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  • Sybase Reports Record Third Quarter Results, Driven By 11% Revenue Growth

    (EMAILWIRE.COM, October 23, 2008 ) HONG KONG – – Sybase, Inc. (NYSE: SY), the largest enterprise software and services company exclusively focused on managing and mobilizing information, today reported financial results for the third quarter ended September 30, 2008.
    Highlights:

    • Total revenue of $284.0 million, up 11% year over year
    • Database license revenue increased 15% year over year
    • Messaging revenue increased 30% year over year
    • GAAP operating margin of 19%, versus 17% a year ago; non-GAAP operating margin of 24%, versus 22% a year ago
    • GAAP net income of $34.7 million, up 2% year over year; GAAP EPS up 8% year over year
    • Non-GAAP net income of $47.2 million, up 10% year over year; non-GAAP EPS up 17% year over year
    • Cash flow from operations of $53.7 million, up 14% year over year
    • Management raises full-year guidance for revenue, earnings, and cash flow from operations

    2008 Third Quarter Results
    Total revenue for the third quarter of 2008 increased 11% to $284.0 million from $255.3 million in the third quarter of 2007. License revenue grew 9% to $92.9 million from $85.1 million in the third quarter of 2007. Services revenue increased 8% to $146.3 million from $135.8 million a year ago. Messaging revenue grew 30% to $44.7 million from $34.3 million a year ago.
    For the third quarter, operating income calculated in accordance with generally accepted accounting principles (GAAP) increased 19% year over year to $52.9 million, representing an operating margin of 19%. This compares with GAAP operating income of $44.6 million and an operating margin of 17% a year ago.
    GAAP net income increased 2% year over year to $34.7 million from $34.1 million a year ago. GAAP earnings per diluted share (EPS) increased 8% to $0.40 for the 2008 third quarter from $0.37 for the third quarter of 2007.
    Non-GAAP operating income for the third quarter increased 18% year over year to $67.7 million, representing a 24% operating margin. This compares with non-GAAP operating income of $57.3 million, representing a 22% operating margin, in the 2007 third quarter.

    Non-GAAP net income for the 2008 third quarter increased 10% to $47.2 million from $42.8 million for the third quarter of 2007. Non-GAAP EPS for the 2008 third quarter increased 17% to $0.55 from $0.47 for the third quarter of 2007.
    Non-GAAP amounts exclude the amortization of certain purchased intangibles, stock-based compensation, restructuring costs, charges related to the impairment of auction rate securities, and the tax effect of these and related items. Accompanying this release is a reconciliation from GAAP to non-GAAP amounts for the third quarter of 2008.

    "I am extremely pleased with our ongoing momentum in the market and our fourth consecutive quarter of record performance. Our success is attributable to strength in our core database products and messaging services, as well as our diverse business model,” stated John Chen, chairman, CEO and president of Sybase.

    Added Mr. Chen, "Customers are responding well to our new productivity-enhancing solutions, such as risk analytics, enterprise mobile computing, mobile banking, and mobile commerce. Our Unwired Enterprise strategy is key to our strong competitive position and expanding market share in todayÂ’s macro-economic climate.

    “The company’s strong business pipeline, combined with our proven ability to execute, enable us to raise our 2008 financial targets for the third time this year,” concluded Mr. Chen.
    Balance Sheet and Other Data
    At September 30, 2008, Sybase reported $583.9 million in cash and cash investments, including long-term cash investments of $19.3 million and restricted cash of $3.3 million. In the third quarter, the company generated $53.7 million in cash flow from operations.

    Guidance
    For the fourth quarter ending December 31, 2008, management anticipates total revenue in the range of $295 million to $305 million. Management anticipates non-GAAP fully diluted EPS in the range of $0.60 to $0.62 and GAAP EPS in the range of $0.51 to $0.53.

    Management is raising guidance for full-year 2008 revenue, earnings, and cash flow from operations due to the companyÂ’s stronger-than-expected performance in the third quarter of 2008. Management now anticipates total revenue in the range of $1.122 billion to $1.132 billion. Non-GAAP EPS is now anticipated in the range of $2.02 to $2.04, and GAAP EPS is anticipated in the range of $1.54 to $1.56. Management now anticipates cash flow from operations to exceed $250 million.

    The companyÂ’s updated guidance also accounts for an adverse foreign currency impact based on current exchange rates compared to exchange rates at the time the company previously provided full-year guidance on July 23, 2008.

    Accompanying this release is a reconciliation from projected GAAP to non-GAAP amounts for the estimated 2008 fourth quarter and full year results.

    Conference Call and Webcast Information
    The Sybase 2008 third quarter conference call and simultaneous Webcast is scheduled to begin at 7:30 a.m. Pacific Time/10:30 a.m. Eastern Time on Tuesday, October 21, 2008. To access the live Webcast, please visit www.fulldisclosure.com or SybaseÂ’s Website at www.sybase.com at least 20 minutes prior to the call to download any necessary audio or plug-in software. A telephone replay will be available approximately two hours after the conference call ends and will be available until 10:00 p.m. Pacific Time on October 28, 2008. To access the replay, please dial (888) 203-1112 for domestic access and (719) 457-0820 for international callers; the access code for the telephone replay is 2021094. Additionally, the archived Webcast will be available through January 21, 2009 at http://www.sybase.com/about_sybase/investorrelations.

    About Sybase, Inc.
    Sybase is the largest enterprise software and services company exclusively focused on managing and mobilizing information. With our global solutions, enterprises can extend their information securely and make it useful for people anywhere using any device. The worldÂ’s most critical data in commerce, finance, government, and healthcare runs on Sybase. For more information, visit the Sybase Website at http://www.sybase.com.

    Forward-Looking Statements
    Certain statements in this release concerning Sybase, Inc. and its prospects and future growth are forward-looking and involve a number of uncertainties and risks. Factors that could cause actual events or results to differ materially from those suggested by these forward-looking statements include, but are not limited to, the performance of the global economy and growth in software industry sales; market acceptance of the companyÂ’s products and services; customer and industry analyst perception of the company and its technology vision and future prospects; the success of certain business combinations engaged in by the company or by competitors; political unrest or acts of war; possible disruptive effects of organizational or personnel changes; and other factors described in Sybase, Inc.Â’s reports filed with the U.S. Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2007 and its quarterly reports on Form 10-Q for the periods ended March 31, 2008 and June 30, 2008.


    ###

    Issued on behalf of Sybase
    by EBA Communications

    For more information, please contact:
    Lai-Fun Man, (Sybase) : (852) 2506 8750
    (Email: lai.fun.man@sybase.com)
    Mark Leeper / Emma Jenkins (EBA): (852) 2537 8022
    (Email: mark.leeper@ebacomms.com / emma.jenkens@ebacomms.com)


    Sybase, Inc
    Lai-Fun Man
    (852) 2506 8750
    lai.fun.man@sybase.com

    Source: EmailWire.com

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