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Embarcadero Technologies Announces First Quarter 2004 Financial Results

  • 29 April, 2004 11:03

<p>Total Revenues Increase for Fourth Consecutive Quarter, Net Income rises 148%</p>
<p>Sydney, Australia – April 29, 2004 - Embarcadero Technologies, Inc. (Nasdaq: EMBT), a provider of data lifecycle management solutions, recently announced results for its first fiscal quarter ended March 31, 2004.</p>
<p>Total revenues for the first quarter 2004 were $14.4 million, an eighteen percent increase over the prior year’s first quarter results of $12.2 million. Net income and diluted earnings per share under Generally Accepted Accounting Principles (GAAP) for the quarter were $2.2 million and $0.08, respectively. This compares to GAAP net income and diluted earnings per share of $896,000 and $0.03, respectively, for the quarter ended March 31, 2003.</p>
<p>“Our first quarter results marked the fourth consecutive quarter of growth in total revenues,” said Stephen Wong, chairman and chief executive officer of Embarcadero Technologies. “Coming off a strong fourth quarter 2003, I am pleased that we continued to grow in what is normally a slow quarter for the industry. Embarcadero should continue to be a beneficiary of the building momentum behind IT spending. In particular, we find customers more interested than ever in reducing the costs and complexity associated with managing the exploding growth of business critical data.”</p>
<p>Income from operations was $2.9 million in the first quarter, as compared to $978,000 in the first quarter of 2003. Cash, cash equivalents, and short-term investments grew by $4.1 million in the quarter to reach $62.1 million at March 31, 2004. Total deferred revenues increased to $14.0 million at March 31, 2004, as compared to $13.5 million at December 31, 2003 and $11.1 million at March 31, 2003.</p>
<p>Non-GAAP Financial Measures</p>
<p>Non-GAAP income from operations was $3.8 million in the first quarter, as compared to $1.8 million in the first quarter of 2003. Non-GAAP net income for the first quarter was $2.5 million or $0.09 per diluted share. For the corresponding quarter in 2003, non-GAAP net income was $1.3 million or $0.05 per diluted share. Non-GAAP numbers are tax adjusted and exclude the following items: amortization of non-cash stock-based compensation and amortization of other intangible assets. A detailed reconciliation of GAAP to non-GAAP net income is provided in the attached financial statements.</p>
<p>The non-GAAP measures of net income and earnings per share exclude certain non-cash charges and have not been calculated in accordance with GAAP. These differ from GAAP in that the measures exclude amortization of non-cash stock-based compensation and amortization of other intangible assets and assume an annualized 37% tax rate, which is higher than our tax rate of approximately 28% for the first quarter of 2004 as computed in accordance with GAAP. Embarcadero has previously provided these non-GAAP measurements in press releases reporting net income and earnings per share because we believe these measurements provide a consistent basis for comparisons between quarters that are not influenced by changes in certain non-cash or non-recurring expenses or the Company's effective tax rate and are therefore useful to investors. These measures should not be considered an alternative to GAAP, and these non-GAAP measures may not be comparable to information provided by other companies.</p>
<p>About Embarcadero Technologies
Embarcadero Technologies, Inc. (Nasdaq: EMBT) is a provider of data lifecycle management solutions that help leading companies build, optimize, test, and manage their critical data, database, and application infrastructure. Nearly 11,000 companies, including 97 of the Fortune 100, rely on Embarcadero Technologies products to manage the explosive growth in data and ensure optimal performance of their complex, multi-platform applications and systems. Embarcadero Technologies is headquartered in San Francisco, CA. For more information, call 415/834-3131 or visit http://www.embarcadero.com.</p>
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<p>Embarcadero, the Embarcadero Technologies logos and all other Embarcadero Technologies product or service names are trademarks of Embarcadero Technologies, Inc. All other trademarks are property of their respective owners.</p>
<p>Forward-Looking Statements
The statements in this press release that are not historical facts are forward-looking statements that involve risks and uncertainties, including risks associated with fluctuations in quarterly results and other risks identified in the Company's periodic filings with the Securities and Exchange Commission including, but not limited to, those appearing under the caption "Risk Factors" in the Company's most recent Quarterly Reports on Form 10-Q and the Annual Report on Form 10-K. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue relevance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated events.</p>
<p>Media Relations Contact:
Alex Murphy
Markom Marketing
alexmurphy@markom.com.au
02 9977 8922</p>

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