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Altiris reports strong Q3 2003 Financial results

  • 29 October, 2003 16:12

<p>Altiris, Inc. (Nasdaq: ATRS), a leader in systems management solutions that reduce the total cost of owning information technology (IT), today announced financial results for the three and nine-month periods ended September 30, 2003.</p>
<p>For the three-month period, the Company reported total revenue of $25.4 million, an increase of 59% over the third quarter of 2002, and 11% over the second quarter of 2003. The Company reported net income of $3.8 million, or $0.15 per diluted share, which compares to a net loss of $359,000, or $0.02 per diluted share, reported in the third quarter of 2002, and net income of $3.3 million, or $0.15 per diluted share, reported in the second quarter of 2003.</p>
<p>On a pro forma basis, the Company reported net income of $3.5 million, or $0.14 per diluted share, for the third quarter of 2003, excluding non-cash charges of $169,000 related to amortization of acquired intellectual property and $321,000 in stock-based compensation, offset by applying a normalized estimated effective tax rate of 38%. This compares to pro forma net income of $552,000, or $0.03 per diluted share, reported in the third quarter of 2002, and pro forma net income of $2.6 million, or $0.11 per diluted share, reported in the second quarter of 2003.</p>
<p>License revenue increased 59% over the third quarter of 2002 and 10% over the second quarter of 2003, to $16.6 million. Service revenue increased 59% over the third quarter of 2002 and 13% over the second quarter of 2003, to $8.8 million. The Company generated $10.9 million in cash and closed the quarter with $151.6 million in cash and marketable securities.</p>
<p>“We are pleased to announce another quarter of strong results in all aspects of our business,” commented Greg Butterfield, president and chief executive officer of Altiris. “In the third quarter, we experienced solid sales activity across all channels and geographies, closing 42 transactions over $100,000. Through our OEM channel, we were effective at winning a number of significant, competitive deals involving many of our client, server and asset management solutions. In addition, our customers’ heightened need for patch management drove additional interest in Altiris’ client and server management offerings that uniquely combine patch management and recovery and roll-back capabilities, and are a natural fit with our full range of IT lifecycle management solutions.</p>
<p>“Looking ahead, we expect to continue to redefine lifecycle management as we extend our leadership in client management to the server and asset management businesses and broaden our product and service offerings in order to meet the evolving needs of our customers. We are confident in our market position and believe that the breadth and depth in our range of solutions positions us for continued growth and leadership in the systems management market,” concluded Butterfield.</p>
<p>For the nine-month period ended September 30, 2003, the Company reported revenue of $69.0 million, an increase of 54% over $44.7 million reported for the same period of 2002. In addition, the Company reported net income for common shares, based on generally accepted accounting principals in the United States of America (GAAP), of $9.6 million, or $0.42 per diluted share, as compared to a GAAP net loss for common shares of $15.5 million, or $1.10 per diluted share, for the same period of 2002. On a pro forma basis, the Company reported net income of $8.0 million, or $0.35 per diluted share, as compared to net income of $1.6 million, or $0.08 per diluted share, reported for the same period of last year. Pro forma net income in 2003 excludes $1.5 million in non-cash charges related to the amortization of acquired intellectual property and stock-based compensation. For 2002, pro forma net income excludes $3.6 million in non-cash charges related to the amortization of acquired intellectual property and stock-based compensation and $13.8 million in deemed dividends attributable to preferred stockholders.</p>
<p>Media contact:
David Sanday
Phone: 0438 449503
email: dsanday@altiris.com.au</p>

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