1
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------
FORM 10-Q
X
--- QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1998
OR
--- TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to _____________.
--------------------------------
COMMISSION FILE NUMBER 0-19538
HYPERION SOFTWARE CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 06-1326879
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
900 LONG RIDGE ROAD, STAMFORD, CONNECTICUT 06902
(Address of principal executive offices, including zip code)
(203) 703-3000
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES X NO
--- ---
As of May 1, 1998, there were 19,041,669 shares of the Registrant's common
stock, $.01 par value, outstanding.
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2
Hyperion Software Corporation
Form 10-Q
CONTENTS
PART I. FINANCIAL INFORMATION PAGE
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheet -- March 31, 1998 and June 30, 1997.............................................2
Condensed Consolidated Statement of Income -- Three Months Ended
March 31, 1998 and 1997; Nine Months Ended March 31, 1998 and 1997.................................................3
Condensed Consolidated Statement of Cash Flows --
Nine Months Ended March 31, 1998 and 1997..........................................................................4
Notes to Condensed Consolidated Financial Statements -- March 31, 1998...............................................5
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations...........................6
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K...............................................................................12
SIGNATURES.............................................................................................................13
(C) 1998 Hyperion Software Operations Inc. All rights reserved. Hyperion,
Hyperion Software, the Hyperion Software Logo, Hyperion Admin, Hyperion Analyst,
Hyperion Assets, Hyperion Financials, Hyperion Forms, Hyperion Ledger, Hyperion
OLAP, Hyperion OnTrack, Hyperion Payables, Hyperion Pillar, Hyperion
Receivables, Hyperion Reporting, Hyperion Retrieve, Hyperion Tools, Business
Intelligence, Financial Intelligence, IMRS, LedgerLink, Micro Control and Pillar
are registered trademarks and Hyperion Analytical Ledger, Hyperion Enterprise,
Hyperion Purchasing, HyperionReady, Build&Link, Business Analytics and Listen to
your business are trademarks of Hyperion Software Operations Inc., a
wholly-owned subsidiary of Hyperion Software Corporation. MARVEL COMICS,
SPIDER-MAN: TM & (C) 1998 Marvel Characters, Inc. All rights reserved. All other
trademarks and company names mentioned are the property of their respective
owners.
For further information, refer to the Hyperion Software Corporation annual
report on Form 10-K for the year ended June 30, 1997.
3
Hyperion Software Corporation
Condensed Consolidated Balance Sheet
(in thousands, except for share data)
MARCH 31, JUNE 30,
1998 1997
----------------------------
ASSETS (Unaudited) (Note)
Current assets:
Cash and cash equivalents $ 93,817 $ 67,059
Accounts receivable--net of allowances of $7,000 and $5,300 71,263 64,831
Prepaid expenses and other current assets 4,375 3,243
Deferred income taxes 5,800 3,811
---------------------------
TOTAL CURRENT ASSETS 175,255 138,944
Property and equipment--at cost, less accumulated depreciation
and amortization of $42,143 and $31,029 59,740 57,853
Product development costs--at cost, less accumulated
amortization of $9,598 and $6,796 7,888 8,526
Product distribution rights, goodwill and other intangible assets--
at cost, less accumulated amortization of $10,033 and $7,631 8,928 11,103
Deposits and other assets 3,373 2,213
---------------------------
Total assets $ 255,184 $ 218,639
===========================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 30,473 $ 22,746
Accrued employee compensation and benefits 18,837 19,882
Income taxes payable 8,791 8,898
Deferred revenue 51,250 44,619
Notes payable 513 563
---------------------------
TOTAL CURRENT LIABILITIES 109,864 96,708
Mortgage payable 7,454 7,823
Deferred income taxes 1,071
Stockholders' equity:
Preferred stock--$.01 par value; authorized--1,000,000 shares;
none issued
Common stock--$.01 par value; authorized--50,000,000 shares;
issued--23,385,105 and 22,577,437 shares 234 226
Additional paid-in capital 99,871 85,706
Retained earnings 53,448 41,994
Currency translation adjustments (2,174) (1,376)
Treasury stock, at cost--4,344,599 shares (13,513) (13,513)
---------------------------
TOTAL STOCKHOLDERS' EQUITY 137,866 113,037
---------------------------
Total liabilities and stockholders' equity $ 255,184 $ 218,639
===========================
Note: the balance sheet at June 30, 1997 has been derived from the audited
financial statements at that date.
