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Altiris Reports Financial Results for Second Quarter of 2005
Altiris, Inc. (Nasdaq: ATRS), a pioneer of IT lifecycle management solutions that reduce the total cost of owning information technology, today announced financial results for the second quarter ended June 30, 2005.
For the second quarter, the Company reported total revenue of $46.3 million, an increase of 16 percent over $40.0 million reported in the second quarter of 2004. Net income for the second quarter of 2005 was $4.0 million, or $0.14 per diluted share, including $10.0 million in other income related to a legal settlement, offset by $2.6 million for the amortization of acquired intellectual property, $952,000 for amortization of intangible assets and $2.7 million in stock-based compensation. This compares to net income of $3.7 million, or $0.13 per diluted share, reported in the second quarter of 2004, and includes $1.0 million for the amortization of acquired intellectual property, $681,000 for amortization of intangible assets, and $145,000 in stock-based compensation.
On a pro forma basis, the Company reported net income of $1.9 million, or $0.07 per diluted share, for the second quarter of 2005, excluding $10.0 million in other income related to a legal settlement, $2.6 million for the amortization of acquired intellectual property, $952,000 for amortization of intangible assets and $2.7 million in stock-based compensation, and applying a tax rate of 35 percent.
"Although the second quarter was challenging, we continued to make good progress across our market with new and existing customers and partners,” commented Greg Butterfield, chairman and CEO of Altiris. "We demonstrated growth in revenue from server and asset management, as well as increased demand for patch management and security solutions. We are pleased to report strength in revenue contribution through our VAR and systems integrator partners, where we are refocusing efforts to drive additional opportunities.”
"While we do not believe that the spending environment in our market will improve radically in the second half of 2005, we believe that we have taken the appropriate steps to increase the productivity and efficiency of our sales force, adjust our operating model and position us to take better advantage of the opportunities ahead of us. As a result, we are optimistic about our future,” concluded Butterfield.
Earnings Call Information
Altiris, Inc. will broadcast a conference call discussing the company’s second quarter results on Wednesday, August 3 beginning at 5:00 p.m. Eastern Time. A live Webcast of the call will be available from the Investor Relations section of the company’s corporate website at http://phx.corporate-ir.net/phoenix.zhtml?c=131071&p=irol-irhome. For those unable to listen to the live Webcast, a replay of the call will also be available on the Altiris Website, or by dialing 877-519-4471 and entering passcode 6310978.
Pro Forma Financial Measures
In this earnings release and during our earnings conference call and Webcast to be broadcast on August 3, 2005 as described above, we use or plan to discuss certain pro forma financial measures, which may be considered non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States of America, or GAAP. A reconciliation between pro forma and GAAP measures can be found in the accompanying tables and on the Investor Relations Section of our website at www.altiris.com. We believe that, while these pro forma measures are not a substitute for GAAP results, they provide a basis for evaluating the Company’s cash requirements for ongoing operating activities. These pro forma measures have been reconciled to the nearest GAAP measure as required under SEC rules regarding the use of non-GAAP financial measures. We compute pro forma net income by adjusting GAAP net income before taxes for amortization of acquisition-related intellectual property, amortization of other acquired intangible assets such as customer lists and work force, stock-based compensation and a legal settlement. In addition, we used a pro-forma tax rate of 35 percent for the second quarters of 2005 and 2004. 04.08.2005, Altiris, Inc.
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