The results are at the high end of the ranges provided in the Company’s preannouncement on August 6, 2001.
Software license revenue for the second quarter of fiscal 2002 was $11.6 million and maintenance revenue was $10.3 million. Operating income before amortization of intangible assets for the second quarter was $6.7 million and represented a 29% operating margin. Cash flow from operations in the quarter was $7.3 million and cash and investments at July 31, 2001 was $134 million.
Net income and net income per diluted share for the second quarter of fiscal 2002, excluding amortization of intangible assets and acquired in-process research and development, decreased 20% to $5.7 million and 22% to $0.14, respectively, compared to net income and net income per diluted share of $7.1 million and $0.18 in the same quarter a year ago. Including amortization of intangible assets and acquired in-process research and development, net income and net income per diluted share was $3.7 million and $0.09, respectively, as compared to $5.9 million and $0.15 in the same quarter a year ago.
As was discussed in our preannouncement, we were negatively impacted by the economy and delays in closing larger transactions at the very end of the quarter, said Mark Woodward, CEO and President. We have taken the actions required to keep our costs in line and improve sales execution. Our financial condition remains very strong and we are ready to capitalize on any improvement in the economy.
SOURCE: COMPANY PRESS RELEASE
