DETROIT, May 24, 2011 (GLOBE NEWSWIRE) -- Compuware Corporation (Nasdaq:CPWR), the technology performance company, today announced financial results for its fourth quarter and fiscal year ended March 31, 2011.
"Compuware and its growth drivers produced a strong fiscal year 2011," said Compuware President and COO Bob Paul. "Our unique abilities to solve key business problems in the application performance management and secure collaboration markets in particular have driven phenomenal growth, which we expect to continue. Combined with our laser focus on profitability in Mainframe Solutions, Professional Services and Uniface, we have positioned Compuware to deliver increases in revenues, earnings per share and operating cash flow for fiscal 2012."
Fiscal Year 2011 Results
During the fiscal year ended March 31, 2011, Compuware increased its total revenues, software license fees, maintenance and subscription fees, and professional services fees year-over-year. Maintenance and subscription fees were $487.0 million, up from $456.3 million in the previous year. Software license fees were $194.7 million compared to $194.5 million in the previous year. Professional services fees were $247.2 million, up from $241.3 million in the previous year.
Fiscal year 2011 revenues were $928.9 million, up from $892.2 million in the previous fiscal year. GAAP net income was $107.4 million in fiscal year 2011, compared to $140.8 million (GAAP) and $93.7 million (pro forma) in fiscal year 2010. GAAP earnings per share were 48 cents in FY '11 compared to 60 cents (GAAP) and 40 cents (pro forma) in FY '10, based upon 226.1 million and 234.6 million shares outstanding, respectively.
Fiscal year 2010 net income and earnings per share benefited from a non-recurring $52.4 million gain from the divestiture of certain product lines and $20.7 million in other income related to a legal settlement.
Fourth Quarter Fiscal Year 2011 Results
During the company's fourth quarter, software license fees were $55.7 million, up from $51.8 million in the fourth quarter last year. Maintenance and subscription fees were $124.0 million in the fourth quarter, up from $117.9 million in the fourth quarter last year. Revenue from professional services in the fourth quarter was $69.9 million, up from $60.3 million in the same quarter last year.
During the fourth quarter, total revenues were $249.6 million, up from $230.0 million in the fourth quarter last year. Net income was $34.8 million, compared to $37.4 million in the fourth quarter last year. Earnings per share were 16 cents compared to 16 cents last year, based upon 224.4 million and 228.7 million shares outstanding, respectively.
Fourth Quarter Fiscal Year 2011 Highlights
During the fourth quarter, Compuware:
- Announced that Frederick A. "Fritz" Henderson – Chairman of Suncoke Energy and Senior Vice President of Sunoco, Inc. – joined its Board of Directors.
- Partnered with Troy, Michigan-based HTC Global Services, Inc. to provide application performance management solutions to customers worldwide.
- Announced a new e-book in partnership with SPI Research, a recognized authority and research firm focused on the professional services industry, to produce a complimentary offering titled "Building Lasting Value: Growth Strategies for Professional Services Organizations."
- Together with Gigamon™, a leading global provider of intelligent data access networking™, announced a strategic partnership to help IT organizations ease network data access and improve application performance. This partnership will help IT organizations optimize network service quality while empowering them to improve network and application performance issue diagnosis and reporting.
- Released the Compuware Gomez Performance Satisfaction Index top Web and mobile performers for the 2010 online holiday shopping season.
- Announced that Mark Hillman, V.P. of Strategy and Product Line Management and Matt Poepsel, V.P. of Performance Strategies, would present at the Fusion 2011 CEO-CIO Symposium.
- Announced that CTO, Paul Czarnik would present a session titled: "Performance Testing: Putting Cloud Customers Back in the Driver's Seat" at the Software Test Professionals Conference 2011 in Nashville, TN.
Use of Non-GAAP Financial Information
*Compuware acquired Gomez on November 9, 2009; only revenue following the acquisition date is included in the FY '11 GAAP comparisons of total APM license and subscription fees. The pro forma FY '11 comparison is presented as if the acquisition occurred as of the beginning of FY '10.
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, the financial information included in and following this press release uses a non-GAAP measure for net income and earnings per share. Compuware management believes the non-GAAP financial information provided in this release is useful to investors' understanding and assessment of Compuware's ongoing core operations and prospects for the future. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. Management uses both GAAP and non-GAAP information in operating and evaluating its business and as such has determined that it is important to provide this information to investors. A reconciliation of non-GAAP to GAAP information is contained in the financial statements following this press release.
Compuware Corporation
Compuware Corporation, the technology performance company, provides software, experts and best practices to ensure technology works well and delivers value. Compuware solutions make the world's most important technologies perform at their best for leading organizations worldwide, including 46 of the top 50 Fortune 500 companies and 12 of the top 20 most visited U.S. web sites. Learn more at: .
The Compuware logo is available at
Conference Call Information
Compuware will host a conference call to discuss these results at 5:00 p.m. Eastern time (21:00 GMT) today. To join the conference call, interested parties in the United States should call 800-230-1766. For international access, the conference call number is +1-612-332-0819. No password is required.
A conference call replay will also be available. The United States replay number will be 800-475-6701, and the international replay number will be +1-320-365-3844. The replay passcode will be 195564. Additionally, investors can listen to the conference call via webcast by visiting the Compuware Corporation Investor Relations web site at .
Certain statements in this release that are not historical facts, including those regarding the Company's future plans, objectives and expected performance, are "forward-looking statements" within the meaning of the federal securities laws. These forward-looking statements represent our outlook only as of the date of this release. While we believe any forward-looking statements we have made are reasonable, actual results could differ materially since the statements are based on our current expectations and are subject to risks and uncertainties. These risks and uncertainties are discussed in the Company's reports filed with the Securities and Exchange Commission. Readers are cautioned to consider these factors when relying on such forward-looking information. The Company does not undertake, and expressly disclaims any obligation, to update or alter its forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
CONTACT: Press Contact Lisa Elkin Vice President, Communications and Investor Relations +1-313-227-7345
