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Compuware Announces Fiscal Year 2013 Q3 Results

Compuware Corporation (Nasdaq: CPWR), the technology performance company, today announced financial results for its third quarter ended December 31, 2012 that reflect improving margins and strong revenue momentum from its growth businesses, particularly its APM unit.

During the third quarter, total revenues were $257.9 million, compared to $253.1 million in the third quarter last year. Net income was $25.3 million, compared to $21.6 million in the third quarter last year. Earnings per share were twelve cents compared to ten cents last year, based upon 217 million and 222 million shares outstanding, respectively.

“Our results reflect the progress we are making in our business transformation, as our two growth businesses experienced year-over-year revenue growth and margin improvement,” said Compuware CEO Bob Paul. “We have stabilized the Mainframe business and continue to generate significant revenue and cash flow to fund investments and innovation in our growth businesses. Mainframe revenue grew 17 percent quarter-over-quarter, and we expect our new Compuware APM for Mainframe offering to meaningfully contribute to our Mainframe earnings going forward. At the same time, we continued to extend our competitive advantages beyond Mainframe into higher-growth, market-leading capabilities. Today, more than 40% of our revenues come from these higher-growth businesses, which is a dramatic improvement over prior years. Our APM business delivered 27 percent growth over last quarter, driven by the strength of the enterprise licensing business, which was up 89 percent from the second quarter.

“We are moving quickly to anticipate industry trends and drive the business forward with differentiated value solutions that optimize the user experience,” Paul added. “We remain focused on optimizing each of our business units through prudent capital allocation and improved efficiencies and are also pursuing specific shareholder value creation strategies such as the IPO of Covisint, for which we filed a registration statement with the SEC during the quarter. While we have additional work ahead of us, we are confident that our strategic approach to business transformation and shareholder value is delivering results.”

Mr. Paul noted that Compuware’s Board of Directors is in the process of carefully reviewing the proposal by Elliott Management Corporation. The Board will be meeting later this week to conclude its review and plans to respond very shortly to the proposal.

Compuware noted that during the company's third quarter:

  • software license fees were $64.8 million
  • maintenance fees were $102.3 million
  • subscription fees were $20.8 million
  • professional services fees were $46.0 million
  • application services fees were $23.9 million

Third Quarter Fiscal Year 2013 Highlights

During the third quarter, Compuware:

  • Introduced Compuware APM for Mainframe, which is marketed as PurePath for zOS, the industry’s first and only solution for deep transaction management from the edge through the Mainframe. PurePath gives Compuware a formidable differentiator to successfully compete and grow market share, and is showing strong potential with several early deals already completed. The company also announced major enhancements to Compuware Strobe.
  • Submitted a registration statement on a confidential basis for Covisint Corporation, to the U.S. Securities and Exchange Commission for a possible initial public offering of its Class A common stock.
  • Announced that it has been positioned by Gartner, Inc. in the “Magic Quadrant for Integrated IT Portfolio Analysis (IIPA) Applications,” based on analyst evaluation of the Company’s market-leading project and portfolio management solution Changepoint.
  • Announced that John Van Siclen, General Manager of Compuware's application performance management business, was named a Top 25 Disrupter of 2012 by CRN.
  • Was recognized by the Michigan Business & Professional Association for the 12th consecutive year as a "101 Best and Brightest Companies to Work For" in the Detroit region.
  • Developed a new generation performance analytics solution that raises the intelligence of software-as-a-service application performance management. Outage Analyzer provides real-time visualizations and alerts of outages in third-party web services that are mission critical to web, mobile and cloud applications around the world.
  • Detailed its strategy for helping customers to modernize enterprise applications and to leverage new technologies including cloud computing.
  • Released Uniface 9.6, a significant milestone in its vision of helping organizations modernize applications and enabling the development of applications of engagement.
  • Announced that it is providing “day one” support for IBM’s CICS Transaction Server for z/OS V5.1, a crucial component of modern, multi-tiered and customer-facing applications.
  • Announced that it has partnered with REAL TECH AG, a provider of software solutions for enterprise-wide IT management and SAP consultancy, to incorporate Compuware APM – dynaTrace Data Center Real User Monitoring into the latest release of its IT service management software.

Compuware Corporation

Compuware Corporation, the technology performance company, provides software, experts and best practices to ensure technology works well and delivers value. Compuware solutions make the world's most important technologies perform at their best for leading organizations worldwide, including 46 of the top 50 Fortune 500 companies and 12 of the top 20 most visited U.S. web sites. Learn more at: http://www.compuware.com.

Conference Call Information

Compuware will host a conference call to discuss these results at 5:00 p.m. Eastern time (21:00 GMT) today. To join the conference call, interested parties in the United States should call 800-700-7860. For international access, the conference call number is +1-612-332-0226. No password is required.

