Reported earnings for the first quarter including acquisition related expenses grew 129 percent to $0.16 per share on a fully diluted basis compared to $0.07 per share reported in the first quarter last year.
Net income for the first quarter on a pro forma basis increased 16 percent to $22.7 million, compared to $19.5 million for the same period last year. Reported net income for the first quarter including acquisition related expenses was $14.9 million, compared to $6.7 million in the first quarter 2000, reflecting an increase of 122 percent.
Revenues in the first quarter 2001 were $229.1 million, compared with $226.8 million reported in 2000. Total license revenue in the first quarter was $98.8 million, versus $110.7 million reported in the same period last year. Services revenue was $130.3 million, compared to $116.1 million in the first quarter last year. Sybase ended the first quarter with approximately $342 million in cash and cash investments, after the repurchase of approximately $52 million in stock. Days sales outstanding (DSO) for the three months ending March 31, 2001 was 67 days.
Sybase has never been in a more competitive position than it is today, despite the fact that a generally slowing economy limited our first quarter revenue growth, said John Chen, Sybase chairman, CEO and president. We remain committed to aligning our cost structure with current market conditions, and delivering outstanding value to our customers. With our recent acquisition of New Era of Networks, Inc., Sybase will be able to deliver a more complete stack of advanced e-Business infrastructure products and services to complement our award winning application server and database technology, and provide our customers with faster implementation and an even greater technology ROI.
Sybase currently holds approximately 75 percent of the stock of New Era of Networks, Inc. (NASDAQ: NEON), and expects to complete its offering for the remaining shares of NEON shortly.
Significant customer wins during the quarter included AOL, AT&T, Comerica, ECR Software, Marquette.com, MBNA America Bank, Nielsen Media Research, Norfolk Southern Railroad, Northwestern Mutual Life, Novell, Inc., Power Measurement Corp., Prometric, State Street Bank, Steelcase, Inc., UBS Warburg, and United States Army CECOM,.
The company believes slower economic growth, offset by efficiency gains and expanded product and solution offerings, will result in full year 2001 pro forma earnings per share in the $1.10 per share to $1.20 per share range. Sybase’s preliminary full year 2001 revenue expectation is around $1.1 billion.
