EX-99.1 3 y438446kex99-1.txt PRESS RELEASE 1 Exhibit 99.1 AMDOCS LIMITED FOURTH QUARTER REVENUE INCREASES 72.4% TO $315.1 MILLION, ANNUAL REVENUE TOPS $1 BILLION EPS, EXCLUDING ACQUISITION-RELATED CHARGES, INCREASES BY 66.7% TO $0.25 St. Louis, MO - Nov 8, 2000, Amdocs Limited (NYSE: DOX) today reported that for the fourth quarter ended September 30, 2000, revenue reached $315.1 million, an increase of 72.4% over last year's fourth quarter. Excluding acquisition-related charges, net income increased 87.6% to $56.0 million, while earnings per share increased 66.7% to $0.25 per diluted share, compared to net income of $29.8 million, or $0.15 per diluted share, in the fourth quarter of fiscal 1999. The Company's as-reported net income, which includes acquisition-related charges of amortization of goodwill and purchased intangible assets and related tax effects, was $13.0 million, or $0.06 per diluted share, compared to net income of $29.8 million, or $0.15 per diluted share, in the fourth quarter of fiscal 1999. Avi Naor, Chief Executive Officer of Amdocs Management Limited, noted, "Fiscal 2000 has been an outstanding year for Amdocs. We have continued to achieve rapid growth, as reflected by annual revenue surpassing $1 billion for the first time, while maintaining excellent profitability and visibility. This combination of business stability and sustained growth reflects a business model and ongoing revenue stream based on broad, long-term relationships with our customers." The company noted that it continues to strengthen its position as the market leader in customer care and billing systems. This leadership is manifest in key new projects Amdocs has recently been awarded for voice-IP convergence, mobile IP and broadband. "We are leveraging our leadership position in CC&B by enhancing our offering to encompass CRM, order management and other capabilities. This will provide a comprehensive end-to-end communications business infrastructure for our customers," Naor added. Management believes that demand for the company's systems remains strong and is growing in all business arenas. The company will enter fiscal 2001 with an excellent pipeline and high visibility. "As the market leader in a very strong, rapidly expanding market, we have every reason for confidence. We look forward to another year of strong growth and continued success," Naor concluded. The company also noted that for the fiscal year ended September 30, 2000, revenue grew by 78.4% to a record $1.1 billion. Excluding acquisition-related charges of amortization of goodwill and purchased intangible assets, write-off of purchased R&D and related tax effects, net income for fiscal 2000 increased 93.0% to $190.1 million, while diluted earnings per share increased 79.6% to $0.88. Amdocs is the world's leader in customer care and billing systems for communications and IP service providers. Amdocs has an unparalleled success record in project delivery of its mission- 2 critical products. With over 7,300 information systems professionals deployed worldwide, Amdocs supports a global customer base. For more information visit our Web site at www.amdocs.com. Amdocs will host a conference call on Wednesday, November 8 at 5:00 p.m. Eastern Standard Time to discuss the company's fourth quarter results. The call will be carried live on the Internet via www.vcall.com and the Amdocs website, www.amdocs.com. This press release may contain forward looking statements as defined under the Securities Act of 1933, as amended. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the adverse effects of market competition, rapid changes in technology that may render the company's products and services obsolete, potential loss of a major customer, and risks associated with operating businesses in the international market. These and other risks are discussed at greater length in the company's filings with the Securities and Exchange Commission. Contact: Thomas G. O'Brien Treasurer and Director of Investor Relations Amdocs Limited 314/212-8328 E-mail: dox_info@amdocs.com 3 AMDOCS LIMITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) EXCLUDING PURCHASED IN-PROCESS RESEARCH AND DEVELOPMENT, ACQUISITION RELATED COSTS, AMORTIZATION OF GOODWILL AND PURCHASED INTANGIBLE ASSETS AND RELATED TAX EFFECTS (IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED TWELVE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, --------------------------------- ------------------------------- 2000 (1) 1999 2000 (2) 1999 -------------- ------------ ------------- ------------- Revenue: License $ 35,216 $ 22,400 $ 124,822 $ 74,387 Service 279,851 160,316 993,498 552,468 -------------- ------------ ------------- ------------- 315,067 182,716 1,118,320 626,855 Operating expenses: Cost of