Exhibit 99.1
Media Contact: Investor Contact:
Samantha Moore Tara Calhoun
Group Manager, Public Relations Sr. Director, Investor Relations
(650) 385-5259 (650) 385-5059
smoore@informatica.com tcalhoun@informatica.com
INFORMATICA REPORTS FIRST QUARTER REVENUES OF $48.5 MILLION
AND INCREASED GAAP PROFITABILITY
REDWOOD CITY, Calif., April 24, 2003 -- Informatica Corporation (NASDAQ: INFA),
the leading provider of business analytics software, today announced financial
results for the first quarter ended March 31, 2003.
Revenues for the first quarter of 2003 were $48.5 million, consistent
with the first quarter of 2002. Net income for the first quarter, calculated in
accordance with U.S. generally accepted accounting principles (GAAP), was $1.2
million or $0.01 per share, compared to a net loss of $0.2 million or $0.00 per
share recorded in the first quarter of 2002.
"Despite persistent economic uncertainty, Informatica continued to
execute and innovate this quarter," said Gaurav Dhillon, president and CEO of
Informatica. "By adding customers, shipping new products, cutting costs and
continuing to generate cash, Informatica again demonstrated its commitment to
building a strong, profitable business."
Significant milestones achieved in the first quarter of 2003 included:
- SIGNED REPEAT BUSINESS WITH 119 CUSTOMERS. Customers continue to derive
value from their investment in Informatica solutions. Repeat customers
include AT&T Wireless, BBC, British Airways, Campbell Soup, Churchill
Insurance Group, DaimlerChrysler AG, Defense Logistics Agency,
Genentech, Johnson & Johnson, Lockheed Martin, National Security Agency
(NSA), Pfizer, U.S. Food & Drug Administration (FDA) and Toyota USA.
- SIGNED 42 NEW CUSTOMERS. Informatica increased its customer base this
quarter to 1,752 companies. New customers include Air New Zealand,
Alliant, Chicago Board of Trade, FORTIS USA, General Services
Administration (GSA), GIST, Kerzner International, Public Company
Accounting Oversight Board, Queensland Rail,
Transportation Security Administration (TSA), Vertex Data Science PLC,
and Vizzavi France.
- ANNOUNCED LINUX SUPPORT ACROSS ENTIRE BUSINESS ANALYTICS PRODUCT
FAMILY. At a time when Global 2000 companies are accelerating their
adoption of Linux as a platform for enterprise applications,
Informatica is the first business analytics vendor to offer a complete,
end-to-end Linux solution for its full product stack - from integration
to analytics.
- ACHIEVED ALE CERTIFICATION FROM SAP AG. Informatica's data integration
platform products received SAP certification for bi-directional data
integration across the entire family of SAP(R) applications and the
mySAP(TM) Business Suite. The Information data integration platform
also renewed its SAP BW certification, enabling the migration of data
sets and other ERP information into the SAP Business Information
Warehouse (SAP BW) solution.
- INTRODUCED MAJOR NEW RELEASE OF POWERANALYZER. Version 4 of
Informatica's business intelligence platform features pioneering
ease-of-use enhancements, finally delivering on the industry's
long-standing promise to bring "BI to the masses." The result of an
18-month development process, PowerAnalyzer 4 delivers innovations that
further extend the power of BI to the everyday user.
- RECEIVED PRESTIGIOUS INDUSTRY DISTINCTIONS FOR POWERANALYZER.
Informatica PowerAnalyzer was the only business intelligence product to
receive a Crossroads 2003 A-List Award from Open Systems Advisors, Inc.
(OSA). PowerAnalyzer was also the only business intelligence platform
to be named a finalist for eWeek's Excellence Award 2003.
- MAINTAINED TOP SPOT IN GARTNER'S ETL MAGIC QUADRANT. Continuing to
recognize Informatica's market-leading data integration software,
Gartner placed Informatica in the "Leaders" quadrant in its January 27,
2003 report on the ETL market.
Informatica will be discussing its first quarter 2003 results on a
conference call today beginning at 2:00 p.m. PDT. A live Webcast and replay of
the conference call will be available at http://www.informatica.com/investor. A
replay of the call will also be available by dialing (719) 457-0820, reservation
number 428620. The telephone replay will be available until 4:00 p.m. on
Thursday, May 1, 2003.
