Tyler Technologies Reports 92% Increase in Operating Income For
First Quarter 2004 Quarterly Revenues Rose 28% DALLAS, April 28
/PRNewswire-FirstCall/ -- Tyler Technologies, Inc. today reported
that operating income for the quarter ended March 31, 2004
increased 92% from the same quarter of 2003, as revenues grew 28%.
Total revenues for the quarter ended March 31, 2004 rose to $41.5
million from $32.3 million in the same period last year.
Software-related revenues (software licenses, software services and
maintenance) grew in the aggregate 33% for the quarter, while
appraisal services revenues increased 18%. Tyler's results include
the operations of Eden Systems, Inc. since its acquisition by Tyler
in December 2003. Pro forma revenues, as if the acquisition of Eden
had occurred as of the beginning of 2003, increased 19% in the
first quarter of 2004. Operating income for the quarter ended March
31, 2004 was $3.4 million, compared with operating income of $1.8
million in the same quarter of 2003. Net income for the three
months ended March 31, 2004 was $2.1 million, or $0.05 per diluted
share. Net income for the three months ended March 31, 2003
amounted to $17.3 million, or $0.36 per diluted share. Excluding an
after-tax realized gain of $16.2 million, or $0.34 per share, in
connection with the cash sale of Tyler's entire investment in
H.T.E., Inc (HTE), net income in the quarter ended March 31, 2003
would have been $1.1 million, or $0.02 per share. EBITDA, or
earnings before interest, income taxes, depreciation and
amortization, totaled $6.3 million, or $0.14 per share, in the
first quarter of 2004. Excluding the realized gain on the HTE
investment in the first quarter of 2003, EBITDA in the first
quarter of 2004 would have increased 61% over EBITDA of $3.9
million, or $0.08 per share, in the first quarter of 2003. EBITDA
for the first quarter of 2003, including the HTE gain of $23.2
million, totaled $27.1 million, or $0.57 per share. Free cash flow
for the first quarter of 2004 was $3.8 million (cash provided by
operating activities of $5.6 million minus capital expenditures of
$1.8 million.) For the first quarter of 2003, free cash flow was
negative $2.0 million (cash provided by operating activities of
$105,000 minus capital expenditures of $2.1 million.) Tyler has no
debt and ended the first quarter of 2004 with $31.8 million in
cash, short-term investments, and certificates of deposit. "This
was, by a wide margin, Tyler's best first quarter in terms of
revenues and operating income since entering the technology
sector," said John M. Yeaman, Tyler's President and Chief Executive
Officer. "Our top-line growth was solid, with organic growth of
approximately 19%. In addition, the Eden Systems acquisition
contributed growth of approximately 9%." Mr. Yeaman added, "Tyler's
overall gross margin was 35.8%, virtually unchanged from the first
quarter of 2003. A continuation of the positive shift in our
revenue mix helped overcome pressure on our appraisal services
margins that resulted from increased use of subcontractors on
certain appraisal projects. In the first quarter of 2004, 77.3% of
our total revenues were software-related, compared to 74.6% of our
revenues in the same quarter of 2003. "Selling, general and
administrative expenses declined to 25% of revenues in the current
quarter from 28% in the same quarter last year. After a slight
increase in amortization of acquisition intangibles, operating
income nearly doubled from the first quarter of last year, and our
operating margin grew to 8.1% from 5.4% last year. "We are
particularly pleased with the strong cash flow we experienced
during the first quarter, which is historically our weakest
quarter," continued Mr. Yeaman. "As expected, our capital spending
for software development this quarter was below last year's level.
