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Altiris Reports Strong Third Quarter 2003 Financial Results
SALT LAKE CITY, Oct. 27 /PRNewswire-FirstCall/ -- Altiris, Inc. , a leader in
systems management solutions that reduce the total cost of owning information
technology (IT), today announced financial results for the three and nine-month
periods ended September 30, 2003.
For the three-month period, the Company reported total revenue of $25.4 million,
an increase of 59% over the third quarter of 2002, and 11% over the second
quarter of 2003. The Company reported net income of $3.8 million, or $0.15 per
diluted share, which compares to a net loss of $359,000, or $0.02 per diluted
share, reported in the third quarter of 2002, and net income of $3.3 million, or
$0.15 per diluted share, reported in the second quarter of 2003.
On a pro forma basis, the Company reported net income of $3.5 million, or $0.14
per diluted share, for the third quarter of 2003, excluding non-cash charges of
$169,000 related to amortization of acquired intellectual property and $321,000
in stock-based compensation, offset by applying a normalized estimated effective
tax rate of 38%. This compares to pro forma net income of $552,000, or $0.03
per diluted share, reported in the third quarter of 2002, and pro forma net
income of $2.6 million, or $0.11 per diluted share, reported in the second
quarter of 2003.
License revenue increased 59% over the third quarter of 2002 and 10% over the
second quarter of 2003, to $16.6 million. Service revenue increased 59% over
the third quarter of 2002 and 13% over the second quarter of 2003, to $8.8
million. The Company generated $10.9 million in cash and closed the quarter
with $151.6 million in cash and marketable securities.
"We are pleased to announce another quarter of strong results in all aspects of
our business," commented Greg Butterfield, president and chief executive officer
of Altiris. "In the third quarter, we experienced solid sales activity across
all channels and geographies, closing 42 transactions over $100,000. Through
our OEM channel, we were effective at winning a number of significant,
competitive deals involving many of our client, server and asset management
solutions. In addition, our customers' heightened need for patch management
drove additional interest in Altiris' client and server management offerings
that uniquely combine patch management and recovery and roll-back capabilities,
and are a natural fit with our full range of IT lifecycle management solutions.
"Looking ahead, we expect to continue to redefine lifecycle management as we
extend our leadership in client management to the server and asset management
businesses and broaden our product and service offerings in order to meet the
evolving needs of our customers. We are confident in our market position and
believe that the breadth and depth in our range of solutions positions us for
continued growth and leadership in the systems management market," concluded
Butterfield.
For the nine-month period ended September 30, 2003, the Company reported revenue
of $69.0 million, an increase of 54% over $44.7 million reported for the same
period of 2002. In addition, the Company reported net income for common shares,
based on generally accepted accounting principals in the United States of
America (GAAP), of $9.6 million, or $0.42 per diluted share, as compared to a
GAAP net loss for common shares of $15.5 million, or $1.10 per diluted share,
for the same period of 2002. On a pro forma basis, the Company reported net
income of $8.0 million, or $0.35 per diluted share, as compared to net income of
$1.6 million, or $0.08 per diluted share, reported for the same period of last
year. Pro forma net income in 2003 excludes $1.5 million in non-cash charges
related to the amortization of acquired intellectual property and stock-based
compensation. For 2002, pro forma net income excludes $3.6 million in non-cash
charges related to the amortization of acquired intellectual property and
stock-based compensation and $13.8 million in deemed dividends attributable to
preferred stockholders.
Earnings Call Information
Altiris, Inc. will broadcast a conference call discussing the company's third
quarter results on Monday, October 27, 2003 starting at 5:00 p.m. Eastern Time.
A live webcast of the call will be available on the Investor Relations section
of the company's web site at http://www.altiris.com/company/investor /. For
those unable to listen to the live webcast, a replay of the call will also be
available on the Altiris website, or by dialing 800-405-2236 and entering
passcode 556060.
Pro Forma Financial Measures
In this earnings release and during our earnings conference call and webcast to
be broadcast on October 27, 2003 as described above, we use or plan to discuss
certain pro forma financial measures, which may be considered non-GAAP financial
measures. Generally, a non-GAAP financial measure is a numerical measure of a
company's performance, financial position or cash flows that either excludes or
includes amounts that are not normally excluded or included in the most directly
comparable measure calculated and presented in accordance with generally
accepted accounting principles in the United States, or GAAP. A reconciliation
between pro forma and GAAP measures can be found in the accompanying tables and
on the Investor Relations section of our website at
http://www.altiris.com/company/investor /. We believe that, while these pro
forma measures are not a substitute for GAAP results, they provide the best
basis for evaluating the Company's cash performance for ongoing operating
activities. These pro forma measures have been reconciled to the nearest GAAP
measure as is required under SEC rules regarding the use of non-GAAP financial
measures. We compute pro forma net income by adjusting GAAP net income for
amortization of acquisition-related intellectual property, intellectual
property, amortization of other acquired intangible assets such as customer
lists and work force, stock-based compensation and deemed dividends attributable
to preferred stockholders.
About Altiris
Altiris, Inc. is a leading provider of software products and services that
enable organizations to manage IT assets throughout their lifecycles. Our
comprehensive client management, server provisioning and asset management suites
are designed to address the challenges that IT professionals face in deploying,
migrating, backing up and restoring software settings on multiple hardware
devices; provisioning and managing servers; tracking performance and diagnostic
metrics for hardware and software; taking inventory of existing IT assets; and
facilitating problem resolution for hardware or software failures. We believe
that the comprehensive functionality of our products, combined with their ease
of use, allows an organization to lower its total cost of ownership. For more
information, visit http://www.altiris.com/ .