license 1,278 1,455 5,624 5,515 Cost of service 177,475 103,158 639,900 357,809 Research and development 21,894 12,350 74,852 40,874 Selling, general and administrative 39,136 22,323 137,004 75,659 -------------- ------------ ------------- ------------- 239,783 139,286 857,380 479,857 -------------- ------------ ------------- ------------- Operating income 75,284 43,430 260,940 146,998 Other income (expense), net 4,716 (803) 10,734 (6,223) -------------- ------------ ------------- ------------- Income before income taxes 80,000 42,627 271,674 140,775 Income taxes 24,026 12,788 81,528 42,232 -------------- ------------ ------------- ------------- Net income $ 55,974 $ 29,839 $ 190,146 $ 98,543 ============== ============ ============= ============= Diluted earnings per share $ 0.25 $ 0.15 $ 0.88 $ 0.49 ============== ============ ============= ============= Diluted weighted average number of shares outstanding 227,227 201,906 216,935 200,262 ============== ============ ============= =============
(1) Excludes $54,329 of amortization of goodwill and purchased intangible assets and related tax effects of $11,348. Including the above items, income before income taxes was $25,671 and diluted net income per share was $0.06 for the three months ended September 30, 2000. (2) Excludes $111,199 of amortization of goodwill and purchased intangible assets, $70,319 write off of purchased in-process research and development, $5,298 of acquisition related costs, and tax effects related to the above of $2,648. Including the above items, income before income taxes was $84,858 and diluted net income per share was $0.03 for the twelve months ended September 30, 2000. 4 AMDOCS LIMITED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED TWELVE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ---------------------------- ------------------------------- 2000 1999 2000 1999 ------------ ----------- ------------- ------------- (Unaudited) Revenue: License $ 35,216 $ 22,400 $ 124,822 $ 74,387 Service 279,851 160,316 993,498 552,468 ------------ ----------- ------------- ------------- 315,067 182,716 1,118,320 626,855 Operating expenses: Cost of license 1,278 1,455 5,624 5,515 Cost of service 177,475 103,158 639,900 357,809 Research and development 21,894 12,350 74,852 40,874 Selling, general and administrative 39,136 22,323 137,004 75,659 Amortization of goodwill and purchased intangible assets 54,329 - 111,199 - In-process research and development and other costs - - 75,617 - ------------ ----------- ------------- ------------- 294,112 139,286 1,044,196 479,857 ------------ ----------- ------------- ------------- Operating income 20,955 43,430 74,124 146,998 Other income (expense), net 4,716 (803) 10,734 (6,223) ------------ ----------- ------------- ------------- Income before income taxes 25,671 42,627 84,858 140,775 Income taxes 12,678 12,788 78,880 42,232 ------------ ----------- ------------- ------------- Net income $ 12,993 $ 29,839 $ 5,978 $ 98,543 ============ =========== ============= ============= Basic earnings per share $ 0.06 $ 0.15 $ 0.03 $ 0.50 ============ =========== ============= ============= Diluted earnings per share $ 0.06 $ 0.15 $ 0.03 $ 0.49 ============ =========== ============= ============= Basic weighted average number of shares outstanding 221,105 198,800 212,005 197,436 ============ =========== ============= ============= Diluted weighted average number of shares outstanding 227,227 201,906 216,935 200,262 ============ =========== ============= =============
5 AMDOCS LIMITED CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
AS OF ------------------------------------- SEPTEMBER 30, SEPTEMBER 30, 2000 1999 ---------------- ---------------- ASSETS Current assets Cash and cash equivalents $ 402,300 $ 85,174 Accounts receivable, net 263,100 159,312 Deferred income taxes and taxes receivable 35,179 29,899 Prepaid expenses and other current assets 34,327 16,390 ---------------- ---------------- Total current assets 734,906 290,775 Equipment, vehicles and leasehold improvements, net 128,081 83,997 Goodwill and other intangible assets, net 1,011,053 22,798 Other noncurrent assets 61,045 32,441 ---------------- ---------------- Total assets $ 1,935,085 $ 430,011 ================ ================ LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable and accruals $ 198,445 $ 108,686 Short-term financing arrangements 28,713 8,103 Deferred revenue 133,546 104,688 Deferred income taxes and income taxes payable 55,197 33,412 ---------------- ---------------- Total current liabilities 415,901 254,889 Noncurrent liabilities 88,412 51,385 Shareholders' equity 1,430,772 123,737 ---------------- ---------------- Total liabilities and shareholders' equity $ 1,935,085 $ 430,011 ================ ================