Sybase Reports Double-Digit Growth in Second Quarter Database License Revenue, Operating Income, and Earnings

Vadvert Staff on 07 21, 2009

21 Jul 2009 , Dublin, Calif: Sybase, Inc. (NYSE: SY), the largest enterprise software and services company exclusively focused on managing and mobilizing information, today reported financial results for the second quarter ended June 30, 2009.Highlights:

Historical second quarter records achieved in operating income, operating margin, net income, EPS, and cash flow
License revenue increased 4% year over year and 11% in constant currency
Database license revenue increased 23% and 30% in constant currency
Mobile software license revenue increased 4% and 11% in constant currency
GAAP operating income up 24% to $63.3 million, representing operating margin of 23%
Non‐GAAP operating income up 23% to $78.3 million, representing operating margin of 28%
GAAP EPS up 28% to $0.43, non‐GAAP EPS up 16% to $0.56
Cash flow from operations increased 9% to $68.3 million
2009 Second Quarter ResultsTotal revenue for the second quarter of 2009 was $278.0 million from $282.7 million in the second quarter of 2008. License revenue grew to $94.1 million compared to $90.5 million in the second quarter of 2008. Services revenue was $139.6 million, and messaging revenue was $44.2 million in the 2009 second quarter.Sybase’s second quarter total revenue reflects a 7% negative impact from foreign currency exchange rates. Absent the impact of currency, total revenue increased 5% year over year, and license revenue increased 11% year over year.Operating income calculated in accordance with generally accepted accounting principles (GAAP) for the second quarter increased 24% year over year to $63.3 million, representing an operating margin of 23%.For the quarter, the company reported GAAP net income of $37.6 million and GAAP earnings per diluted share (EPS) of $0.43. This compares with 2008 second quarter GAAP net income of $29.8 million and GAAP EPS of $0.33.Non‐GAAP operating income for the 2009 second quarter increased 23% year over year to $78.3 million, representing a 28% operating margin.Non‐GAAP net income for the second quarter grew 14% year over year to $49.4 million. Non‐GAAP EPS grew 16% year over year to $0.56.Non‐GAAP amounts exclude the amortization of certain purchased intangibles, stockbased 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 second quarters of 2008 and 2009.Cash flow from operations was $68.3 million in the quarter.Chairman, CEO and President of Sybase John Chen stated, ʺWe are pleased to deliver another record performance in these challenging economic times, highlighted by second quarter all‐time highs in operating margin, net income, and cash flow, as well as double‐digit growth in database license revenue, operating income, and earnings. Accompanying this release is a reconciliation from projected GAAP to non‐GAAP amounts for the estimated 2009 third quarter and full year results.Conference Call and Webcast InformationThe Sybase 2009 second quarter conference call and simultaneous Webcast is scheduled to begin at 7:30 a.m. Pacific Time/10:30 a.m. Eastern Time on Tuesday, July 21, 2009. To access the live Webcast, please visit www.fulldisclosure.com or Sybase’s Website at www.sybase.com at least 20 minutes prior to the call to download any necessary audio or plug‐in software. A telephone replay will be available approximately two hours after the conference call ends and will be available until 10:00 p.m. Pacific Time on July 28, 2009. To access the replay, please dial (888) 203‐1112 for domestic access and (719) 457‐0820 for international callers; the access code for the telephone replay is #6945972. Additionally, the archived Webcast will be available through October 21, 2009 at http://www.sybase.com/about_sybase/investorrelations.About Sybase, Inc.Sybase is an industry leader in delivering enterprise and mobile software to manage, analyze and mobilize information. We are recognized globally as the performance leader, proven in the most data‐intensive industries and across all systems, networks and devices. For 25 years, our information management, analytics and enterprise mobility solutions have powered the world’s most mission‐critical systems in financial services, telecommunications, manufacturing and government. For more information, visit http://www.sybase.com. Read Sybase blogs: http://blogs.sybase.com.