總收入同比增長18%
上海1月17日電 /新華美通/ -- 羅盛軟件（納斯達克代碼：LWSN）今日公布了截止至2007年11月30日的2008財年第二財季財務報告。羅盛軟件從2007年6月1日起進入2008財年，第二財季的 GAAP（公認會計原則）收入上升至2.186億美元，與2007年同期收入1.845億美元相比，增幅為18%。公司公布的各項收入均為兩位數增長，其中軟件許可證收入上升至3300萬美元（增長50%）,服務維護收入上升至8470 萬美元（增長19%），咨詢收入上升至1.009億美元（增長10%）。
第二財季的 GAAP 凈收入為370萬美元，每股攤薄為0.02美元。凈收入的同比增長主要歸功于軟件許可證和維護收入的增加。這些收益與其他收益中記錄的420萬美元非運營永久性減損支出相抵，降低了公司所持有的拍賣利率證券的公允價值。詳見如下所述：減損支出對凈收益的影響每股攤薄為0.02美元。公司估計幣值波動對每股凈收益亦有負面影響，可達0.01美元。有關幣值波動對羅盛軟件歷年績效的影響，請參考本報告附表 1。
所公布的 GAAP 凈收益和每股凈收益中稅前開支總計770萬美元，其中包括無形資產攤銷，已購入的維護合同攤銷，采購賬目對咨詢成本和重組支出的影響，以及拍賣利率證券的420萬美元永久性減損支出和220萬美元的非現金股權激勵。除去以上開支，并包括對前 Intentia International AB 收購產生的期初遞延收入余額的采購賬目調整后獲得的40萬美元的維護和服務收入，2008財年第二財季的非 GAAP 凈收益為1560萬美元，每股攤薄為0.09美元。
“我們第二財季的結果表明我們各地區各方面都有強大實力，”總裁兼 CEO Harry Debes 認為，“追求卓越是永無止境的，公司收益的同比增長印證了我們在業務方面取得的飛速進展。”
截至2007年11月30日的半年度
截至2007年11月30日為止的半年中 GAAP 收入為4.06億美元，同比3.463億美元增幅達17%。GAAP 凈收入為930萬美元，每股攤薄為 0.05美元。公司估計半年中幣值波動對每股凈收益產生負面影響，達0.02美元。
所公布的半年度 GAAP 結果中稅前開支為1940萬美元，其中包括已收購無形資產攤銷，拍賣利率證券的永久性減損支出，已購入維護合同攤銷，采購賬目對咨詢成本和重組支出的影響以及430萬美元的非現金股權激勵。除去以上開支，并包括對前 Intentia International AB 收購產生的期初遞延收入余額的采購賬目調整后獲得的100萬美元的維護和服務收入，截至2007年11月30日的半年度非 GAAP 凈收益為2830萬美元，每股攤薄為0.15美元。
財務展望
2008財年的第三季度止于2008年2月29日，預計公司總收入可達2.16億美元至2.20億美元，其中包括許可費用同比增長約20%。公司期望 GAAP 全面攤薄每股凈收益為0.03 至 0.04 美元，其中不含拍賣利率證券的進一步減損。非 GAAP 全面攤薄每股收益預計為0.07至 0.08美元，其中不含預計為950萬美元的稅前開支，包括與收購相關的無形資產攤銷，已購入的維護合同攤銷以及股權激勵費用。2008財年非 GAAP 的有效稅率預計為37%至40%。
2008財年第二財季關鍵衡量標準
-- 季末公司擁有的現金、現金等價物、有價證券及長期投資總值為4.241億美
元（其中不含750萬美元限定用途現金），上季末2007年 8月31日結余為
4.831億美元（其中不含700萬美元限定用途現金）
-- 遞延收入總額為1.765億美元，包括3610萬美元遞延收入，截至2007年8月
31日的上季結余為2.363億美元，包括3530萬美元遞延許可證收入。遞延收入
下降歸因于公司續訂日期現已改至第三、四財季所引起的遞延維護收入下降。
-- 軟件許可證交易總數有所上升，已完成交易為331宗，上年同期為307宗。所有
已完成交易的平均售價與上年同期基本持平。
-- 新簽署了三十八宗新客戶交易，上年同期為27宗。對新客戶的平均售價為37.3萬
美元，上年同期為42萬美元。此趨勢預計還將持續，由于美國本土以外地區 M3
銷售的平均交易規模較小。
-- 新簽署的交易中，超過1百萬美元為2宗，50萬至1百萬之間為8宗，去年同期分別
為3宗和13宗。
-- 關鍵客戶：美國 - 俄亥俄州哥倫布市 Children's Hospital Central
California，堪薩斯州托皮卡市 Marsh Supermarkets，Mosaic Sales
Solutions，內不拉斯加醫學中心 (Nebraska Medical Center)，明尼蘇達州
Oldcastle 和 Scott County。歐洲、中東和非洲地區 -- Boissons Glacieres
Internationales，D2i Groupe Invicta，Fletchers Bakeries，Pork Farms
Limited。亞太地區 -- 新西蘭 Kumfs，Sheppard Industries Limited，日本
THK。
-- 公司在第二財季回購了331,766股普通股，總值310萬美元，平均每股9.29美元。
自2006年11月最初授權回購200萬美元以來，公司已回購股份達1250萬股，價值
1.116億美元，每股平均8.93美元，占2006年11月已發行股份的6.7%。
拍賣利率證券的減損支出
