provided as is by companies and have not been edited or checked for accuracy. Any queries should be directed to the company itself.

MRO Software Reports Third Quarter Results

  • 16 July, 2004 09:58

<p>For Immediate Release
MRO SOFTWARE REPORTS THIRD QUARTER RESULTS</p>
<p>Solid MAXIMO Sales Drive Revenue,
Improved Operating Margins, Increased EPS and Cash</p>
<p>BEDFORD, Mass., July 15, 2004 – MRO Software, Inc. (Nasdaq: MROI), the leading provider of strategic asset management solutions, today announced results for the Company’s third fiscal quarter ended June 30, 2004.</p>
<p>Total revenues for the third quarter were $46.3 million compared with $47.6 million for the third quarter of the prior year, a decrease of 3 percent. On a GAAP basis, the Company reported net income for the quarter of $3.1 million or $0.12 per diluted share, compared with net income of $2.0 million or $0.08 per diluted share for the same quarter last year, an increase in EPS of 50 percent.</p>
<p>Pro forma net income (see Schedule A) for the third quarter was $3.6 million, or $0.14 per diluted share compared with pro forma net income of $2.8 million or $0.12 per diluted share for same quarter last year, an increase in EPS of 17 percent. Pro forma results are adjusted for the amortization of acquired technology and other intangibles and their related tax effects.</p>
<p>Revenue from software license sales was $13.0 million, compared with $15.3 million in the same quarter last year, a decrease of 15 percent. Support and services revenue was $33.3 million, compared with $32.3 million in the same quarter last year, an increase of 3 percent.</p>
<p>As of June 30, 2004, the balance sheet contained $99.4 million in cash and marketable securities, an increase of $2.9 million from the second quarter, and no long-term debt. Deferred revenue was $31.6 million, and days sales outstanding (DSO) was 65 days.</p>
<p>There were a total of 232 software license sales for the quarter, including three transactions of approximately $1 million or more. Customers for the quarter included: Cummins Engine Co., Computer Sciences Raytheon, Grubb &amp; Ellis Management Services, Inc., Honeywell Technology Solutions, Inc., Iraq Coalition Provisional Authority Program Management Office, JB Hunt Transport Services, Inc., Johnson Controls, Inc., Lower Colorado River Authority, National Institute of Health, PPG Industries, Southwest Ohio Regional Transit Authority and Vestas Wind Systems A/S.</p>
<p>“We were able to deliver solid results for the quarter. Our focus on vertical solutions continues to produce results with several significant wins in the nuclear, transportation and federal sectors during the quarter,” said Chip Drapeau, president and CEO, MRO Software. “With our healthy balance sheet we are able to continue investing in solutions and activities that will help to grow the Company.”</p>
<p>“The Company’s earnings, operating margins and cash balances continued to improve this quarter,” said Peter Rice, CFO, MRO Software. “For the fourth quarter of fiscal 2004, we expect revenues to be in the range of $47 to $49 million, and we expect earnings to be in the range of $0.12 to $0.16 per share on a GAAP basis, and between $0.14 to $0.18 per share on a pro forma basis. Based on these expectations, the Company reaffirms its guidance for fiscal year 2004 total revenue growth of approximately 5 percent and pro forma earnings growth of approximately 50 percent above fiscal 2003 results. Looking ahead for fiscal year 2005, we expect total revenue growth of five percent and pro forma earnings growth in the range of 10 to 15 percent for the full fiscal year.”</p>
<p>Expected results on a pro forma basis are adjusted for the amortization of acquired technology and other intangibles and the related tax effects.</p>
<p>The Company will hold a conference call to discuss these results on Thursday, July 15, 2004 beginning at 4:30 p.m. EDT.</p>
<p>To participate in this call within the U.S. and Canada, dial (800) 932-9896, international callers should dial (706) 634-5804. A digital recording of the call will be available beginning two hours after the call and will be available until July 22, 2004. To access the replay within the U.S. and Canada, dial (800) 642-1687, international callers should dial (706) 645-9291, all participants should use conference ID: 8494359.</p>
<p>A webcast of the call discussing the results is available at: www.mro.com/investor. A transcript of the call will be promptly archived on the Investor Relations portion of the Company’s website, and may be found at: www.mro.com/investor.
Forward-Looking Statements.
This press release contains 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. The Company’s actual results could differ materially from those set forth in the forward-looking statements. Certain factors that might cause such a difference include, among other things, continued sluggishness in IT spending and stagnation in the market for our products, difficulties or delays in the development or deployment of our industry-specific offerings, volatility in results as a function of a small number of large license transactions, and those factors discussed in the Section entitled “Factors Affecting Future Performance” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2004.</p>
<p># # #</p>
<p>About MRO Software, Inc.
MRO Software is the leading provider of strategic asset management solutions. The Company’s integrated suite of applications optimizes performance, improves productivity and service levels and enables asset-related sourcing and procurement across the entire spectrum of strategic assets.</p>
<p>The Company’s asset management solutions allow customers to manage the complete lifecycle of strategic assets including: planning, procurement, deployment, tracking, maintenance and retirement. Using MRO Software’s solutions customers improve production reliability, labor efficiency, material optimization, software license compliance, lease management, warranty and service management and provisioning across the asset base.</p>
<p>MRO Software (Nasdaq: MROI) is a global company based in Bedford, Mass., with approximately 900 employees, 10,000 customers and more than 260,000 end-users. The Company markets its products through a direct sales organization in combination with a network of international distributors. MRO Software has sales offices throughout North America, Europe, Asia/Pacific and Latin America. Additional information on MRO Software can be found at http://www.mro.com.</p>
<p>MAXIMO® is a registered trademark, and MRO SoftwareTM is a trademark of, MRO Software, Inc.</p>
<p>For further information, please contact:
Rochelle Vincent
MRO Software
Phone: + 61 7 3266 8043
Email: rochelle.vincent@mro.com</p>
<p>Fiona Martin
Max Australia
Phone: +61 2 9954 3492
Email: fiona.martin@maxaustralia.com.au</p>

Most Popular

Cool Tech

Toys for Boys

Family Friendly

Stocking Stuffer

SmartLens - Clip on Phone Camera Lens Set of 3

Learn more >

Christmas Gift Guide

Click for more ›

Brand Post

Most Popular Reviews

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Latest Articles

Resources

PCW Evaluation Team

Aysha Strobbe

Microsoft Office 365/HP Spectre x360

Microsoft Office continues to make a student’s life that little bit easier by offering reliable, easy to use, time-saving functionality, while continuing to develop new features that further enhance what is already a formidable collection of applications

Michael Hargreaves

Microsoft Office 365/Dell XPS 15 2-in-1

I’d recommend a Dell XPS 15 2-in-1 and the new Windows 10 to anyone who needs to get serious work done (before you kick back on your couch with your favourite Netflix show.)

Maryellen Rose George

Brother PT-P750W

It’s useful for office tasks as well as pragmatic labelling of equipment and storage – just don’t get too excited and label everything in sight!

Cathy Giles

Brother MFC-L8900CDW

The Brother MFC-L8900CDW is an absolute stand out. I struggle to fault it.

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?