A conference call replay will also be available. The United States replay number will be 800-475-6701, and the international replay number will be +1-320-365-3844. The replay passcode will be 274653. Additionally, investors can listen to the conference call via webcast by visiting the Compuware Corporation Investor Relations web site at http://www.compuware.com.

Certain statements in this release that are not historical facts, including those regarding the Company's future plans, objectives and expected performance, are "forward-looking statements" within the meaning of the federal securities laws. These forward-looking statements represent our outlook only as of the date of this release. While we believe any forward-looking statements we have made are reasonable, actual results could differ materially since the statements are based on our current expectations and are subject to risks and uncertainties. These risks and uncertainties are discussed in the Company's reports filed with the Securities and Exchange Commission. Readers are cautioned to consider these factors when relying on such forward-looking information. The Company does not undertake, and expressly disclaims any obligation, to update or alter its forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

 
COMPUWARE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)
 
  AS OF DECEMBER 31,
ASSETS  
2012 2011
CURRENT ASSETS:
Cash and cash equivalents $ 64,884 $ 82,201
Accounts receivable, net 449,964 470,724
Deferred tax asset, net 38,669 47,460
Income taxes refundable 3,693 4,634
Prepaid expenses and other current assets   32,377     32,283  
Total current assets 589,587 637,302
 

PROPERTY AND EQUIPMENT, LESS ACCUMULATED DEPRECIATION AND AMORTIZATION

314,404 326,099
 

CAPITALIZED SOFTWARE AND OTHER INTANGIBLE ASSETS, NET

119,041 117,175
 
ACCOUNTS RECEIVABLE 190,613 216,735
DEFERRED TAX ASSET, NET 36,254 40,789
GOODWILL 799,823 797,163
OTHER ASSETS   35,202     35,547  
 
TOTAL ASSETS $ 2,084,924   $ 2,170,810  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
CURRENT LIABILITIES:
Accounts payable $ 13,509 $ 16,805
Current portion of long term debt - 110,000
Accrued expenses 98,171 107,512
Income taxes payable 14,883 19,073
Deferred revenue   413,446     435,219  
Total current liabilities 540,009 688,609
 
LONG TERM DEBT 70,000 -
 
DEFERRED REVENUE 311,036 356,693
 
ACCRUED EXPENSES 29,139 27,908
 
DEFERRED TAX LIABILITY, NET   84,648     77,100  
Total liabilities   1,034,832     1,150,310  
 
SHAREHOLDERS' EQUITY:
Common stock 2,121 2,188
Additional paid-in capital 692,133 681,359
Retained earnings 368,445 355,650
Accumulated other comprehensive loss   (12,607 )   (18,697 )
Total shareholders' equity   1,050,092     1,020,500  
 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,084,924   $ 2,170,810  
 
COMPUWARE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
 
  THREE MONTHS ENDED   NINE MONTHS ENDED
DECEMBER 31, DECEMBER 31,
 
2012   2011 2012   2011
REVENUES:
Software license fees $ 64,831 $ 57,121 $ 130,499 $ 152,958
Maintenance fees 102,341 106,843 307,487 322,908
Subscription fees 20,793 19,931 61,503 58,156
Professional services fees 46,049 50,575 140,155 157,403
Application services fees   23,852     18,587     64,981     52,302  
Total revenues   257,866     253,057     704,625     743,727  
 
OPERATING EXPENSES:
Cost of software license fees 5,388 4,844 15,117 13,150
Cost of maintenance fees 8,639 9,603 26,653 28,907
Cost of subscription fees 7,603 7,291 22,823 22,192
Cost of professional services 39,694 45,277 122,080 136,496
Cost of application services 20,758 17,265 57,468 53,934
Technology development and support 25,629 27,265 79,675 78,706
Sales and marketing 65,773 69,683 184,604 197,255
Administrative and general   44,733     39,236     122,819     122,717  
Total operating expenses   218,217     220,464     631,239     653,357  
 
INCOME FROM OPERATIONS 39,649 32,593 73,386 90,370
 
OTHER INCOME (EXPENSE), NET   (55 )   231     (90 )   1,221  
 
INCOME BEFORE INCOME TAXES 39,594 32,824 73,296 91,591
 
INCOME TAX PROVISION   14,254     11,236     26,894     30,339  
 
NET INCOME $ 25,340   $ 21,588   $ 46,402   $ 61,252  
 
DILUTED EPS COMPUTATION
Numerator: Net income $ 25,340   $ 21,588   $ 46,402   $ 61,252  
Denominator:
Weighted-average common shares outstanding 212,836 218,534 215,318 218,427
Dilutive effect of stock options   4,036     3,349     4,153     4,134  
Total shares   216,872     221,883     219,471     222,561  
Diluted EPS $ 0.12   $ 0.10   $ 0.21   $ 0.28  
 
