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Autumn 1999
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Ardent Software, Inc. has announced record financial results for its second quarter ended June 30, 1999. Total revenues for the second quarter increased 49% to $43.7m from $29.2m in the same quarter of 1998. Data warehouse revenues increased 357% to $16.0m in the second quarter of 1999 as compared to $3.5m in the second quarter of 1998.
For the six months ended June 30, 1999, total revenues were $74.9m, up 36% from $54.9m for the first six months of 1998. Pro forma diluted earnings per share for the first six months of 1999 rose 62% to $0.55, compared to $0.34 for the same period in 1998. Pro forma operating income for the first six months of 1999 increased 84% to $15.6m, representing an operating margin of 21%, compared to pro forma operating income of $8.4m and a 15% operating margin in the first six months of 1998.
During the quarter, Ardent successfully completed the acquisition of Prism Solutions, Inc. and recorded a one-time charge of $14.9m related to in-process research and development and restructuring costs, resulting in a net loss of $7.7m, or $0.43 per share. Excluding the aforementioned nonrecurring costs, diluted earnings per share for the second quarter of 1999 increased 50% to $0.27, compared to second quarter 1998 diluted earnings per share of $0.18. Diluted earnings per share for the first six months of 1999 increased 55% to $0.45 (excluding nonrecurring costs) compared to $0.29 for the same period in 1998 (excluding non-recurring, merger-related costs in the first quarter of 1998).
“I am pleased to report another milestone quarter for our Company,” said Peter Gyenes, chairman, president and CEO of Ardent Software. “Our performance demonstrates continued strong revenue, earnings and market share growth, as well as the impact on both the top and bottom lines that we expected from our acquisition of Prism Solutions. This acquisition was immediately accretive to earnings, and positions Ardent uniquely with broad product and services offerings that address the full range of enterprise requirements from department to data center. With Prism fully integrated, Ardent now has the critical mass of resources, customer base and references that underscore our position as market share and category leader in data integration infrastructure for data warehouse and analytical applications.”
Ardent also saw strong growth in new business, adding new data warehouse accounts in the US, Europe and Asia, including Dupont, Hard Rock Cafe, Pepsi, Pfizer and Bosch.
“We move into the second half of 1999 with momentum,” concluded Mr. Gyenes. “We believe that investments that we made during the first half of the year will continue to pay off, and we anticipate leveraging those investments to increase the company’s growth rate. As our track record confirms, we are committed to providing superior results both for our customers and our shareholders.”
Ardent Software LimitedLast Updated: 08 December 1999