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PeopleSoft Reports Third Quarter Results

PeopleSoft Reports Third Quarter Results

Record Revenue of US$624 Million, EPS Exceeds Guidance by 7 Cents


PeopleSoft, Inc. (Nasdaq: PSFT) today announced its third quarter 2003 financial results. Total revenue for the quarter was a record $624 million, significantly above the Company’s guidance of $575-$590 million. License revenue was $160 million, exceeding the Company’s guidance of $135 - $150 million. Professional services revenue was $229 million and maintenance revenue was $235 million. Excluding the impact of purchase accounting adjustments, PeopleSoft reported Q3 pro forma earnings per share of $0.17, exceeding the Company’s guidance of $0.10 - $0.11 per share.

The third quarter GAAP results include purchase accounting adjustments relating to the acquisition of J.D. Edwards & Company, including the revenue impact of the deferred maintenance write-down, amortization of capitalized software and intangible assets, the write-off of purchased in process research and development, and restructuring charges. Including these charges, the Company reported a GAAP loss per share of ($0.02), significantly better than the Company’s guidance of a loss of ($0.09) – ($0.10) per share.

At September 30, 2003, the Company’s cash and investment balances were $1.6 billion. The Company’s cash flow from operations in the third quarter was $119 million. Days Sales Outstanding (DSO) for the quarter ended September 30, 2003 was 61 days.

Management Commentary

“Our financial results really speak for themselves,” said Craig A. Conway, PeopleSoft president and CEO. “What you see in our financial performance is just the beginning of the benefits of the combination of PeopleSoft and J.D. Edwards.”

Customer Wins

Leading organizations around the world continue to choose PeopleSoft applications to move their business processes on line and operate in real time. During the quarter, organizations that purchased PeopleSoft’s industry leading applications included: Aerospace Testing Alliance, BPB UK Limited, Cargill, Department of Human Services Australia, Dolby Laboratories, D.R. Horton, Electrolux Home Products, Florida Dept. of Financial Services, Hobby Lobby Stores, Kaiser Permanente, Koninklijke KPN N.V., London Health Sciences Centre, Manpower, Memec, Merck, Metro-North Commuter Railroad, New Zealand Milk, Papa John’s International, Pfizer, Republic of Trinidad and Tobago, Siemens, SmithKline Beecham, Transocean Offshore Deepwater Drilling, Tredegar, University of Cambridge, U.S. Department of Housing and Urban Development, Wackenhut, and Wells Fargo Bank.

In Japan and Asia Pacific

“Companies in the region continue to purchase PeopleSoft’s industry leading solutions because they offer more choice and flexibility,” said Murray Creighton, senior vice president Japan and Asia Pacific. “We saw many customers increasing their investments as well as a significant number of new customers choosing PeopleSoft. Our customers see the combination of PeopleSoft and J.D. Edwards as an extremely powerful proposition.”

Japan and Asia Pacific customers that purchased PeopleSoft solutions in the third quarter include Australian Securities & Investment Commission, City of Moonee Valley, Coles Myer Limited, Department of Human Services, New Zealand Milk Limited, Quantrix Consultants, Sky City Entertainment Group Limited, TCNZ Australia Pty Limited, Toowoomba City Council, University of Queensland, DongFeng Peugeot Citroen Automobile Comp, Fortune Motor Company Limited, Global China Group Holdings Limited, ING Asia Pacific Limited, Krom Electronics Co., Ltd. Taiwan Securities Central Depository Co. Ltd, BirlaSoft Limited, DHL International Singapore Pte Limited, Integrated Technology Solutions Pvt Ltd, Keane India Ltd, Keppel Corporation Ltd, Perodua Manufacturing Sdn Bhd, PT. Star Energy, Satyam Computers Limited, Standard Chartered Bank, vMoksha Technologies Private Limited, Kyoto University, Nihon Unysis, Ltd.

Non-GAAP Financial Measures

The Company has used non-GAAP pro forma financial measures, excluding adjustments related to purchase accounting and restructuring costs, in analyzing financial results because they provide meaningful information regarding the Company’s operational performance and facilitate management’s internal comparisons to the Company’s historical operating results and comparisons to competitors’ operating results.

The Company believes that these non-GAAP financial measures are useful to investors because they allow for greater transparency. Wherever non-GAAP financial measures have been included in this press release, the Company has reconciled them in the table below to their GAAP counterparts.

These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

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