Note on Forward-Looking Statements
This press release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, including but not limited to statements
regarding our advancing our leadership in IT lifecycle management, our long-
term market position, and our market opportunity and performance expectations.
These forward-looking statements involve certain risks and uncertainties that
could cause actual results to differ, including, but not limited to, our limited
operating history, fluctuations in our future quarterly operating results, any
deterioration of our relationships with HP, Dell, Microsoft and other OEMs,
VARs, systems integrators, and direct sales channels, our inability to compete
effectively in the market, a general downturn in economic conditions, adverse
changes in IT spending trends, our failure to expand our distribution channels
and customer base, the length and complexity of our product sales cycle,
increased competition, difficulties and delays in product development, reduced
market acceptance of our products and services, our failure to continue to meet
the sophisticated and changing needs of our customers, risks inherent in doing
business internationally, and such other risks as identified in our quarterly
report on Form 10-Q for the period ended June 30, 2003, as filed with the
Securities and Exchange Commission and all subsequent filings, including
registration statements, which contain and identify important factors that could
cause the actual results to differ materially from those contained in our
projections or forward-looking statements.
(Table to follow)
Altiris is a registered trademark of Altiris, Inc. in the U.S. and in other
countries.
Altiris, Inc.
Consolidated Statements of Operations
(Unaudited)
(in 000's, except per share data)
Three Months Ended Nine Months Ended
September 30 September 30
2003 2002 2003 2002
Revenue:
Software $16,598 $10,452 $44,459 $26,186
Services 8,756 5,522 24,554 18,554
Total revenue 25,354 15,974 69,013 44,740
Cost of revenue:
Software 445 263 794 739
Amortization of acquired IP 169 245 466 1,644
Services 2,597 1,151 7,441 5,571
Total cost of revenue 3,211 1,659 8,701 7,954
Gross profit 22,143 14,315 60,312 36,786
Operating expenses:
Sales and marketing 9,677 7,651 27,004 19,920
Research and development 6,176 4,353 17,446 11,610
General and administrative 1,759 1,833 5,593 5,033
Amortization of intangible assets -- -- 41 25
Stock-based compensation 321 665 985 1,965
Total operating expenses 17,933 14,502 51,069 38,553
Income (loss) from operations 4,210 (187) 9,243 (1,767)
Other income (expense), net 958 167 2,171 641
Income (loss) before income taxes 5,168 (20) 11,414 (1,126)
Provision for income taxes (1,320) (339) (1,784) (582)
Net income (loss) $3,848 $(359) $9,630 $(1,708)
Dividends related to preferred shares -- -- -- (13,781)
Net income (loss) for common shares $3,848 $(359) $9,630 $(15,489)
Basic net income (loss) per share $0.16 $(0.02) $0.44 $(1.10)
Diluted net income (loss) per share $0.15 $(0.02) $0.42 $(1.10)
Basic shares 23,556 19,685 21,788 14,042
Diluted shares 24,976 19,685 23,063 14,042
PRO FORMA ADJUSTMENTS
GAAP income (loss) before income
taxes $5,168 $(20) $11,414 $(1,126)
Add back:
Amortization of acquired IP 169 245 466 1,644
Amortization of intangible assets -- -- 41 25
Stock-based compensation 321 665 985 1,965
Pro forma income before income taxes 5,658 890 12,906 2,508
Pro forma provision for income taxes
(38%) (2,150) (338) (4,904) (953)
Pro forma net income $3,508 $552 $8,002 $1,555
Pro forma net income per share:
Basic $0.15 $0.03 $0.37 $0.11
Diluted $0.14 $0.03 $0.35 $0.08
Shares used to compute pro forma
net income per share:
Basic 23,556 19,685 21,788 14,042
Diluted 24,976 21,276 23,063 18,689
Altiris, Inc.
Consolidated Balance Sheets
(in 000's)
September 30, 2003 December 31, 2002
ASSETS (Unaudited)
Current assets:
Cash and marketable securities $151,562 $72,931
Accounts receivable, net 19,617 11,856
Prepaid expenses and other current
assets 2,035 1,069
Total current assets 173,214 85,856
Property and equipment, net 3,310 3,035
Intangible assets, net 338 849
Other assets 96 93
Total Assets $176,958 $89,833
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of capital lease
obligations 972 871
Current portion of note payable -- 144
Accounts payable 1,764 1,311
Accrued salaries and benefits 3,453 3,232
Other accrued expenses 2,154 3,599
Deferred revenue 16,612 11,346
Total current liabilities 24,955 20,503
Capital lease obligations, net of
current portion 678 780
Deferred revenue, non-current 4,073 2,632
Total liabilities 29,706 23,915
Stockholders' equity:
Common stock 3 2
Additional paid in capital 162,230 91,659
Deferred compensation (1,238) (2,311)
Accumulated other comprehensive
income 142 83
Accumulated deficit (13,885) (23,515)
Total stockholders' equity 147,252 65,918
Total liabilities and stockholders'
equity $176,958 $89,833
DATASOURCE: Altiris, Inc.
CONTACT: Susan Richards of Altiris Inc., +1-801-805-2783,
; or Investors, Erica Abrams, ,
or Annie Palmore, , both of the blueshirt group,
+1-415-217-7722, for Altiris
Web site: http://www.altiris.com/company/investor
Web site: http://www.altiris.com/