COMPUWARE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
 
  NINE MONTHS ENDED
DECEMBER 31,
2012   2011
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net income $ 46,402 $ 61,252

Adjustments to reconcile net income to cash provided by operations:

Depreciation and amortization 49,358 44,706
Stock award compensation 20,663 17,555
Deferred income taxes 6,172 7,460
Other 552 221

Net change in assets and liabilities, net of effects from currency fluctuations and acquisitions:

Accounts receivable 17,140 (14,201 )
Prepaid expenses and other current assets (2,024 ) 1,940
Other assets 6,632 (3,451 )
Accounts payable and accrued expenses (24,868 ) 783
Deferred revenue (91,181 ) (53,184 )
Income taxes   20,122     10,604  
Net cash provided by operating activities   48,968     73,685  
 
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchase of:
Business, net of cash acquired - (249,337 )
Property and equipment (18,241 ) (15,879 )
Capitalized software (24,817 ) (18,346 )
Other   (1,400 )   (575 )
Net cash used in investing activities   (44,458 )   (284,137 )
 
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES:
Proceeds from borrowings 142,800 180,200
Payments on borrowings (117,800 ) (70,200 )
Net proceeds from exercise of stock awards including excess tax benefits 11,965 8,503
Employee contribution to common stock purchase plans 2,046 2,101
Repurchase of common stock   (76,366 )   (4,259 )
Net cash provided by (used in) financing activities   (37,355 )   116,345  
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH   (1,451 )   (3,936 )
 
NET CHANGE IN CASH AND CASH EQUIVALENTS (34,296 ) (98,043 )
 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   99,180     180,244  
 
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 64,884   $ 82,201  
 
COMPUWARE CORPORATION AND SUBSIDIARIES
OPERATIONAL HIGHLIGHTS
(Dollar Amounts In Thousands)
 
  QUARTER  
ENDED
DEC 31, YR - YR
2012   2011 % Chg
Total Product Software Revenue by Geography
North America $ 106,211 $ 98,244 8.1 %
International 81,754 85,651 (4.5 %)
 
Deferred License Fees
Current $ 19,451 $ 26,952 (27.8 %)
Long-term 10,276 12,270 (16.3 %)
 
Deferred Maintenance
Current $ 310,450 $ 323,485 (4.0 %)
Long-Term 269,275 305,549 (11.9 %)
 
Deferred Subscription
Current $ 48,315 $ 50,444 (4.2 %)
Long-Term 8,333 13,265 (37.2 %)
 
Deferred Professional Services $ 22,322 $ 20,361 9.6 %
 
Deferred Application Services $ 36,060 $ 39,586 (8.9 %)
 
 
 
Other:
Total Company Headcount 4,579 4,722 (3.0 %)
 
Total DSO (Billed) 83.9 88.0
Total DSO 157.0 167.4
 
 
 
Stock-based compensation expense
 
Cost of license fees $ - $ - N/A
Cost of maintenance fees 164 202 (18.8 %)
Cost of subscription fees (47 ) (68 ) 30.9 %
Cost of professional services 65 54 20.4 %
Cost of application services 396 254 55.9 %
Technology development and support 468 575 (18.6 %)
Sales and marketing 1,328 1,493 (11.1 %)
Administrative and general   3,110     3,062   1.6 %
 
Total stock-based compensation expense before income taxes $ 5,484   $ 5,572   (1.6 %)
 
COMPUWARE CORPORATION AND SUBSIDIARIES
BUSINESS UNIT RESULTS OF OPERATIONS
(In Thousands)
 
            Covisint    
Professional Application Unallocated
Quarter Ended: APM Changepoint Mainframe Uniface Services Services Expenses Total
 
December 31, 2012
 
Software license fees $ 33,938 $ 2,684 $ 24,743 $ 3,466 - - - $ 64,831
Maintenance fees 23,369 4,139 67,048 7,785 - - - 102,341
Subscription fees 20,130 663 - - - - - 20,793
Professional services fees 7,624 3,137 673 1,413 $ 33,202 - - 46,049
Application services fees   -     -     -     -     -   $ 23,852     -     23,852  
Total revenues 85,061 10,623 92,464 12,664 33,202 23,852 - 257,866
 
Operating expenses   76,773     10,951     24,727     5,254     28,264     21,664   $ 50,584     218,217  
 
Income (loss) from operations $ 8,288   $ (328 ) $ 67,737   $ 7,410   $ 4,938   $ 2,188   $ (50,584 ) $ 39,649  
Contribution margin % 9.7 % (3.1 %) 73.3 % 58.5 % 14.9 % 9.2 % 15.4 %
 