截至2007年11月30日，公司擁有現金及現金等價物總值為4.316億美元，其中包括2760萬美元有價證券和5870萬美元長期投資。在保守的公司政策影響下，公司長期以來僅將過剩現金投向評級高的投資級證券，將保有資本和流動性作為首要目標。2007年11月30日公司長期投資持有評級 AA 或 AAA 的拍賣利率證券，可隨時用于償還債務。但是，這些證券的流動和公允價值主要受到信貸市場不確定因素和債券保險公司的財務狀況影響。因此，出于謹慎性原則并部分基于管理公司投資的經紀交易商所提供的市場信息，記錄永久性減損支出為 420 萬美元，臨時性減損支出為 80 萬美元，以將公司拍賣利率證券的價值降至本財季末的估計公允價值 5870 萬美元。永久性減損支出記錄為其他收入項的非運營虧損，影響 GAAP 全面攤薄收益每股 0.02 美元。80 萬美元臨時性減損支出記錄為股東權益的未實現損失。減損支出是未來預計資本減值，且公司目前無法通過資本增值抵消。因此，此項減損中不含稅收優惠。同時，公司于 2007 年 11 月 30 日將拍賣利率證券劃為長期投資。
關于羅盛軟件 (Lawson Software)
Lawson 軟件為全球40個國家來自制造、分銷、維修及服務行業的4,000 個用戶提供軟件及服務解決方案。其解決方案包括企業績效管理、供貨商關系管理、企業資源計劃、客戶關系管理、制造資源計劃、物業管理及為個別行業度身訂造的應用程序。Lawson 的解決方案透過簡化流程、減少成本及加強企業運作效能，幫助用戶簡化企業架構及運作。Lawson 在全球均設有辦事處，總部設于美國明尼蘇達州的圣保羅市。欲了解更多信息，請訪問 http://www.lawson.com 。
關于公司未來展望的注意事項說明：本新聞稿內含之公司未來展望說明包括風險與不確定性因素。此未來展望說明表示 Lawson 軟件及其管理層的意向、信念及現在的期望，但并不代表對未來的結果有任何保證，其中所牽涉的風險與不確定性，皆可能引起實際結果與在此討論的有所出入。本公司并沒有責任對將來的每件事件及狀況在未來展望說明中做出修訂。風險與不確定性因素可能引起與在此討論的有所出入但不限于：Lawson 軟件預計由于合并后出現的發展及利潤發展機會的不確定性；軟件行業的不確定性；全球軍事矛盾；美國出現的恐怖襲擊及由于這些襲擊出現的其它活動；公司對針對行業出現改變；行業競爭加劇。關于這些說明事項，以及可能使其與實際結果及狀況產生出入的風險及不確定因素，公司皆已在證券交易委員會 (Securities and Exchange Commission) Form 10-Q 文件中的最新年報內列出。Lawson 沒有責任更新此新聞稿中任何前瞻性的資料。
LAWSON SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months % Six Months Ended %
Ended Increase Increase
Nov 30, Nov 30, Nov 30, Nov 30,
2007 2006 2007 2006
(Decrease) (Decrease)
Revenues:
License fees $32,990 $22,041 50% $58,450 $38,809 51%
Maintenance 84,705 70,969 19% 163,219 140,553 16%
Consulting 100,907 91,483 10% 184,341 166,968 10%
Total revenues 218,602 184,493 18% 406,010 346,330 17%
Cost of revenues:
Cost of license fees 6,616 5,850 13% 13,369 10,892 23%
Cost of maintenance 16,830 13,997 20% 32,490 28,685 13%
Cost of consulting 84,155 80,289 5% 155,381 150,023 4%
Total cost of revenues 107,601 100,136 7% 201,240 189,600 6%
Gross profit 111,001 84,357 32% 204,770 156,730 31%
Operating expenses:
Research and development 21,732 22,530 (4%) 39,018 42,855 (9%)
Sales and marketing 48,214 39,898 21% 90,505 76,790 18%
General and
administrative 25,839 22,215 16% 51,562 48,205 7%
Restructuring 80 (32) +++ (65) 3,360 ---
Amortization of acquired
intangibles 3,352 2,400 40% 6,568 4,789 37%
Total operating expenses 99,217 87,011 14% 187,588 175,999 7%
Operating income (loss) 11,784 (2,654) +++ 17,182 (19,269) +++
Other income:
Interest income 5,882 3,707 59% 12,745 7,300 75%
Interest expense (2,142) (378) +++ (4,746) (645) +++
Other income (expense) (4,376) 3 --- (4,054) 43 +++
Total other income
(expense) (636) 3,332 --- 3,945 6,698 22%
Income (loss) before
income taxes 11,148 678 +++ 21,127 (12,571) +++
Provision for income
taxes 7,425 4,187 77% 11,823 6,730 76%
