New book by Larry Connors Click here Improve your trading - See how
In an October 22 release, Sybase noted that total revenue for the third quarter of 2009 was $293.4 million compared with $284.0 million in the third quarter of 2008. License revenue grew to $96.2 million versus $92.9 million in the third quarter of 2008. Services revenue was $144.4 million, and messaging revenue was $52.8 million in the 2009 third quarter.
Sybase's third quarter total revenue reflects a 3 percent negative impact from foreign currency exchange rates. Absent the impact of currency, license revenue and total revenue both increased 6 percent year over year.
Operating income calculated in accordance with generally accepted accounting principles (GAAP) for the third quarter increased 34 percent year over year to $70.9 million, representing an operating margin of 24 percent.
For the quarter, the company reported GAAP net income of $38.5 million and GAAP earnings per diluted share (EPS) of $0.43. This compares with 2008 third quarter GAAP net income of $32.1 million and GAAP EPS of $0.37.
Non-GAAP operating income for the 2009 third quarter increased 28 percent year over year to $86.9 million, representing a 30 percent operating margin.
Non-GAAP net income for the third quarter grew 18 percent year over year to $56.0 million. Non-GAAP EPS grew 16 percent year over year to $0.63.
Non-GAAP amounts exclude the amortization of certain purchased intangibles, stock-based compensation, restructuring costs, charges related to the impairment of auction rate securities, imputed interest related to our convertible debt, gains or losses on assets held for employees in a deferred compensation plan, and the tax effect of these and related items.
Accompanying this release is a reconciliation from GAAP to non-GAAP amounts for the third quarters of 2008 and 2009.
At September 30, Sybase reported $1.2 billion in cash and cash investments, including restricted cash of $18.0 million.
During the quarter, the company completed a $400 million private placement of 3.5 percent convertible notes. Sybase intends to use the net proceeds of this private placement to redeem its existing 1.75 percent convertible notes. In conjunction with the private placement, the company increased its repurchase program by $150 million and spent $70 million to repurchase its common stock and approximately $50 million to repurchase its 1.75 percent convertible notes.
As of September 30, $92.4 million remained authorized under the company's current share repurchase program.
For the fourth quarter ending December 31, management anticipates total revenue in the range of $305 million to $310 million. Management anticipates non-GAAP fully diluted EPS in the range of $0.66 to $0.68 and GAAP EPS in the range of $0.52 to $0.54.
For full-year 2009, management is raising guidance for total revenue to a range of $1.14 billion to $1.15 billion from prior expectations of $1.11 billion to $1.12 billion. Management is raising guidance for non-GAAP EPS to a range of $2.33 to $2.35 from previous guidance of $2.23 to $2.27. Management is raising GAAP EPS to a range of $1.71 to $1.73, which compares with previous guidance of $1.67 to $1.71. Management is also raising expectations for full-year 2009 cash flow from operations to at least $295 million from prior expectations of at least $275 million.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
