[May 24, 2013] Compuware Releases Fourth Quarter and Full Fiscal Year 2013 Results Tweet May 24, 2013 (Close-Up Media via COMTEX) -- Compuware Corp. announced financial results for its fourth quarter and fiscal year ended March 31. In a release on May 21, the Company noted that non-GAAP net income for the year was $57.3 million, or $0.26 per diluted share, compared to $88.4 million, or $0.40 per diluted share in fiscal 2012. As the result of restructuring charges, advisory fees and goodwill impairment associated with the company's margin-expansion initiatives and other company matters, fiscal 2013 results were negatively impacted. Consequently, GAAP net loss for the full fiscal year was $17.3 million, or $(0.08) per share, versus net income of $88.4 million, or $0.40 per diluted share in fiscal 2012. Non-GAAP net income for the quarter was $10.8 million, or $0.05 per diluted share, compared to $27.1 million, or $0.12 per diluted share in the year-ago period. As the result of restructuring charges, advisory fees and goodwill impairment associated with the company's margin-expansion initiatives and other company matters, fourth quarter results were also negatively impacted. Consequently, GAAP net loss for the fourth quarter was $63.7 million, or $(0.30) per share, versus net income of $27.1 million, or $0.12 per diluted share in the year-ago period. "While our fourth quarter results were a disappointment, as a large number of deals we had anticipated closing were pushed into the new fiscal year, we made great strides executing on our strategic initiatives to transform the company while positioning Compuware for improved profitability in 2014 and 2015," said Compuware CEO Bob Paul. "Additionally, we are making good on the shareholder value creative actions announced in January, as we have declared our first quarterly dividend, filed the S-1 registration statement with the SEC for the Covisint IPO and raised our cost-reduction expectations to $80-$100 million in the next two years. "After further analysis, we now believe 60 percent of the deals that did not close in the fourth quarter will close in the first quarter of 2014 and the remaining will close by the end of the year. This reflects the strong demand we are seeing in the market for our APM and Mainframe for APM solutions. Going into 2014, we remain focused on rebalancing our portfolio with continued emphasis on our high-growth businesses, executing our cost reduction plan and driving better sales execution to position Compuware for value creation and sustained growth into the future." Fiscal Year 2013 Results During the fiscal year ended March 31,: -Total revenues were approximately $944.5 million, down approximately 6.5 percent from FY'12 -Software license fees were approximately $178.9 million, down approximately 19.0 percent from FY'12 -Maintenance fees were approximately $407.5 million, down approximately 4.7 percent from FY'12 -Subscription fees were approximately $82.4 million, up approximately 5.1 percent from FY'12 -Professional services revenues were approximately $185.0 million, down approximately 11.6 percent from FY'12 -Application services fees were approximately $90.7 million, up approximately 23.0 percent from FY'12 Fourth Quarter Fiscal Year 2013 Results During the company's fourth quarter: -Total revenues were approximately $239.9 million, down approximately 9.8 percent from Q4 last year -Software license fees were approximately $48.4 million, down approximately 28.7 percent from Q4 last year -Maintenance fees were approximately $100.0 million, down approximately 4.4 percent from Q4 last year -Subscription fees were approximately $20.9 million, up approximately 3.2 percent from Q4 last year -Professional services revenues were approximately $44.9 million, down approximately 13.4 percent from Q4 last year -Application services fees were approximately $25.7 million, up approximately 20 percent from Q4 last year Fiscal 2014 Expectations The following outlook is driven by continued strength in the North American market for Compuware's growth businesses, stabilization of the European market and the continued focus on sales effectiveness and continued investment in technologies that will further differentiate Compuware solutions from the competition. Furthermore, growth in APM for Mainframe sales is expected to help offset any decline in sales of Compuware's traditional mainframe tools. For fiscal 2014, Compuware expects the following: -Total revenues of approximately $1.0 billion. -GAAP earnings per share of $0.35 to $0.37 cents. -Cash flow from operations of $150-$160 million. -Cost reductions of $45 million. More information: www.compuware.com ((Comments on this story may be sent to [email protected])) [ Back To TMCnet.com's Homepage ]