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January 29, 1998

BAAN FINISHES A STRONG YEAR WITH MORE GROWTH

By CBR Staff Writer

Dutch business management software house Baan Co NV has written another chapter in its success story, reporting fourth-quarter net income up 75.9% at $29.1m on revenue up 65% at $220m. For the year, net income rose 110.7% to $77.2m on revenue up 64.6% at $684m. Earnings per share rose 75% to $0.14 for the quarter and 94.7% to $0.37 for the year. Results include restructuring charges of $2.5m and $12.1m for the quarter and year, respectively. Charges aside, earnings per share came in at $0.15 for the quarter – which is exactly what the First Call consensus was looking for – and $0.41 for the year, a penny better than estimates. Baan also says yearly revenue growth would have come in 8% higher in constant currency. Fourth-quarter license revenues rose 71.6% to $145.6m, while maintenance and service revenues climbed 56.9% to $74m. Baan saw strong growth across all of its geographies, with Japan/Asia-Pacific growing 92%. North America grew 74% and Europe, Middle East and Africa saw 58% growth. Those two regions account for 87% of total revenue. The company finished the quarter with cash reserves of $111.4m.

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