See accompanying notes.
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Hyperion Software Corporation
Condensed Consolidated Statement of Income (Unaudited)
(in thousands, except per share data)
THREE MONTHS ENDED NINE MONTHS ENDED
MARCH 31, MARCH 31,
1998 1997 1998 1997
-------------------------- ---------------------------
REVENUES
Software licenses $ 30,278 $ 24,038 $ 93,395 $ 70,316
License renewals and services 37,109 26,485 104,126 78,890
-------------------------- ---------------------------
Total revenues 67,387 50,523 197,521 149,206
COSTS AND EXPENSES
Cost of revenues:
Software licenses 1,889 1,840 6,301 5,205
License renewals and services 21,909 17,377 62,665 48,214
Sales and marketing 22,432 17,037 64,489 49,435
Product development 9,379 7,702 26,909 23,605
General and administrative 6,894 4,821 21,140 14,030
-------------------------- ---------------------------
62,503 48,777 181,504 140,489
-------------------------- ---------------------------
OPERATING INCOME 4,884 1,746 16,017 8,717
Interest income 892 453 2,273 1,208
Interest expense (62) (84) (252) (258)
-------------------------- ---------------------------
INCOME BEFORE INCOME TAXES 5,714 2,115 18,038 9,667
Provision for income taxes 2,100 800 6,600 3,675
-------------------------- ---------------------------
NET INCOME $ 3,614 $ 1,315 $ 11,438 $ 5,992
========================== ===========================
EARNINGS PER SHARE
Basic $ .19 $ .08 $ .61 $ .35
Diluted $ .18 $ .07 $ .58 $ .33
AVERAGE NUMBER OF SHARES OUTSTANDING
Basic 18,992 17,496 18,730 17,263
Diluted 19,942 18,769 19,697 18,364
See accompanying notes.
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Hyperion Software Corporation
Condensed Consolidated Statement of Cash Flows (Unaudited)
(in thousands)
NINE MONTHS ENDED
MARCH 31,
1998 1997
------------------------
CASH PROVIDED BY OPERATING ACTIVITIES $ 36,448 $ 32,385
INVESTING ACTIVITIES
Office facility improvements and purchases of furniture,
equipment and software (14,169) (12,948)
Product development costs (2,164) (3,282)
Deposits and intangible assets (252) (1,129)
Business acquisitions (7,104)
--------------------------
Cash used by investing activities (16,585) (24,463)
FINANCING ACTIVITIES
Principal payments on notes payable (419) (486)
Exercise of stock options by employees 8,112 3,866
--------------------------
Cash provided by financing activities 7,693 3,380
Effect of exchange rate changes (798) (697)
--------------------------
INCREASE IN CASH AND CASH EQUIVALENTS 26,758 10,605
Cash and cash equivalents at beginning of period 67,059 42,361
--------------------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 93,817 $ 52,966
==========================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for:
Income taxes $ 5,314 $ 2,157
Interest 237 241
See accompanying notes.
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Hyperion Software Corporation
Notes to Condensed Consolidated Financial Statements (Unaudited)
March 31, 1998
A. BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments, consisting
only of normal recurring accruals, considered necessary for a fair presentation
have been included in the accompanying unaudited financial statements. Operating
results for the three and nine-month periods ended March 31, 1998 are not
necessarily indicative of the results that may be expected for the full year
ending June 30, 1998. For further information, refer to the consolidated
financial statements and footnotes thereto included in the company's annual
report on Form 10-K for the year ended June 30, 1997.
