Total Annual Revenues Surpass $500 Million, Up 16% From Last Year;
Company Announces Stock Repurchase Programme
LONDON – 21 December 2006 – TIBCO Software Inc. (Nasdaq: TIBX) today announced record results for its fourth quarter, which ended on November 30, 2006. Total revenue for the fourth quarter of fiscal 2006 was $161 million and net income was $31.5 million, or $0.14 per diluted share. This compares to total revenue of $134.4 million and net income of $26.6 million, or $0.12 per diluted share, as reported for the fourth quarter of fiscal 2005. Net income includes employee stock-based compensation expense due to SFAS 123(R) of $4.1 million for the fourth quarter of fiscal 2006. Net income before fiscal 2006 did not include employee stock-based compensation expense related to SFAS 123(R).
On a non-GAAP basis, net income for the fourth quarter of fiscal 2006 was $29.8 million or $0.14 per diluted share, compared with $21.8 million or $0.10 per diluted share for the fourth quarter of fiscal 2005. Non-GAAP operating income for the fourth quarter of fiscal 2006 was $43 million, resulting in non-GAAP operating margins of 26.7%. This compares to non-GAAP operating income of $33.3 million, or 24.7% in the fourth quarter of fiscal 2005. Non-GAAP results exclude stock-based compensation expense, amortization of acquired intangible assets, restructuring charges and gains on sales of certain equity investments, and assume a non-GAAP effective tax rate of 37% for fiscal 2006 and 38% for fiscal 2005.
“We finished the year strong, delivering significant new product releases to the market and demonstrating solid execution across the board,” said Vivek Ranadivé, TIBCO’s chairman and chief executive officer. “I am very confident in our leadership position in the market as we head into 2007. The continued demand for our products and services is a direct reflection of our vision and commitment to evolving our platform to help customers solve their toughest challenges.”
Fourth Quarter Fiscal 2006 Highlights
- TIBCO closed 112 deals over $100k and 21 deals over $1 million this quarter;
- Continued strength across all geographies and product lines; and
- TIBCO added 74 new customers in Q4 and also expanded its business with leading companies such as Air France-KLM, American Stock Exchange, Beckman Coulter, The Carphone Warehouse, Circuit City, Citi Consumer Bank Asia, Constellation Energy, Sun International Management, Ltd. and Toyota Financial Services
Stock Repurchase Programme
TIBCO is also announcing the approval of an eighteen-month stock repurchase program pursuant to which it may repurchase up to $100 million of its outstanding common stock from time to time in the open market or through privately negotiated transactions. The timing and amount of any repurchases will depend upon market conditions and other corporate considerations.
Details
For more detailed information about TIBCO's fourth quarter earnings, please visit
www.tibco.com/company/news/releases/2006/press774.pdfAbout TIBCO
TIBCO Software Inc. provides enterprise software that helps companies achieve service-oriented architecture (SOA) and business process management (BPM) success. With over 3,000 customers, TIBCO has given leading organizations around the world better awareness and agility – what TIBCO calls The Power of Now®. To learn more, contact TIBCO at +1 650-846-1000 or on the Web at
www.tibco.com.
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TIBCO, the TIBCO logo, The Power of Now and TIBCO Software are trademarks or registered trademarks of TIBCO Software Inc. in the United States and/or other countries. All other product and company names and marks mentioned in this document are the property of their respective owners and are mentioned for identification purposes only.
About Non-GAAP Financial Information
This press release includes non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP), please see the section entitled “About Non-GAAP Financial Measures” and the accompanying table entitled “Reconciliation of GAAP Measures to Non-GAAP.”
Legal Notice Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of the “safe harbour” provisions of the federal securities laws, including, without limitation, TIBCO’s leadership position in the market, the continued demand for TIBCO’s products and services, and its vision and commitment to evolve its platform. Because these forward-looking statements involve risks and uncertainties, important factors could cause actual results to differ materially from such forward-looking statements. These factors include: fluctuations in the demand for integration software or economic conditions affecting the market for integration software; TIBCO’s ability to develop and sell products that meet customer needs; and TIBCO’s ability to compete with other enterprise software providers. In addition, TIBCO’s intentions with regard to the stock repurchase program may be affected by a number of factors, which include the market price of TIBCO’s stock, general business and market conditions, and management’s determination of alternative needs and uses of TIBCO’s cash resources.
Additional information regarding potential risks is provided in TIBCO’s filings with the SEC, including its most recent Annual Report on Form 10-K for the year ended November 30, 2005 and Quarterly Report on Form 10-Q for the quarter ended September 3, 2006. TIBCO assumes no obligation to update the forward-looking statements included in this release.
For further information on TIBCO please contact Geertien Stuit, Marketing Manager Benelux:
Tel: NL + 31 (0)10 204 5749
Tel: BE + 32 (0) 2 535 7848
E-mail: gstuit@tibco.com
For photography, further press information or an interview please contact Marisa Pumares at LEWIS, Global Public Relations:
Tel: +31 (0)40 235 46 00
E-mail: marisap@lewispr.com