Operating expenses include:
Stock awards compensation $ 680 $ 12 $ 606 $ 6 $ 45 $ 396 $ 3,739 $ 5,484
Amortization of purchased software $ 2,272 $ - $ - $ - $ - $ 148 $ - $ 2,420
Amortization of other acquired intangible assets $ 1,758 $ - $ - $ - $ - $ 113 $ - $ 1,871
 
 
December 31, 2011
 
Software license fees $ 24,360 $ 3,513 $ 26,720 $ 2,528 - - - $ 57,121
Maintenance fees 19,441 3,895 75,782 7,725 - - - 106,843
Subscription fees 19,379 552 - - - - - 19,931
Professional services fees 8,893 4,517 558 981 $ 35,626 - - 50,575
Application services fees   -     -     -     -     -   $ 18,587     -     18,587  
Total revenues 72,073 12,477 103,060 11,234 35,626 18,587 - 253,057
 
Operating expenses   82,118     11,683     24,721     5,044     31,794     17,265   $ 47,839     220,464  
 
Income (loss) from operations $ (10,045 ) $ 794   $ 78,339   $ 6,190   $ 3,832   $ 1,322   $ (47,839 ) $ 32,593  
Contribution margin % (13.9 %) 6.4 % 76.0 % 55.1 % 10.8 % 7.1 % 12.9 %
 
Operating expenses include:
Stock awards compensation $ 1,679 $ 82 $ 415 $ 47 $ 28 $ 254 $ 3,067 $ 5,572
Amortization of purchased software $ 2,563 $ - $ - $ - $ - $ 148 $ - $ 2,711
Amortization of other acquired intangible assets $ 2,143 $ - $ - $ - $ - $ 113 $ - $ 2,256
 
COMPUWARE CORPORATION AND SUBSIDIARIES
BUSINESS UNIT RESULTS OF OPERATIONS
(In Thousands)
 
            Covisint    
Professional Application Unallocated
Nine Months Ended: APM Changepoint Mainframe Uniface Services Services Expenses Total
 
December 31, 2012
 
Software license fees $ 74,237 $ 5,545 $ 43,566 $ 7,151 - - - $ 130,499
Maintenance fees 66,544 12,321 205,972 22,650 - - - 307,487
Subscription fees 59,526 1,977 - - - - - 61,503
Professional services fees 23,003 9,898 1,640 3,684 $ 101,930 - - 140,155
Application services fees   -     -     -     -     -   $ 64,981     -     64,981  
Total revenues 223,310 29,741 251,178 33,485 101,930 64,981 - 704,625
 
Operating expenses   226,928     31,392     67,856     15,279     85,322     59,731   $ 144,731     631,239  
 
Income (loss) from operations $ (3,618 ) $ (1,651 ) $ 183,322   $ 18,206   $ 16,608   $ 5,250   $ (144,731 ) $ 73,386  
Contribution margin % (1.6 %) (5.6 %) 73.0 % 54.4 % 16.3 % 8.1 % 10.4 %
 
Operating expenses include:
Stock awards compensation $ 3,834 $ 42 $ 2,118 $ 42 $ 160 $ 1,105 $ 13,362 $ 20,663
Amortization of purchased software $ 6,755 $ - $ - $ - $ - $ 444 $ - $ 7,199
Amortization of other acquired intangible assets $ 5,435 $ - $ - $ - $ - $ 338 $ - $ 5,773
 
December 31, 2011
 
Software license fees $ 54,142 $ 7,643 $ 83,874 $ 7,299 - - - $ 152,958
Maintenance fees 57,003 11,647 230,776 23,482 - - - 322,908
Subscription fees 56,639 1,517 - - - - - 58,156
Professional services fees 22,646 12,487 3,960 3,259 $ 115,051 - - 157,403
Application services fees   -     -     -     -     -   $ 52,302     -     52,302  
Total revenues 190,430 33,294 318,610 34,040 115,051 52,302 - 743,727
 
Operating expenses   231,489     33,989     72,926     15,595     95,045     53,934   $ 150,379     653,357  
 
Income (loss) from operations $ (41,059 ) $ (695 ) $ 245,684   $ 18,445   $ 20,006   $ (1,632 ) $ (150,379 ) $ 90,370  
Contribution margin % (21.6 %) (2.1 %) 77.1 % 54.2 % 17.4 % (3.1 %) 12.2 %
 
Operating expenses include:
Stock awards compensation $ 4,945 $ 288 $ 1,451 $ 164 $ 231 $ 1,196 $ 9,280 $ 17,555
Amortization of purchased software $ 5,994 $ - $ - $ - $ - $ 444 $ 6,438
Amortization of other acquired intangible assets $ 5,956 $ - $ - $ - $ - $ 338 $ 6,294

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