Net earnings, excluding special charges and amortization of goodwill and intangible assets, decreased 67 percent to $16.6 million. Earnings per share for the quarter, excluding special charges and amortization of goodwill and intangible assets, were $0.07. Reflecting special charges and amortization of goodwill and intangible assets, net earnings and earnings per share were a loss of $34.5 million and a loss of $0.14, respectively, in the first quarter of fiscal 2002 and were $10.0 million and $0.04 per share in the first quarter of fiscal 2001.
Total license revenues decreased 22 percent in the first quarter of fiscal 2002 compared to the first quarter of fiscal 2001, with North American license revenues decreasing 28 percent and International license revenues decreasing 8 percent. Compared to the first quarter of fiscal 2001, maintenance revenues increased 11 percent to $139.3 million and professional services revenues increased 15 percent to $19.9 million.
We are committed to executing our new business model and are implementing significant expense reduction initiatives that we expect to result in over $100 million in cost savings compared to our original fiscal year 2002 plan, said Bob Beauchamp, president and CEO of BMC Software. This intense focus on aligning our expense model with current market realities is necessary as we remain focused on improving profit margins.
In light of the challenging economic environment that our industry is facing, we are in the enviable position of having a very strong balance sheet with approximately $1 billion in cash and investment securities, strong cash flow from operations, and no debt, said Beauchamp.
