PowerBuilder News Desk
Sybase Reports All-Time Best Ever Quarter and Year
Database License Growth of 28% and Messaging Growth of 29%
Jan. 30, 2009 01:15 PM
Sybase’s Q4 2008 earnings results, just announced, showed a revenue increase of 3% to $305.1 million from $295.2 million in the fourth quarter of 2007 and a total revenue for 2008 increase of 10% year over year to $1.13 billion. This makes it its best quarter and year in company history.
“The market is responding well to our market-leading mobility and analytics technologies, which has enabled us to gain market share. Sybase's success is driven by our consistently strong execution, compelling product portfolio, and long-standing fiscal conservatism,” Chen added.
“Entering 2009, our competitive position and financial foundation are as strong as they have ever been. This is the result of judiciously investing in our Unwired Enterprise strategy, together with our ongoing efforts to streamline operations and prudently manage company assets. Even as the macro environment holds uncertainty, I am optimistic in our continued ability to execute well,” concluded Chen.
Enjoy SYS-CON's very popular interview with Sybase Chairman, CEO and President, John S. Chen.
Here are the company's financial results for the fourth quarter and full year ended December 31, 2008, as stated today:
2008 Fourth Quarter Results
Non-GAAP operating income for the 2008 fourth quarter increased 5% year over year to $85.8 million, representing a 28% operating margin.
Non-GAAP net income for the 2008 fourth quarter was $63.4 million, or earnings per diluted share (EPS) of $0.78, compared with non-GAAP net income of $55.4 million and EPS of $0.61 in the 2007 fourth quarter.
Operating income calculated in accordance with generally accepted accounting principles (GAAP) for the 2008 fourth quarter increased 4% year over year to $69.8 million, representing an operating margin of 23%.
The company reported GAAP net income of $47.3 million, or GAAP EPS of $0.58, for the fourth quarter. This compares with GAAP net income of $73.5 million, or GAAP EPS of $0.81, for the fourth quarter of 2007. Compared to the current quarter, net income for the 2007 fourth quarter reflected a $20.3 million credit to tax expense, which translated into a net $0.22 EPS benefit. This credit was associated with the reversal of valuation allowances on certain U.S. tax assets attributable to the company’s strong U.S. profits. In addition, GAAP net income for 2008 reflects the downward revaluation of auction rate securities.
Non-GAAP amounts exclude the amortization of certain purchased intangibles, stock-based compensation, restructuring costs, charges related to the impairment of auction rate securities, and the tax effect of these and related items. Accompanying this release is a reconciliation from GAAP to non-GAAP amounts for the fourth quarter of 2008 and 12-month period ended December 31, 2008.
The company generated cash flow from operations of $84.5 million for the 2008 fourth quarter.
2008 Full-Year Results
Non-GAAP operating income increased 21% year over year to $266.1 million, representing a non-GAAP operating margin of 24%. Non-GAAP net income grew 20% year over year, reaching $189.0 million, or $2.24 per diluted share.
Full-year GAAP operating income increased 25% year over year to $210.1 million, representing an operating margin of 19%. The company reported GAAP net income of $138.6 million, or GAAP EPS of $1.64.
Cash flow from operations increased 16% year over year to $295.5 million.
Balance Sheet and Other Data
Sybase repurchased $5.4 million of its outstanding common stock during the fourth quarter and a total of $306.1 million for the year. As of December 31, 2008, $77.5 million remained authorized under the company’s current share repurchase program.
Days sales outstanding (DSO) for the fourth quarter was 80.
For full-year 2009, management anticipates total revenue of approximately $1.14 billion. Management anticipates non-GAAP EPS in the range of $2.16 to $2.21 and GAAP EPS in the range of $1.62 to $1.67. Management anticipates full-year 2009 cash flow from operations of approximately $250 million.
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