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.

Textron Propels Transformation Of Global Financial Reporting Using Hyperion Software

  • 25 November, 2003 11:02

<p>Hyperion announced the following global win overnight. Australia is one of the 40 countries in which Textron operates.</p>
<p>Multi-Industry Manufacturer Gains Transparency Into Data Integrated From Hundreds of General Ledgers</p>
<p>SUNNYVALE, Calif., November 24, 2003 – Textron, the $10 billion company with a global network of businesses in industries such as aircraft, fastening systems, industrial products and finance, is using Hyperion (Nasdaq: HYSL) Business Performance Management software to better leverage financial data across its businesses to make decisions that maximise profits. The software has helped Textron achieve a streamlined financial consolidation process across the enterprise and speed the delivery of financial results.</p>
<p>With 44,000 employees in 40 countries, multiple currencies and hundreds of differing general ledgers, enterprisewide consolidation and reporting was no easy task. Textron worked with Cap Gemini Ernst &amp; Young U.S. LLC to implement Hyperion Financial Management for financial consolidation and reporting. Now, the company has shortened its financial close process by four days and it has a single repository of consolidated financial information.</p>
<p>“We see Hyperion Financial Management as an enabling technology that helps us shorten our financial close cycle, with consistent processes across the enterprise,” said Larry Costello, Director, Finance Information Systems for Textron. “For example, Hyperion software provides features that validate our data so a balance sheet cannot be out of balance. Our business units have an accurate and up-to-date database that helps them better understand the business.”</p>
<p>“Hyperion Financial Management provides a leading technology used in Cap Gemini Ernst &amp; Young’s Management Insight solution, which automates and standardises the financial consolidation and reporting process for companies worldwide,” said Bob Rizzitello, Director of Cap Gemini Ernst &amp; Young’s Corporate Accountability practice. “This solution allows finance organizations to add more value to the business through leading analytics. Textron has demonstrated how finance organizations can ensure strong controls and increase transparency into global business operations.”</p>
<p>Hyperion software also enables Textron to create comparative reports such as plan versus actual results and plan versus forecasts that enable detailed variance analysis.</p>
<p>“Textron was one of our first Hyperion Financial Management customers and has one of the most comprehensive implementations. A member of Hyperion’s customer advisory board, Textron has also functioned as a sounding board, helping us drive development of the product to best meet complex customer requirements,” said Rich Clayton, vice president of product marketing for Hyperion. “Large organizations like Textron, with multiple departments and divisions, have the greatest need to integrate metrics to enable better, faster decision-making. Hyperion Financial Management facilitates that single version of the truth required to enable an effective, enterprise-wide Business Performance Management process.”</p>
<p>Textron uses the software to create nearly 100 different types of reports analysing its financial data. Managers can create reports for different division levels, from the plant to the corporate level. This information arms managers at various levels of the organization with the insight needed to make strategic decisions.</p>
<p>“Hyperion Financial Management gives us one cash flow report, which includes the GAAP cash flow and the free cash flow for any plant, division, segment or the entire company. Previously, we prepared these reports separately and then reconciled the numbers,” Costello said. “This insight into financial data and enhanced analysis capabilities enables us to better understand cash flow drivers.”</p>
<p>About Hyperion
Hyperion is the global leader in Business Performance Management software. More than 9,000 customers rely on Hyperion software to translate strategies into plans, monitor execution and provide insight to improve financial and operational performance. Hyperion combines the most complete set of interoperable applications with the leading business intelligence platform to support and create Business Performance Management solutions. A network of more than 600 partners provides the company’s innovative and specialised solutions and services.</p>
<p>Headquartered in Sunnyvale, California, Hyperion employs approximately 2,600 people in 20 countries and is represented in 25 additional countries through distributor relationships. Hyperion, together with recently acquired Brio Software Inc., generated combined annual revenues of $612 million for the 12 months ending June 30, 2003. Hyperion is traded under the Nasdaq symbol HYSL. For more information, please visit www., or call 800 286 8000 (U.S. only).</p>
<p>Safe Harbour Statement
Statements in this press release other than statements of historical fact are forward-looking statements, including, but not limited to, statements concerning the potential success of anticipated product features, the anticipated product offerings and the potential market opportunities for business performance management software. Such statements constitute anticipated outcomes and do not assure results. Actual results may differ materially from those anticipated by the forward-looking statements due to a variety of factors, including, but not limited to the company's ability to retain and attract key employees, the successful and timely development of new products, the impact of competitive products and pricing, customer demand, and technological shifts. For a more detailed discussion of factors that could affect the company's performance and cause actual results to differ materially from those anticipated in the forward-looking statements, interested parties should review the company's filings with the Securities and Exchange Commission, including the Report on Form 10-K filed on August 13, 2003 and the Report on Form 10-Q filed on November 7, 2003. The company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.</p>
<p>Hyperion is a registered trademark of Hyperion Solutions Corporation. All other trademarks and company names mentioned are the property of their respective owners.</p>
<p>For more information contact:
Claire Hosegood
Kinetics Pty Ltd
Ph: +61 (0)2 9976 6611
Mob: +61 (0)411 253 663</p>

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