ABOUT INFORMATICA
Informatica Corporation (NASDAQ: INFA) is the leading provider of
business analytics software that helps Global 2000 companies monitor and
optimize the performance of key business operations across the enterprise. Using
Informatica, companies can improve their operational efficiency, increase
customer profitability and streamline supply chain
operations. With more than 1,750 companies worldwide, Informatica provides
organizations with business analytics products that span their end-to-end needs
for data integration, data warehousing and business intelligence - whichever
best suits their requirements and resources. For more information, call
1.650.385.5000 (1.800.970.1179 in the U.S.), or visit the Informatica Web site
at www.informatica.com.
###
Note: Informatica and PowerAnalyzer are registered trademarks of Informatica
Corporation in the United States and in jurisdictions throughout the world. All
other company and product names may be trade names or trademarks of their
respective owners.
INFORMATICA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
THREE MONTHS ENDED
MARCH 31,
---------------------
2003 2002
-------- --------
Revenues:
License $ 23,581 $ 26,514
Service 24,967 22,013
-------- --------
Total revenues 48,548 48,527
Cost of revenues:
License 587 1,386
Service 9,237 9,871
-------- --------
Total cost of revenues 9,824 11,257
-------- --------
Gross profit 38,724 37,270
Operating expenses:
Research and development 11,340 11,911
Sales and marketing 21,140 21,760
General and administrative 5,396 4,797
Amortization of stock-based compensation 24 73
Amortization of intangible assets 285 285
-------- --------
Total operating expenses 38,185 38,826
-------- --------
Income (loss) from operations 539 (1,556)
Interest income and other, net 1,123 1,302
-------- --------
Income (loss) before income taxes 1,662 (254)
Income tax provision 493 -
-------- --------
Net income (loss) $ 1,169 $ (254)
======== ========
Net income (loss) per share:
Basic and diluted $ 0.01 $ (0.00)
======== ========
Weighted shares used to compute net income (loss) per share:
Basic 80,530 78,963
======== ========
Diluted 83,159 78,963
======== ========
INFORMATICA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
MARCH 31, DECEMBER 31,
2003 2002
----------- ------------
(UNAUDITED)
ASSETS
Current assets:
Cash and cash equivalents $122,875 $122,490
Short-term investments 115,572 113,385
Accounts receivable, net 22,822 29,982
Prepaid expenses and other current assets 7,603 8,680
-------- --------
Total current assets 268,872 274,537
Property and equipment, net 45,255 47,370
Restricted cash 12,166 12,166
Goodwill and intangible assets, net 30,506 30,791
Other assets 316 330
-------- --------
Total assets $357,115 $365,194
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and other current liabilities $ 38,678 $ 41,383
Deferred revenue 51,287 51,702
Accrued restructuring charges 4,828 4,812
-------- --------
Total current liabilities 94,793 97,897
Accrued restructuring charges, less current portion 13,685 14,894
Stockholders' equity 248,637 252,403
-------- --------
Total liabilities and stockholders' equity $357,115 $365,194
======== ========
INFORMATICA CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
THREE MONTHS ENDED
MARCH 31,
----------------------
2003 2002
--------- ---------
OPERATING ACTIVITIES
Net income (loss) $ 1,169 $ (254)
Adjustments to reconcile net income
(loss) to net cash provided by operating activities:
Depreciation and amortization 2,927 2,265
Provision for doubtful accounts 96 96
Amortization of stock-based compensation 24 73
Amortization of intangible assets 285 285
Gain on the sale of investments (18) (154)
Loss on disposal of property and equipment - 13
Changes in operating assets and liabilities:
Accounts receivable 7,064 1,085
Prepaid expenses and other current assets 1,077 3,283
Other assets 14 203
Accounts payable and other current liabilities (2,705) (1,177)
Accrued restructuring charges (1,193) (1,370)
Deferred revenue (415) 2,877
--------- ---------
Net cash provided by operating activities 8,325 7,225
--------- ---------
INVESTING ACTIVITIES
Purchases of property and equipment, net (812) (3,249)
Purchases of investments (44,808) (71,122)
Sales and maturities of investments 42,590 41,709
--------- ---------
Net cash used in investing activities (3,030) (32,662)
--------- ---------
FINANCING ACTIVITIES
Proceeds from issuance of common stock, net of payments
for repurchases 2,697 3,290
Repurchase and retirement of common stock (7,565) -
--------- ---------
Net cash provided (used) by financing activities (4,868) 3,290
--------- ---------
Effect of foreign currency translation (42) (26)
--------- ---------
Increase (decrease) in cash and cash equivalents 385 (22,173)
Cash and cash equivalents at beginning of period 122,490 131,264
--------- ---------
Cash and cash equivalents at end of period $ 122,875 $ 109,091
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