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Altiris Reports Financial Results for Fourth Quarter and Calendar Year 2003

  • 03 February, 2004 17:47

<p>SYDNEY – February 3, 20034 – Altiris, Inc. (Nasdaq: ATRS), a leader in systems management solutions that reduce the total cost of owning information technology, today announced today announced financial results for the fourth quarter and calendar year ended December 31, 2003.</p>
<p>For the fourth quarter, the Company reported total revenue of $30.3 million, an increase of 67% over the $18.1 million reported in the fourth quarter of 2002, and an increase of 20% over revenue of $25.4 million reported in the third quarter of 2003.</p>
<p>Including non-cash charges of $420,000 for the amortization of acquired intellectual property, $558,000 of amortization of intangible assets, $910,000 write-off of in-process research and development, and $337,000 in stock-based compensation, the Company reported fourth quarter net income of $4.1 million, or $0.15 per diluted share.</p>
<p>This compares to net income of $1.6 million, or $0.07 per diluted share, reported in the fourth quarter of 2002 and net income of $3.8 million or $0.15 per diluted share, reported in the third quarter of 2003.</p>
<p>On a pro forma basis, the Company reported net income of $4.0 million, or $0.15 per diluted share, for the fourth quarter of 2003, excluding the above-mentioned charges and applying a normalized tax rate.</p>
<p>Fourth quarter 2003 results compare to pro forma net income of $1.5 million, or $0.07 per diluted share, reported in the fourth quarter of 2002, and pro forma net income of $3.5 million, or $0.14 per diluted share, reported in the third quarter of 2003.</p>
<p>In the fourth quarter, license revenue increased 71% over the prior year and 22% over the prior quarter to $20.3 million.
Service revenue increased 61% over the prior year and 14% over the prior quarter to $10.0 million.
The Company generated $13.7 million in cash from operations and closed the quarter with $139.0 million in cash and marketable securities.</p>
<p>2003 FY l Financials
For calendar year 2003, the Company reported revenue of $99.3 million, which represents a 58% increase over $62.9 million in revenue reported in calendar year 2002. In addition, the Company reported net income for common shares of $13.7 million, or $0.57 per diluted share, which compares to a net loss for common shares of $(13.9 million), or $(0.89) per share, for calendar year 2002.</p>
<p>On a pro forma basis, the Company reported net income of $12.0 million, or $0.50 per diluted share, for calendar year 2003, which excludes $3.7 million in non-cash charges related to the amortization of acquired intellectual property, amortization of intangible assets, a write-off of in-process research and development, and stock-based compensation.</p>
<p>For 2002, the Company reported pro forma net income of $3.1 million, which excludes non-cash charges of $4.5 million related to the amortization of acquired intellectual property, amortization of intangible assets, and stock-based compensation.</p>
<p>“Our financial performance in the fourth quarter was a solid finish to a successful year,” commented Greg Butterfield, president and chief executive officer of Altiris. “During 2003, we continued to take important steps to advance our market position and the overall market place for IT lifecycle management. We not only significantly extended our partner relationships, but also completed a highly strategic acquisition, adding key application management technology, and substantially broadened our portfolio with the addition of several new products, including patch management technology.</p>
<p>“In the fourth quarter, we had good sales activity in all channels and geographies, and continued to experience growth in the size and scope of our transactions, closing a record 61 deals over $100,000. Our international business had a strong quarter and we expect our international business to continue to grow as our partners give us more access to key global customers. We experienced particularly good activity in selected verticals, including the government vertical, and are making good traction with many of our VAR and SI partners.</p>
<p>“The year 2003 was highly productive, as we continued to build our foundation for the future. Looking ahead, we continue to identify new opportunities for growth in 2004 and beyond, and are optimistic about what lies ahead. We are more confident in the overall economy and its potential to positively impact our business,” concluded Butterfield.</p>
<p>As the Company completes the valuation of the Wise acquisition which closed in December, 2003, it may make GAAP adjustments before filing its annual report on Form 10K. The Company does not expect this to impact pro forma results for the fourth quarter or fiscal year 2003.</p>
<p>About Altiris
Altiris, Inc. offers a full line of Web-enabled solutions that empower organizations to easily manage desktops, notebooks, handhelds and servers throughout the IT lifecycle. Altiris provides fully integrated, complete systems management solutions for client and mobile, asset, and server management. Altiris’ vision is to automate, simplify, and reduce the cost and complexity of IT lifecycle management with a rapid return on investment. For more information, visit www.altiris.com.</p>
<p>##
Altiris is a registered trademark of Altiris, Inc. in the U.S. and in other countries. Specific product(s) is(are) a trademark(s) of Altiris, Inc. The other company names or products mentioned are or may be trademarks of their respective owners.</p>
<p>Altiris contact:
David Sanday
Altiris Australia Pty Ltd
+61 2 8925 4557 (direct line)
+ 61 438 449503 (mobile) email: dsanday@altiris.com.au</p>

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