In 1997, the Financial Accounting Standards Board issued Statement of Financial
Accounting Standards No. 128, Earnings per Share. Statement 128 replaced the
previously reported primary and fully diluted earnings per share with basic and
diluted earnings per share. Unlike primary earnings per share, basic earnings
per share excludes any dilutive effects of options, warrants and convertible
securities. Diluted earnings per share is very similar to the previously
reported fully diluted earnings per share. All earnings per share amounts for
all periods have been presented and where necessary restated to conform to the
Statement 128 requirements.
The following table sets forth the computation of basic and diluted earnings per
share ("EPS") (in thousands, except per share data):
THREE MONTHS ENDED NINE MONTHS ENDED
MARCH 31, MARCH 31,
1998 1997 1998 1997
------------------ ------------------
Numerator - net income $ 3,614 $ 1,315 $11,438 $ 5,992
================== ==================
Denominator for basic EPS - weighted-average shares 18,992 17,496 18,730 17,263
Effect of dilutive securities:
Stock option rights 950 1,273 967 1,101
------------------ ------------------
Denominator for diluted EPS - adjusted weighted-average shares and
assumed conversions 19,942 18,769 19,697 18,364
================== ==================
Basic earnings per share $ .19 $ .08 $ .61 $ .35
Diluted earnings per share $ .18 $ .07 $ .58 $ .33
B. CONTINGENCIES
From time to time, in the normal course of business, various claims are made
against the company. At this time, in the opinion of management, there are no
pending claims the outcome of which is expected to result in a material adverse
effect on the financial position of the company.
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7
Hyperion Software Corporation
Management's Discussion and Analysis of
Financial Condition and Results of Operations
OVERVIEW
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Founded in 1981, Hyperion Software Corporation provides software solutions for
better business understanding and improved financial performance. The company's
Internet-enabled applications support and enhance enterprise-wide processes,
including planning, budgeting, forecasting, consolidation and business analysis.
Hyperion solutions are used by large organizations worldwide.
The company derives revenues from licensing its software products and providing
related product installation, support and training services. Customers are
billed an initial fee for the software upon delivery. A license renewal fee
entitling customers to routine support and product updates is billed annually.
Hyperion licenses its products throughout the world primarily through a direct
sales force. Products are also licensed through independent distributors and
sales agents. The company includes in revenues its net share of revenues
generated by distributors. When an agent has facilitated the sale and Hyperion
is the licensor, the license revenue is reported gross and a commission charge
is reflected.
The company operates with a minimal software licensing backlog. Therefore,
quarterly revenues and operating results are quite dependent on the volume and
timing of the signing of licensing agreements and product deliveries during the
quarter, which are difficult to forecast. The company's future operating results
may fluctuate due to these and other factors, such as customer buying patterns,
the deferral and/or realization of deferred software license revenues according
to contract terms, the timing of new product introductions and product upgrade
releases, the company's hiring plans, the scheduling of sales and marketing
programs, new product development by the company or its competitors and currency
exchange rate movements. A significant portion of the company's quarterly
software licensing agreements is concluded in the last month of the fiscal
quarter, generally with a concentration of such revenues earned in the final ten
business days of that month. The company generally has realized lower revenues
in its first (September) and third (March) fiscal quarters than in the
immediately preceding quarters. Total revenues and net income were $67.4 million
and $3.6 million, respectively, for the third quarter of fiscal 1998, and $69.2
million and $4.3 million, respectively, for the second quarter of fiscal 1998.
The company believes that these revenue fluctuations are caused by customer
buying patterns, including traditionally slow purchase activity in the summer
months and low purchase activity in the corporate financial applications market
during the March quarter, as many potential customers are busy with their
year-end closing and financial reporting. In any case, due to the relatively
fixed nature of certain costs, including personnel and facilities expenses, a
decline or shortfall in quarterly and/or annual revenues typically results in
lower profitability or may result in losses.
