October 22, 2001
NetIQ Announces First Quarter Results
NetIQ® Corporation (Nasdaq: NTIQ), a leading provider of e-business infrastructure management and intelligence solutions, today announced financial results for the quarter ended September 30, 2001
SAN JOSE, Calif.
NetIQ® Corporation (Nasdaq: NTIQ), a leading provider of e-business infrastructure management and intelligence solutions, today announced financial results for the quarter ended September 30, 2001, the first quarter of its fiscal year 2002. Revenues for the quarter were $60.7 million, compared with $30.5 million for the same period last year and $58.6 million for the fourth quarter of fiscal 2001, increases of 99% year-over-year and 4% sequentially. Net income, excluding stock-based compensation, amortization of goodwill and other acquisition-related charges and related income tax effects, was $9.6 million or $0.17 per diluted share for the quarter, compared with $6.5 million or $0.16 per diluted share for the first quarter of fiscal 2001 and $7.5 million or $0.14 per diluted share for the fourth quarter of fiscal 2001. This is an increase of 47% year over year and 27% sequentially.
Results for the quarter, based on generally accepted accounting principles, include amortization of goodwill and other intangibles relating to acquisitions of $198.6 million and amortization of stock-based compensation of $1.4 million. Including these charges, net loss for the first quarter was $186.4 million and basic and diluted net loss per share was $3.51.
The merger with WebTrends Corporation, completed in March 2001, was accounted for as a purchase. WebTrends' revenues and operating results are included in NetIQ's statements of operations from the date of acquisition forward and are not included in the September 30, 2000 results.
"We are pleased with our results this quarter and very pleased with our market position. Customers continue to adopt NetIQ's high ROI solutions whether they are implementing broad new initiatives or focused on maximizing the return on their IT investments," said Ching-Fa Hwang, president and CEO of NetIQ. "Despite the challenges of a weak economy and the events of September, we were able to achieve earnings growth by maintaining our focus on strategic product enhancements, customer-focused selling and close attention to costs."
"We are also pleased to report strong balance sheet results—deferred revenue increased 14% sequentially, days sales outstanding declined to 39 days, and cash and short-term investments increased sequentially by more than $23.8 million," said Jim Barth, Senior Vice President and Chief Financial Officer. "Continuing strong earnings, an increasing revenue stream and cash and short-term investments in excess of $490 million allow us to continue our investments in people, products and infrastructure."
First Quarter Operating Highlights
- Significant new products and new releases such as Migration Suite, Administration Suite, Firewall Reporting Center, VoIP Manager and Chariot VoIP Assessor, and WebTrends Live were introduced to enhance NetIQ's market leadership position;
- NetIQ's AppAnalyzer, a Web-based analysis and reporting tool for Microsoft Exchange 5.5 and Exchange 2000 Server was named the Best Management Tool or Utility in the MEC 2001 Awards (Microsoft Exchange Conference). It was recognized as the most useful and fully functional tool for managing and maintaining Exchange 2000 Server;
- Every one of the seven NetIQ products nominated for W2Knews Target Awards 2001 won for their respective categories. These awards honor products deemed by users and readers to be the best in a particular category.
- NetIQ and VERITAS Software announced a collaboration to transition customers from VERITAS Manage Exec to NetIQ's performance and availability solutions;
- During the rapid spread of the Nimda virus in September, NetIQ offered a free trial license of NetIQ Security Analyzer 4.0. Part of NetIQ's end-to-end enterprise security solution, Security Analyzer enables the detection and elimination of the vulnerabilities that the Nimda Worm exploits and provides on-going protection.
NetIQ Analyst/Investor Conference Call
NetIQ will conduct a conference call at 2:00 p.m. pacific daylight time today to discuss the quarter's results in more detail and provide guidance on the balance of the fiscal year.
Call-in numbers are 800-310-1961 and 719-457-2693 (outside the U.S.). A replay will be available through October 29, 2001 at 888-203-1112 and 719-457-0820. The confirmation code for the live call and replay is 597149. A webcast of the call can be accessed from the company's website, www.netiq.com.
NetIQ Corporation (Nasdaq: NTIQ) is a leading provider of e-business infrastructure management and intelligence for all the components of an organization's e-business infrastructure—from back-end servers, networks and directories to front-end web servers and applications. The company is headquartered in San Jose, Calif., with development and operational personnel in Houston, Texas; Raleigh, N.C.; Bellevue, Wash.; and Portland, Ore. For more information, please visit the company's web site atwww.netiq.com or call 408-856-3000.
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