Sybase Posts Sharply Higher Q1 Profit
- 19 April, 2000 12:01
STOCKHOLM (04/19/2000) - Buoyed by a 13-percent rise in license revenue, business software supplier Sybase Inc. yesterday posted a sharp increase in net income for its first fiscal 2000 quarter.
Net income for the quarter ended March 31, excluding one-time items, rose 129 percent to reach US$19.5 million, or 22 cents per share, compared to $8.5 million, or 10 cents per share, during the corresponding quarter of 1999, Sybase said in a statement.
Including purchase-accounting adjustments, net income for the first quarter of 2000 was $6.7 million, or 8 cents per share, as compared $5.9 million and 7 cents, respectively, in the same quarter last year. Revenue during the quarter rose 9 percent to $227 million, from $208 million a year ago.
The net income figures compare to the 13 cents per share consensus estimate by four Wall Street brokers polled by First Call/Thomson Financial.
Ahead of the report's release, investors yesterday pushed the company's share price up by nearly 18 percent. At the end of yesterday's trading on the Nasdaq exchange, Sybase shares traded at $21.88, up $3.31 on the day.
Software license revenue during the first quarter increased by 13 percent over last year, while service revenue rose by 6 percent, Sybase said.
Sybase ended the first quarter with around $363 million in cash, the company said.
Sybase, in Emeryville, California, can be reached at +1-510-922-3500 or via the Web at http://www.sybase.com/.