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Hyperion Software Corporation
Management's Discussion and Analysis of
Financial Condition and Results of Operations
Except for the historical information contained in this report on Form 10-Q, the
matters discussed herein are forward-looking statements that involve risks and
uncertainties. Actual events and the company's future results may vary
significantly based on a number of factors, including those discussed in the
preceding paragraph and in the following section, "Year 2000 Compliance;"
whether the accounting products contemplated to be jointly developed by Baan and
Hyperion are developed in a timely fashion and are accepted by the market (for
further details of the strategic alliance with The Baan Company, see the
Hyperion annual report on Form 10-K for the year ended June 30, 1997, Note B of
the financial statements); whether the proposed coordination of sales prospects
between the companies works in practice and results in increased revenues for
the company; whether the strategic advantages and synergies contemplated to be
gained by the parties are actually able to be realized; and the impact of
competitive products and pricing. Any forward-looking statements should be
considered in light of these factors as well as other risks as detailed in the
company's annual report on Form 10-K for the year ended June 30, 1997. Further,
readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof.
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Hyperion Software Corporation
Management's Discussion and Analysis of
Financial Condition and Results of Operations (continued)
RESULTS OF OPERATIONS
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REVENUES
Third Quarter Ended Nine Months Ended
March 31, 1998 CHANGE 1997 1998 CHANGE 1997
- ----------------------------------------- ---------------------------------------- --------------------------------------------
(dollars in thousands)
Software licenses $30,278 26.0% $24,038 $ 93,395 32.8% $70,316
Percentage of total revenues 44.9% 47.6% 47.3% 47.1%
- ----------------------------------------- ---------------------------------------- --------------------------------------------
License renewals and services $37,109 40.1% $26,485 $104,126 32.0% $78,890
Percentage of total revenues 55.1% 52.4% 52.7% 52.9%
- ----------------------------------------- ---------------------------------------- --------------------------------------------
Software license revenues rose primarily as a result of an increase in the
number of licenses sold (unit volume) versus, for example, price increases. In
particular, the growth in software sales was led by demand for the company's
financial management, budgeting, and business analysis products. In the March
quarter, corporate planning and budgeting product sales increased 104%.
The increase in license renewal and service revenue is mainly attributable to
the year-to-year growth of the company's installed customer base.
Revenues generated from markets outside the United States for the first three
quarters of fiscal 1998 and 1997 were $73.1 million and $55.8 million, or 37%
and 37.4% of total revenues, respectively. Revenue growth was particularly
strong in Canada, Germany, Southeast Asia and the United Kingdom.
In October 1997, the American Institute of Certified Public Accountants issued
Statement of Position 97-2, "Software Revenue Recognition" ("SOP"), which
provides guidance on applying generally accepted accounting principles in
recognizing revenue on software transactions. The company believes that the
requirements of this SOP, which supersede the revenue recognition guidance of
SOP 91-1, do not differ significantly from its revenue recognition practices and
policy requirements. Accordingly, adoption of the SOP, as amended, is not
expected to materially impact the company's results of operations.
COST OF REVENUES
Third Quarter Ended Nine Months Ended
March 31, 1998 CHANGE 1997 1998 CHANGE 1997
- ----------------------------------------- ----------------------------------------- ----------------------------------------
(dollars in thousands)
Software licenses $ 1,889 2.7% $ 1,840 $ 6,301 21.1% $ 5,205
Gross profit percentage 93.8% 92.3% 93.3% 92.6%
- ----------------------------------------- ----------------------------------------- ----------------------------------------
License renewals and services $21,909 26.1% $17,377 $62,665 30.0% $48,214
Gross profit percentage 41.0% 34.4% 39.8% 38.9%
- ----------------------------------------- ----------------------------------------- ----------------------------------------
Cost of software license revenues consists primarily of the cost of product
packaging and documentation materials, amortization of capitalized software
costs, amortization of certain intangible assets related to business
acquisitions, and royalty expenses. The amortization of capitalized software
costs begins upon the general release of the software to customers. The increase
in the cost of software license revenues principally reflects an increase in
royalty fees related to the increase in the number of software licenses sold.
The increase in the cost of license renewal and service revenues was due
primarily to additional staffing expense for both installation and ongoing
support services.
