The Company achieved first quarter revenue of $63.1 million, an increase of 120% over last year’s first quarter revenue of $28.7 million. Pro forma net income, excluding the amortization of intangible assets and other compensation costs, increased 211% to $5.3 million in the first quarter from $1.7 million for the same period in the prior year. Diluted pro forma net income per share for the first quarter was $0.06, a 200% increase from $0.02 for the same period last year.
Managing critical applications continues to be a priority for our customers as they look to increase their ROI on past and current information technology spending. As a result, Quest continued to enjoy success in our markets, even in a difficult economic climate. In the first quarter we built on our strength in the Oracle market while expanding our position in new markets including Windows, DB/2 and key packaged applications, said Vinny Smith, chief executive officer and chairman, Quest Software.
For the first quarter of 2001, including adjustments for the amortization of intangible assets and other compensation costs, Quest Software reported a net loss of $14.8 million or $(0.17) per share, compared with a net loss of $5.7 million or $(0.07) per share for the first quarter of 2000.
(a)For the quarter ended March 31, 2001, excludes $16.0 million for amortization of intangible assets and other compensation costs; and $2.0 million for amortization of purchased intangible assets. For the quarter ended March 31, 2000, excludes $7.4 million of amortization of intangible assets and other compensation costs; and $0.7 million of amortization of purchased intangible assets.
(b) For both 2001 and 2000, assumes a pro forma tax rate of 40%.
