Serena Software, Revenues LowerSERENA Software Preliminary First Quarter Fiscal 2003 Results Meet EPS Expectations on Revenues Lower Than Expected
via COMTEX
May 6, 2002
SAN MATEO, Calif., May 6, 2002 /PRNewswire-FirstCall via COMTEX/ --
SERENA Software, Inc. (Nasdaq: SRNA), announced today preliminary first quarter financial results for the fiscal quarter ending April 30, 2002 which are expected to meet expectations for earnings per share excluding amortization, but are slightly below expectations for license and total revenue. Based on preliminary estimates, the company expects license revenues to be in the range of $9.25 to $9.75 million, total revenues in the range of $21.75 to $22.25 million and net income per fully diluted share excluding intangibles amortization of $0.15, in line with expectations.
The company also announced guidance for the second quarter and revised guidance for the full fiscal year ending January 31, 2003. The company expects revenue for the second quarter to be between $22.5 and $23.5 million and total revenues for the full fiscal year to be between $92 and $97 million. The company expects net income per fully diluted share excluding intangibles amortization for the second quarter to be between $0.15 and $0.16 and revised expectations for the full fiscal year to be between $0.62 and $0.66.
'The current economic environment has lengthened sales cycles significantly, and we have been impacted as have many others in delays in closing business, particularly for larger transactions,'said Mark Woodward, CEO and President. 'I am pleased that we achieved earnings per share expectations and the Company's financial position remains exceptional, evidenced by 36 percent operating margins excluding amortization, and we ended the quarter with approximately $167 million in cash, no debt and positive cash flow from operations of over $10 million.'
The company emphasized that the results are preliminary and that actual results could vary when the company reports final earnings for the first quarter of fiscal 2003 on May 16, 2002 after market close. Further details on the company's expectations going forward will be provided in the conference call scheduled for May 16, 2002.