Net income (loss) $3,723 ($3,509) +++ $9,304 ($19,301) +++
Net income (loss) per
share:
Basic $0.02 ($0.02) +++ $0.05 ($0.10) +++
Diluted $0.02 ($0.02) +++ $0.05 ($0.10) +++
Shares used in computing
net income (loss) per
share:
Basic 178,453 187,376 (5%) 179,974 186,610 (4%)
Diluted 181,941 187,376 (3%) 183,520 186,610 (2%)
LAWSON SOFTWARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
Nov 30, 2007 May 31, 2007
ASSETS
Current assets:
Cash and cash equivalents $337,803 $473,963
Restricted cash - current 6,806 555
Marketable securities 25,829 74,995
Trade accounts receivable, net 158,535 162,947
Income taxes receivable 8,073 5,183
Deferred income taxes - current 18,090 17,431
Prepaid expenses and other current assets 37,698 28,196
Total current assets 592,834 763,270
Long-term marketable securities 1,809 4,878
Long-term investments 58,653 --
Restricted cash - non-current 697 6,889
Property and equipment, net 37,566 30,879
Goodwill 515,038 483,060
Other intangibles assets, net 122,983 133,456
Deferred income taxes - non-current 34,382 36,889
Other assets 19,137 19,786
Total assets $1,383,099 $1,479,107
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Long-term debt - current $3,553 $3,322
Accounts payable 17,379 21,475
Accrued compensation and benefits 84,616 85,144
Income taxes payable 7,977 3,535
Deferred income taxes - current 4,855 4,605
Deferred revenue 167,397 247,587
Other current liabilities 64,311 72,986
Total current liabilities 350,088 438,654
Long-term debt - non current 244,708 245,228
Uncertain tax position - non-current 4,464 --
Deferred income taxes - non-current 12,784 12,558
Long term deferred revenue 9,138 15,817
Other long-term liabilities 5,660 11,622
Total liabilities 626,842 723,879
Stockholders’ equity:
Common stock 2,003 1,994
Additional paid-in capital 834,746 822,740
Treasury stock, at cost (178,981) (123,207)
Retained earnings 27,059 17,755
Accumulated other comprehensive income 71,430 35,946
Total stockholders’ equity 756,257 755,228
Total liabilities and stockholders’
equity $1,383,099 $1,479,107
LAWSON SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended Six Months Ended
Nov 30, Nov 30, Nov 30, Nov 30,
2007 2006 2007 2006
Cash flows from operating
activities:
Net income (loss) $3,723 $(3,509) $9,304 $(19,301)
Adjustments to
reconcile net income
(loss) to net cash
provided by operating
activities:
Depreciation and
amortization 10,966 9,567 21,166 19,285
Amortization of debt