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Hyperion Software Corporation
Management's Discussion and Analysis of
Financial Condition and Results of Operations (continued)
OPERATING EXPENSES
Third Quarter Ended Nine Months Ended
March 31, 1998 CHANGE 1997 1998 CHANGE 1997
- --------------------------------------- ------------------------------------------ -----------------------------------------
(dollars in thousands)
Sales and marketing $22,432 31.7% $17,037 $64,489 30.5% $49,435
Percentage of total revenues 33.3% 33.7% 32.6% 33.1%
- --------------------------------------- ------------------------------------------ -----------------------------------------
Product development $9,379 21.8% $7,702 $26,909 14.0% $23,605
Percentage of total revenues 13.9% 15.2% 13.6% 15.8%
- --------------------------------------- ------------------------------------------ -----------------------------------------
General and administrative $6,894 43.0% $4,821 $21,140 50.7% $14,030
Percentage of total revenues 10.2% 9.5% 10.7% 9.4%
- --------------------------------------- ------------------------------------------ -----------------------------------------
The increase in sales and marketing expenses is primarily due to a net increase
in sales-marketing personnel and an increase in commission costs directly
associated with the increase in software license revenues.
The increase in product development expenses reflects additional personnel and
third-party development costs associated with research and development
activities. In the first three quarters of fiscal 1998 and 1997, the company
capitalized $2.2 million and $3.3 million of software development costs,
respectively, in accordance with Statement of Financial Accounting Standards No.
86, "Accounting for the Costs of Computer Software to be Sold, Leased or
Otherwise Marketed." The amounts capitalized primarily relate to the company's
development of enterprise-wide financial management and analysis solutions for
client/server environments and represented 7.4% and 12.2% of total product
development expenditures. Capitalized software costs are amortized over the
estimated economic life of the product, but generally not more than four years.
The increase in general and administrative expenses resulted, for the most part,
from increases in personnel and professional services costs incurred to support
the growth of the company's overall operations.
INTEREST INCOME
Interest income grew due to the increase, from operations, in cash available for
investment.
PROVISION FOR INCOME TAXES
The company's effective income tax rate for the current nine-month period,
36.6%, reflects the company's expectations for the full year ending June 30,
1998.
NET INCOME
As a result of the above factors, net income for the three and nine-month
periods ended March 31, 1998 increased to $3.6 million or by 175% from $1.3
million and $11.4 million or by 90.9% from $6 million, respectively, for the
corresponding periods of 1997.
To date, the overall impact of inflation on the company has not been material.
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Hyperion Software Corporation
Management's Discussion and Analysis of
Financial Condition and Results of Operations (continued)
LIQUIDITY AND CAPITAL RESOURCES
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To date, the company has financed its business through positive cash flow from
operations and, to a lesser extent, sales of its common stock. For fiscal years
1995, 1996 and 1997, and for the nine months ended March 31, 1998, the company
generated positive cash flow from operations of $28.9 million, $34.1 million,
$47.1 million and $36.4 million, respectively.
Cash used by investing activities amounted to $16.6 million for the first three
quarters of fiscal 1998, including $14.2 million primarily for purchases of
computer equipment and office facility expansion and improvements, and $2.4
million for deposit and intangible asset costs.
Financing activities in the first three quarters of fiscal 1998, including stock
options exercised by employees and payments of indebtedness, generated cash of
$7.7 million. In connection with the stock options exercised by certain of its
employees (for a total of 807,668 common shares), the company recognized (as a
credit to additional paid-in capital) an income tax benefit of $5.9 million for
the nine months ended March 31, 1998.
As of March 31, 1998, the company had cash and cash equivalents of $93.8 million
and working capital of $65.4 million, no long-term debt other than the mortgage
loan (currently at an interest rate of 3.7%) for the Stamford, Connecticut
office and research facility, and its ratio of current assets to current
liabilities was 1.6 to 1. Cash equivalents are comprised primarily of
investment-grade U.S. state and political subdivision obligations with varying
terms of three months or less. The company has long-term credit availability of
$25 million under a revolving credit facility. The company anticipates capital
expenditures of approximately $25 million for its 1998 fiscal year. The company
intends to continue to review potential acquisitions and business alliances that
it believes would enhance its growth and profitability.
