Exhibit 99.1
SERENA Software Announces Preliminary Second Quarter Fiscal 2004 Results
Expects Non GAAP EPS $.15 to $.16, Total Revenues $24 to $25 Million
SAN MATEO, Calif., Aug. 5 /PRNewswire-FirstCall/ -- SERENA Software, Inc.
(Nasdaq: SRNA), announced today preliminary second quarter financial results
for the fiscal quarter ending July 31, 2003. Based on preliminary estimates,
the company expects license revenues to be in the range of $9.5 to $10
million, total revenues in the range of $24 to $25 million and net income per
fully diluted share excluding intangibles amortization of $.15 to $.16, which
are below the company's original guidance of $26 to $27 million in total
revenue and $.17 to $.18 in net income per fully diluted share excluding
intangibles amortization.
The results are preliminary and actual results could vary materially when
the company reports final earnings for the second quarter of fiscal 2004 on
August 21, 2003 after the market close. Further details on the company's
expectations going forward will be provided in that conference call.
"We had several large transactions which we expected to close at the end
of the quarter that were delayed. In this economy execution has to be perfect
and I was disappointed that we were not able to get the job done," said
Mark Woodward, CEO and President. "We remain in outstanding financial shape
and I believe we are well positioned for growth when the spending environment
improves."
Second quarter earnings per share on a GAAP basis are preliminarily
estimated to be $.10 to $.11 per fully diluted share. The difference between
GAAP and Non GAAP fully diluted earnings per share is the exclusion of
intangibles amortization, including intangibles amortization from the recently
completed Teamshare acquisition.
Commentary Available
A conference call to discuss the preliminary results is scheduled for
2:00 PM Pacific time today and may be accessed live via the Internet at
www.companyboardroom.com or www.serena.com. A replay of the webcast will be
available until August 13. Additionally investors can listen to the call by
dialing 800-201-1027 or 706-679-7393 at least 5 minutes prior to the start
time. A replay of the call will be available through August 12, 2003 by
dialing 706-645-9291, code #2151793.
About SERENA Software, Inc.
SERENA Software, Inc. is the Enterprise Change Management (ECM) industry
leader. For over twenty years Serena has focused exclusively on providing
application change management solutions to the world's leading enterprises.
With its recent acquisition of TeamShare, Inc., Serena's products are in use
at over 3,000 customer sites -- including 46 of the Fortune 50. Serena leads
the way in ECM by providing a single point of control to manage software code
and Web content changes throughout the enterprise, from the mainframe to the
Web. This ensures application availability and speeds time to market -- while
reducing development costs. With headquarters in San Mateo, California, Serena
serves customers worldwide through local offices and an international network
of distributors. www.serena.com.
This press release contains "forward-looking statements" under the Private
Securities Reform Act of 1995. The preliminary estimates of revenues,
expenses, net income and GAAP and Non GAAP net income per diluted share
contained in this press release are subject to change and could differ
materially from final reported results. The final financial results for the
second fiscal quarter of 2004 could differ materially from the estimates in
this press release. There can be no assurance that future results will be
achieved, and actual results could differ materially from forecasts and
estimates. Factors that could cause or contribute to such differences include,
but are not limited to, our reliance on our mainframe products for revenue;
the percentage of license revenue typically closed at the end of each quarter
making estimation of operating results prior to the end of the quarter
extremely uncertain; weak economic conditions worldwide which may continue to
affect the overall demand for software and services, which has resulted in and
could continue to result in decreased revenues or lower revenue growth rates;
changes in revenue mix and seasonality; our ability to deliver our products on
the distributed systems platform; dependence on revenues from our installed
base; continued demand for additional mainframe MIPS capacity; successful
integration of our recent acquisition; expansion of our international
organizations; and our ability to manage our growth. Information about
potential factors that could affect the Company's financial results is
included in the Company's Form 10K filed on April 29, 2003 and Form 10Q filed
on June 13, 2003. SERENA assumes no obligation to update the forward-looking
information contained in this press release.
Trademarks
Serena, ChangeMan and StarTool are registered trademarks of SERENA
Software Inc. All other products or company names mentioned are used for
identification purposes only, and may be trademarks of their respective
owners.
SOURCE SERENA Software, Inc.
-0- 08/05/2003
/CONTACT: Robert I. Pender, Jr., Chief Financial Officer of SERENA
Software, Inc., +1-650-522-6604/
/Web site: http://www.serena.com /
(SRNA)
CO: SERENA Software, Inc.
ST: California
IN: CPR STW
SU: ERP CCA