issuance costs 329 -- 644 --
Deferred income taxes 429 284 1,429 336
Provision for
doubtful accounts (1,292) (247) (845) 1,708
Warranty provision 1,744 465 2,800 884
Impairment on long
term investments 4,229 -- 4,229 --
Excess tax benefits
from stock transactions (700) (704) (1,721) (1,033)
Stock base
compensation expense 2,227 1,589 4,255 3,673
Amortization of
discounts on marketable
securities (63) (84) (90) (235)
Net (gain) loss on
sale of assets (3) 2 (311) 2
Changes in operating
assets and liabilities,
net of effect from
acquisitions:
Trade accounts
receivable (12,900) (4,809) 15,472 1,173
Prepaid expenses and
other assets 2,948 4,506 (9,215) 1,679
Accounts payable 546 622 (5,495) (8,398)
Accrued compensation
and benefits and 3,202 (856) (21,979) (14,755)
other accrued
liabilities
Income taxes
payable/receivable 3,885 (2,549) 8,632 (1,672)
Deferred revenue and
customer deposits (69,142) (18,252) (98,750) (14,333)
Net cash used in
operating activities (49,872) (13,975) (70,475) (30,987)
Cash flows from
investing activities:
Cash received (paid)
in conjunction with
acquisitions -- -- -- (1,995)
Purchases of
marketable
securities and
investments (25,543) (44,718) (205,098) (73,749)
Proceeds from
maturities and sales
of marketable securities
and investments 112,765 39,827 194,120 88,273
Restricted cash
designated (510) (13,468) (59) (13,468)
Purchases of property
and equipment (7,921) (2,845) (10,822) (5,473)
Net cash provided by
(used in) investing
activities 78,791 (21,204) (21,859) (6,412)
Cash flows from
financing
activities:
Payments on long-term
debt (475) (742) (881) (973)
Cash proceeds from
issuance of
long-term debt -- 505 -- 1,768
Payments on capital
lease obligations (341) (468) (676) (961)
Exercise of stock
options 1,882 4,623 5,486 7,084
Excess tax benefit
from stock
transactions 700 704 1,721 1,033
Proceeds received
from employee stock
purchase plan 743 639 1,445 1,329
Repurchase of common
stock from related
parties -- -- (36,800) --
Repurchase of common
stock (3,082) -- (19,945) --
Net cash provided by
(used in) financing
activities (573) 5,261 (49,650) 9,280
Effect of exchange
rate changes on cash
and cash equivalents 4,820 1,312 5,824 1,166
Increase (decrease)
in cash and cash
equivalents 33,166 (28,606) (136,160) (26,953)
Cash and cash
equivalents at
beginning of
period 304,637 211,807 473,963 210,154
Cash and cash
equivalents at end
of period $337,803 $183,201 $337,803 $183,201
TABLE 1
LAWSON SOFTWARE, INC.
