Net income, excluding acquisition costs and other related charges, was $19.5 million, or $.12 diluted earnings per share, compared with $12.1 million, or $.10 diluted earnings per share, in the first quarter of fiscal 2001. License revenues were up 60 percent to $100.2 million, and service revenues increased 125 percent to $71.8 million over the same period.
Including acquisition costs and other related charges for the first quarter of fiscal 2002, the Company posted a loss of $67.4 million, or $.40 diluted loss per share, compared with a loss of $95.1 million or $.77 diluted loss per share for the first quarter of fiscal 2001. We were pleased to post significant top-line growth in this challenging economic environment, said Steve Gardner, Peregrine’s chairman and CEO.
Our customers are seeking ways to improve their productivity and achieve a rapid return on their investments Our results this quarter reflect our ability to deliver on these objectives. During the quarter, Peregrine announced a definitive agreement to acquire Remedy Corporation in a transaction expected to close in the current calendar quarter.
The combination of Remedy’s channel strength and market presence in the mid-size enterprise market, together with their application development technology, will expand the depth and scope of Peregrine’s Infrastructure Management solutions.
Additionally, Peregrine announced new or expanded relationships with several strategic partners, including IBM, Compaq Global Services and Accenture. Peregrine continues to execute well on its strategy of delivering integrated, market-leading solutions in lifecycle Infrastructure Management, Employee Relationship Management and B2B Relationship Management, added Mr. Gardner.
This is reflected in the increased number of high-profile strategic partners offering Peregrine solutions. As we look to the remainder of fiscal 2002, expanding our market presence and reach through these types of alliances is a top priority.
SOURCE: COMPANY PRESS RELEASE
