For the same period in 2000, the company announced pro forma EPS of $0.29 on a diluted basis.
Sybase’s pro forma net income, which excludes amortization of purchased intangibles, in-process research and development costs, and restructuring and other related charges for the third quarter was $20.0 million, versus $26.7 million for the third quarter of 2000.
Total revenues for the third quarter were $226.3 million, compared to revenues for the third quarter last year of $239.1 million. The company attributed softer than expected year- over-year revenues to weaker economic conditions, principally in the United States and Europe.
The global market during the third quarter was nothing short of challenging, said John Chen, chairman, president, and CEO of Sybase. Despite the persistent weak economy, we are more competitive today than we have ever been. We continue to be well positioned in the market with a strong product offering that has enabled us to continue to win important new customers, particularly in Asia-with companies like China Unicom, China Eagle Securities and Korea Life-and in U.S. federal and state governments. We are financially solid and will continue managing our business with a focus on the bottom line and improving our profit margins, Chen said.
On an as reported basis, which includes amortization of purchased intangibles, in-process research and development costs, restructuring and other related charges, third quarter EPS was ($0.07) on a diluted basis compared to $0.18 reported in the same period last year. Net income (loss) on an as reported basis for the third quarter 2001 was ($7.1) million, compared to $16.5 million in the third quarter 2000.
Sybase ended the third quarter with approximately $330.3 million in cash and cash investments, including restricted cash of $9.4 million. This represents approximately $3.35 of cash per issued and outstanding share at the end of the third quarter. Sybase continued to actively repurchase its stock during the third quarter, buying back approximately $29 million worth of common stock. Since the start of its repurchase program in 1998, the company has repurchased approximately $256 million worth of its stock. As of September 30, 2001, Sybase had approximately $144 million remaining of its current share repurchase authorization. Days sales outstanding for the three months ending September 30, 2001 was 68 days.
