MicroStrategy posts $37.4 M Q1 revenues

By SiliconIndia   |   Wednesday, 30 April 2003, 07:00 Hrs
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MCLEAN: MicroStrategy Incorporated (Nasdaq:MSTR) Wednesday reported its fifth consecutive quarter of GAAP profitability and earnings of $0.05 per share on a diluted basis. License revenue rose approximately 14 percent from the first quarter of the 2002 fiscal year, the company claimed.

First quarter 2003 revenues were $37.4 million versus $42.0 million in the fourth quarter of 2002 and $35.7 million in the first quarter of 2002. First quarter 2003 license revenues were $16.5 million versus $20.5 million in the fourth quarter of 2002 and $14.5 million in the first quarter of 2002. Net income attributable to common stockholders for the first quarter of 2003, determined in accordance with Generally Accepted Accounting Principles (GAAP), was $0.7 million, or $0.05 per share on a diluted basis. This result included non-cash charges for amortization of intangible assets of $0.1 million, a non- cash charge for discount amortization expense on notes payable of $1.0 million, and a non-cash gain on the partial extinguishment of notes payable of $0.02 million. Excluding these non-cash items, adjusted net earnings for the first quarter of 2003 was $1.8 million, or $0.12 per share on a diluted basis. "Our team has delivered five consecutive profitable quarters as well as two consecutive quarters of year over year license revenue growth," said MicroStrategy President and CFO Eric F. Brown. "This license revenue growth is encouraging and demonstrates our ongoing success at winning major deals with new and existing Fortune 1000 customers."

"We continue to benefit from our strategic focus on delivering the world's finest BI platform," said MicroStrategy Chairman and CEO Michael J. Saylor. "Our customers are building and deploying valuable enterprise BI applications which we believe will generate recurring demand for our software and services."

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