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Revenues were $33.3M, up 33% from last year's Q4, for net income of $1.8M ($0.02/share), up from a net loss of $17.7M ($0.24/share)
October 29, 2003
3 Min Read
SAN FRANCISCO -- Micromuse Inc. (Nasdaq: MUSE), the leading provider of business and service assurance software, reported financial results today for the fiscal quarter and year ended September 30, 2003. Total revenue for fiscal Q4 was $33.3 million, 33% higher than in Q4 of fiscal 2002. Pro forma net income for the quarter - which specifically excludes the amortization of intangible assets, the writeoff of in-process research and development, and executive recruitment costs - was $3.1 million or $0.04 per share. Net income on a GAAP basis for fiscal Q4 was $1.8 million or $0.02 per share. For a detailed comparison of quarterly pro forma and GAAP results, please refer to the reconciliation statement at the bottom of this press release.
For fiscal year 2003, Micromuse delivered total revenue of $125.4 million, compared with $139.1 million in fiscal year 2002. Pro forma net income for fiscal 2003 - which specifically excludes the amortization of intangible assets, the writeoff of in-process research and development, restructuring charges, and executive recruitment costs - was $6.1 million or $0.08 per share. Net loss on a GAAP basis for fiscal 2003 was $4.1 million or $0.05 per share. For a detailed comparison of annual pro forma and GAAP results, please refer to the reconciliation statement at the bottom of this press release.
"Our strong Q4 results capped a fiscal year in which we increased revenue sequentially every quarter and delivered three consecutive quarters of pro forma and GAAP profitability," said Lloyd Carney, Micromuse Chairman and CEO. "Throughout fiscal 2003, we significantly deepened our enterprise, government, and wireless presence, we expanded the Netcool suite through both internal product development and acquisitions, and we built increasingly strategic relationships with our valued customers, indirect channels, and technology partners. These achievements, plus our ongoing focus on managing expenses, create a strong foundation for continuing growth and profitability in fiscal 2004."
Fiscal Q4 2003 Highlights
Total revenue was $33.3 million, up 33% compared with Q4 of fiscal 2002.
Pro forma earnings per share were $0.04, marking three consecutive quarters of profitability on a pro forma basis.
GAAP earnings per share were $0.02, marking three consecutive quarters of profitability on a GAAP basis.
Lloyd Carney joined Micromuse as Chairman and Chief Executive Officer.
Dr. Craig Farrell (formerly CEO of Network Harmoni) joined Micromuse as Chief Technology Officer.
Micromuse completed the acquisition of Network Harmoni for approximately $23 million in cash.
Fiscal 2003 Highlights
The company delivered FY03 revenue of $125.4 million, FY03 pro forma earnings of $0.08 per share, and FY03 GAAP loss of $0.05 per share.
Cash flow from operations in FY03 was $19.4 million.
Deferred revenue and backlog were both significantly higher at the end of FY03 than at the end of FY02.
In FY03, the company:
Generated 41% of total revenue from the enterprise sector, compared with 25% in FY02.
Added more than 150 new customers.
Added more than 50 new products, product enhancements, and integrations to the Netcool suite.
Completed two cash-based acquisitions (Lumos Technologies and Network Harmoni) while remaining debt-free.
Fiscal Q1 2004 Outlook
Micromuse establishes the following guidance for the quarter ending December 31, 2003, based on information available as of October 29, 2003:
The company anticipates that fiscal Q1 revenue will be in the range of $34 to $35 million.
The company anticipates that earnings per share on a pro forma basis will be in the range of $0.03 to $0.04.
The company anticipates that earnings per share on a GAAP basis will be in the range of $0.01 to $0.02.
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