Net income before amortization expense increased 31.6% to $45.2 million from $34.3 million in the same quarter of fiscal 2001. Net income including amortization expense increased 45.4% to $34.4 million from $23.6 million in the same period of the previous fiscal year. Earnings per share before amortization expense (diluted computation) increased 33.3 percent to 12 cents from 9 cents, based upon 382.2 million and 373.6 million shares outstanding, respectively. Including amortization expense, earnings per share (diluted computation) increased 50% to 9 cents per share, from 6 cents per share in the first quarter of fiscal 2001.
During the company’s first quarter, software license fees were $95.6 million, compared to $130.7 million in the same period of the previous fiscal year. Maintenance fees were $110.8 million versus $116.1 million during the same period last year. Revenue from professional services was $240.3 million, compared with $267.1 million in the first quarter of fiscal 2001.
We are pleased to have increased earnings and beaten consensus EPS estimates for the quarter and to have used our strong cash flow to reduce debt by $88 million, said Joseph A. Nathan, Compuware President and COO in a media announcement. Growth in earnings indicates that we continue to have exceptional leverage to increase future profitability as market conditions improve, Nathan said.