From time to time, in the normal course of business, various claims are made
against the company. At this time, in the opinion of management, there are no
pending claims the outcome of which is expected to result in a material adverse
effect on the financial position of the company.
The company believes that funds generated from operations, existing cash
balances and its available credit facility will be sufficient to finance the
company's operations for at least the next two years.
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Hyperion Software Corporation
Management's Discussion and Analysis of
Financial Condition and Results of Operations (continued)
YEAR 2000 COMPLIANCE
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The company is assessing both the readiness of its internal business
information systems for handling the Year 2000 and the compliance of products
sold by the company. The company has determined that it will need to modify or
replace portions of its internal business information systems so that the
systems will function properly with respect to dates in the Year 2000 and
beyond. The company has also initiated discussions with its significant
vendors, service providers and large customers to evaluate Year 2000 issues, if
any, relating to the interaction of their systems with the company's internal
systems. The company anticipates that it will successfully address Year 2000
issues relating to its internal business information systems by the end of
fiscal 1999. The cost of the company's internal systems Year 2000 efforts is
not expected to be material to the company's financial position.
The company believes that its current products are Year 2000 compliant. However,
prior versions of certain of these products currently installed at customer
sites will require upgrading or other modifications to become Year 2000
compliant. The company believes that it is not legally responsible for costs
incurred by these customers to achieve Year 2000 compliance. However, there can
be no assurance that these customers will not assert claims against the company
with respect to Year 2000 issues. The company is taking steps to identify
affected customers, raise customer awareness related to noncompliance of the
company's older products and assist its customers in assessing their risks. The
company may incur increasing customer satisfaction costs related to these
actions over the next few years. Since customer satisfaction programs are
ongoing, the scope of any Year 2000 complications are not fully known and
potential liability issues in certain areas are unclear, the potential impact on
the company's financial position with respect to these matters is not known at
this time.
The company's Hyperion accounting software, a product set formerly offered by
the company, is not Year 2000 compliant. The company is aware of a limited
number of customers continuing to use this product. The company is obligated
under its agreements with certain of these customers to provide upgrades which
are Year 2000 compliant. The company has made available to these customers a
migration path to a product offered pursuant to the company's alliance with
Baan/Coda, which the company believes is Year 2000 compliant. The company also
expects to make available to these customers a Year 2000 compliant release of
its accounting software prior to the end of calendar year 1998. The company
does not expect the cost associated with this compliance effort, including
planning, implementation and testing, to be material to its financial position,
although there can be no assurance that the company will not be required to
incur significant unanticipated costs in relation to its compliance obligations.
While the company believes that its planning efforts are adequate to address
its Year 2000 issues on a timely basis, there can be no assurance that there
will not be a delay in, or increased costs associated with, implementation of
changes to address any such issues, which could have a material adverse effect
on the company and its financial position and future results of operations.
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Hyperion Software Corporation
Part II. Other Information
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
The following exhibits are included herein:
Exhibit No. Description
----------- -----------
10.1 - Amendment No. 2 to Employment Agreement and Senior Advisory
Arrangement between the company and Lucy R. Ricciardi, dated
as of April 16, 1998
10.2 - Employment Agreement with Craig M. Schiff, dated as of
July 1, 1997
The company did not file any reports on Form 8-K during the three months ended
March 31, 1998.
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Hyperion Software Corporation
Form 10-Q
for the three-month period ended March 31, 1998
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Hyperion Software Corporation
/s/ Michael A. Manto 5/13/98
--------------------------------------------------------------
Michael A. Manto Date
Vice President and Corporate Controller
/s/ Lucy Rae Ricciardi 5/13/98
--------------------------------------------------------------
Lucy Rae Ricciardi Date
Senior Vice President and Chief Financial Officer
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