BEDFORD, MA January 18, 2002 MRO Software, Inc., a provider of e-business solutions for asset-intensive companies, today announced its results for the Company's first quarter of fiscal year 2002 ended December 31, 2001.
Total revenues for the first quarter grew to $46.5 million compared with $41.5 million for the first quarter of the prior year, an increase of 12 percent. Pro-forma net income for the first quarter was $2.0 million, or $0.08 per diluted share compared with a net loss of $0.8 million or $0.03 per share for same quarter last year. Pro-forma net income for the first quarter of fiscal 2002 is adjusted for the pre-tax effects of amortization of goodwill and other intangibles. Pro-forma net income for the first quarter of fiscal 2001 is adjusted for the pre-tax effects of amortization of goodwill and other intangibles and a one-time charge arising from the issuance of a stock purchase warrant.
After inclusion of amortization of goodwill and other intangibles, the Company reported a net loss for the first quarter of fiscal 2002 of $1.9 million or $0.09 per share, compared with a net loss of $7.7 million or $0.35 per share for the comparable quarter last year. The net loss recorded in the first quarter of fiscal 2001 also reflects a one-time charge arising from the issuance of a stock purchase warrant.
The Company reported record revenues for its first fiscal quarter. Revenue from software license sales was $13.8 million, compared with $12.6 million in the same quarter last year, an increase of 10 percent. Support and services revenue was $32.7 million, compared with $28.9 million in the same quarter last year, an increase of 13 percent.
During the first quarter of fiscal 2002, the Company sold 294 licenses into a broad variety of industries. Clients that purchased MRO Software products this quarter included Merck, Bristol Myers-Squibb, Eli Lilly, Saab Automotive, Trammell Crow, Carolina Power & Light, Powergen, PECO Energy, Boeing, U.S. Marines, U.S. Department of Energy, State of Hawaii, South Australia Water, BP/North America, Ascom/T-Mobil, DAK Americas and China National Offshore Oil Corp.
"I'm very pleased with our performance this quarter. We reported year-over-year improvements in every important financial metric," commented Chip Drapeau, president and CEO, MRO Software. "Our focus on earnings growth and cash generation while building visibility for the future is especially important in the current economic climate. Our competitive position in the Strategic MRO sector remains formidable with MAXIMO 5.0 establishing a new architectural benchmark for enterprise applications. We continue to lay the groundwork for our future growth with operational investments in our Online Commerce Services and Collego Catalog Manager(TM) solutions."
"This quarter's pro-forma earnings significantly exceeded consensus estimates with continued improvement in operating margins," said Peter Rice, CFO, MRO Software. "Our balance sheet remains very strong, we added $6.5 million to our cash position and continued our improvement in DSO's. Based on our execution to date, we are reaffirming our fiscal year 2002 guidance of approximately 10 percent top-line revenue growth, and increasing our guidance for pro-forma EPS to $.30-$.35 from our current pro-forma range of $.17-$.22."