CURRENCY IMPACT SUMMARY
(in thousands)
(unaudited)
Three % Increase Six % Increase
Months % Increase (Decrease) Months % Increase (Decrease)
Ended (Decrease) at Ended (Decrease) at
Nov 30, as constant Nov 30, as constant
2007 reported currency 2007 reported currency
License fees $32,990 50% 42% $58,450 51% 45%
Maintenance 84,705 19% 15% 163,219 16% 13%
Consulting 100,907 10% 2% 184,341 10% 4%
Total
revenues 218,602 18% 12% 406,010 17% 12%
Total cost
of revenues 107,601 7% 0% 201,240 6% 0%
Total
operating
expenses $99,217 14% 8% $187,588 7% 2%
We provide the percent change in the results from one period to another using constant currency disclosure to adjust year-over-year measurements for impacts due to currency fluctuations. Constant currency changes should be considered in addition to, and not as a substitute for changes in revenues, expenses, income, or other measures of financial performance prepared in accordance with US GAAP. We calculate constant currency changes by converting entities reporting in currencies other than the United States dollar at the exchange rate in effect for the current period rather than the previous period.
Table 2
Reconciliation of Consolidated GAAP Net Income (Loss) to Consolidated Non-
GAAP Net Income
(in thousands)
Three Three Six
Months Months Months Six Months
Ended Ended Ended Ended
Nov 30, Nov 30, Nov 30, Nov 30,
2007 2006 2007 2006
Net income (loss), as reported $3,723 ($3,509) $9,304 ($19,301)
Purchase accounting impact on
revenue (1) 422 3,890 1,042 8,470
Purchase accounting impact on
consulting cost 163 -- 256 --
Integration related (4) -- 3,160 -- 7,551
Amortization of purchased
maintenance contracts 1,000 891 1,822 1,848
Stock based compensation 2,226 1,591 4,254 3,676
Restructuring 80 (32) (65) 3,360
Amortization 6,472 6,355 13,143 12,751
Impairment on long term
investments 4,229 4,229
Tax (5) (2,696) (6,949) (5,723) (8,265)
Non-GAAP net income $15,619 $5,397 $28,262 $10,090
Table 3
Reconciliation of Consolidated GAAP to Consolidated Non-GAAP per Share
Effect
(in thousands)
Three Three Six Six
Months Months Months Months
Ended Ended Ended Ended
Nov 30, Nov 30, Nov 30, Nov 30,
2007 2006 2007 2006
Net income (loss) per share, as
reported (2) $0.02 ($0.02) $0.05 ($0.10)
Purchase accounting impact on
revenue (1) 0.00 0.02 0.01 0.04
Purchase accounting impact on
consulting cost 0.00 0.00 0.00 --
Integration related (4) 0.00 0.02 0.00 0.04
Amortization of purchased
maintenance contracts 0.01 0.00 0.01 0.01
Stock based compensation 0.01 0.01 0.02 0.02
Restructuring 0.00 0.00 0.00 0.02
Amortization 0.04 0.03 0.07 0.07
Impairment on long term
investments 0.02 0.00 0.02 0.00
Tax (5) (0.01) (0.04) (0.03) (0.04)
Non-GAAP net income per share (2)(3) $0.09 $0.03 $0.15 $0.05
Weighted average shares - basic 178,453 187,376 179,974 186,610
Weighted average shares - diluted 181,941 190,682 183,520 190,065
Table 4
Summary of Non-GAAP Items
(in thousands)
Three Three Six Six
Months Months Months Months
Ended Ended Ended Ended
Nov 30, Nov 30, Nov 30, Nov 30,
2007 2006 2007 2006
Purchase accounting impact on
revenue (1) $422 $3,890 $1,042 $8,470
Purchase accounting impact on
consulting cost (4) 163 -- 256 --
Integration related -- 3,160 -- 7,551
Amortization of purchased
maintenance contracts 1,000 891 1,822 1,848
Stock based compensation 2,226 1,591 4,254 3,676
Restructuring 80 (32) (65) 3,360
Amortization 6,472 6,355 13,143 12,751
Impairment on long term
investments 4,229 -- 4,229 --
subtotal pre-tax adjustments 14,592 15,855 24,681 37,656
Tax provision (5) (2,696) (6,949) -5,723) (8,265)
Impact on net income $11,896 $8,906 $18,958 $29,391
(1) For the purchase accounting impact on deferred revenues for
three months ending November 30, 2007 and November 30, 2006,
$350,000 and $2,811,000, respectively, relates to maintenance
revenue and $72,000 and $1,079,000, respectively, relates to
consulting revenue.
(2) For calculation of EPS, basic weighted average shares are used
with a net loss and diluted weighted average shares are used with
net income.
(3) Net income per share columns may not total due to rounding.
(4) Represents integration related expenses relating to the acquisition
of Intentia International AB.
(5) Non-GAAP tax provision is calculated by excluding the non-GAAP
adjustments on a jurisdictional basis.
TABLE 5
LAWSON SOFTWARE, INC.
SUPPLEMENTAL NON-GAAP MEASURES
INCREASE (DECREASE) IN GAAP AMOUNTS REPORTED
(in thousands)
(unaudited)
Three Months Ended Six Months Ended
Nov 30, Nov 30, Nov 30, Nov 30,
2007 2006 2007 2006
Revenue items
Purchase accounting impact on
maintenance $350 $2,811 $852 $5,858
Purchase accounting impact on
consulting 72 1,079 190 2,612
Total revenue items 422 3,890 1,042 8,470
Cost of license items
Amortization of acquired software (3,120) (2,575) (6,575) (5,169)
Non-cash stock-based compensation (6) (14) (13) (14)
Total cost of license items (3,126) (2,589) (6,588) (5,183)
Cost of maintenance items
Amortization of purchased
maintenance contracts (1,000) (891) (1,822) (1,848)
Integration related (1) -- (18) -- (70)
Non-cash stock-based compensation (26) (77) (67) (77)
Total cost of maintenance items (1,026) (986) (1,889) (1,995)
Cost of consulting items
Purchase accounting impact on
consulting (163) -- (256) --
Amortization -- (1,380) -- (2,793)
Integration related (1) -- (410) -- (1,753)
Non-cash stock-based compensation (215) (121) (433) (357)
Total cost of consulting items (378) (1,911) (689) (4,903)
Research and development items
Integration related (1) -- 15 -- (18)
Non-cash stock-based compensation (127) (142) (291) (318)
Total research and development
items (127) (127) (291) (336)
Sales and marketing items
Integration related (1) -- (616) -- (1,542)
Non-cash stock-based compensation (370) (360) (736) (771)
Total sales and marketing items (370) (976) (736) (2,313)
General and administrative items
Integration related (1) -- (2,131) -- (4,168)
Non--cash stock--based compensation(1,482) (877) (2,714) (2,139)
Total general and administrative(1,482) (3,008) (2,714) (6,307)
Restructuring (80) 32 65 (3,360)
Amortization of acquired intangibles (3,352) (2,400) (6,568) (4,789)
Other income (expense) 4,229 -- 4,229 --
Tax provision (2) (2,696) (6,949) (5,723) (8,265)
Total Adjustments $11,896 $8,906 $18,958 $29,391
(1) Represents integration related expenses relating to the
acquisition of Intentia International AB.
(2) Based on a projected annual global effective tax rate analysis,
non-GAAP Q2 tax provision was calculated to be 39.3%. Based on a
projected annual global effective tax rate analysis, the non-GAAP tax
provision was calculated to be 38.3% for the six month period. The
non-GAAP tax provision is calculated excluding the non-GAAP
adjustments in a jurisdictional basis.
Use of Non-GAAP Financial Information
Use of Non-GAAP Financial Information In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Lawson Software reports non-GAAP financial results. These non-GAAP results exclude amortization of all acquisition-related intangibles, Intentia integration costs, and other expenses. In addition, Lawson's non-GAAP financial results include pro forma revenue for maintenance and consulting contracts acquired in the Intentia acquisition for which the deferred revenue on Intentia's balance sheet has been eliminated from GAAP results as part of the purchase accounting for the acquisition. Lawson's management believes the non-GAAP measures used in this press release are useful to investors because they provide supplemental information that research analysts frequently use to analyze software companies that have recently made significant acquisitions. Management uses these non-GAAP measures to evaluate its financial results, develop budgets and manage expenditures. The method Lawson uses to produce non-GAAP results is not computed according to GAAP, may differ from the methods used by other companies, and should not be regarded as a replacement for corresponding GAAP measures. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to the comparable GAAP results, which is attached to this release.