In addition, we continued to repurchase our common stock on the
open market under the existing board authorization. During the
first quarter, Tyler repurchased 191,300 shares of common stock at
an average cost of $9.33 per share." "Our outlook for 2004 remains
positive, and our guidance has not changed," said Mr. Yeaman. "We
still expect that revenue growth for the year 2004 will be in a
range of 20% to 24%, with approximately half of the growth coming
from the acquisition of Eden Systems. Net earnings for 2004 are
expected to be in the range of $12 million to $13 million, with
fully diluted earnings per share of $0.27 to $0.29. As in the past
two years, the majority of annual earnings for 2004 are expected to
come in the second half of the year. Tyler's effective income tax
rate for 2004 is currently expected to be approximately 40%. In
addition, we expect that total capital expenditures in 2004 will be
below 2003 expenditures, with capital spending in the range of $8.0
million to $8.5 million." Tyler Technologies will hold a conference
call on Thursday, April 29 at 11:00 a.m. Eastern time to discuss
the Company's results. A live webcast of the call can be accessed
on the Company's Web site at http://www.tylerworks.com/ . A replay
will be available on Tyler's Web site following the conference
call. Based in Dallas, Tyler Technologies is a leading provider of
end-to-end information management solutions and services to local
governments. Tyler partners with clients to make local government
more accessible to the public, more responsive to needs of
citizens, and more efficient. Tyler's client base includes more
than 6,000 local government offices throughout all 50 states,
Canada, Puerto Rico and the United Kingdom. More information about
Tyler Technologies can be found on the World Wide Web at
http://www.tylerworks.com/ . Tyler Technologies, Inc. has included
in this press release "forward- looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995
concerning its business and operations. Tyler Technologies
expressly disclaims any obligation to release publicly any updates
or revisions to these forward-looking statements to reflect any
change in its expectations. These expectations and the related
statements are inherently subject to risks and uncertainties that
could cause actual results to differ materially from those set
forth in, contemplated by, or underlying the forward-looking
statements. The risks and uncertainties which forward-looking
statements are subject to include, but are not limited to, changes
in competition, changes in general economic conditions, changes in
the budgets and regulatory environments of the Company's customers,
risks associated with the development of new products and the
enhancement of existing products, the ability to attract and retain
qualified personnel, and other risks detailed from time to time in
the Company's filings with the Securities and Exchange Commission.
(Comparative results follow) TYLER TECHNOLOGIES, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (Amounts in thousands) March 31, 2004
December 31, (unaudited) 2003 ASSETS Current assets: Cash and cash
equivalents $12,539 $10,268 Short-term investments
available-for-sale 11,747 11,669 Accounts receivable, net 36,727
38,411 Other current assets 4,681 4,237 Deferred income taxes 1,536
1,536 Total current assets 67,230 66,121 Property and equipment,
net 6,238 6,505 Other assets: Certificate of deposit 7,500 7,500
Goodwill and other intangibles, net 100,251 101,812 Other 331 314
Total assets $181,550 $182,252 LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $49,291 $51,148 Deferred income taxes 13,182
13,182 Minority interest 4 15 Shareholders' equity 119,073 117,907
Total liabilities and shareholders' equity $181,550 $182,252 TYLER
TECHNOLOGIES, INC. CONDENSED CONSOLIDATED INCOME STATEMENTS
(Amounts in thousands, except per share data) Three Months Ended
March 31, 2004 2003 Revenues: Software licenses $6,852 $5,460
Software services 11,602 7,706 Maintenance 13,581 10,935 Appraisal
services 7,954 6,751 Hardware and other 1,473 1,473 Total revenues
41,462 32,325 Cost of revenues: Software licenses 2,017 1,544
Software services and maintenance 17,324 13,282 Appraisal services
6,332 4,748 Hardware and other 964 1,107 Total cost of revenues
26,637 20,681 Gross profit 14,825 11,644 Selling, general and
administrative expenses 10,527 9,101 Amortization of acquisition
intangibles 922 785 Operating income 3,376 1,758 Realized gain on
sale of investment in H.T.E., Inc. --- 23,233 Other income
(expense), net 102 9 Income before income taxes 3,478 25,000 Income
tax provision 1,387 7,704 Net income $2,091 $17,296 Earnings per
common share: Basic $0.05 $0.38 Diluted $0.05 $0.36 EBITDA (A)
$6,289 $27,145 EBITDA per diluted share $0.14 $0.57 Weighted
average common shares outstanding: Basic 41,468 45,951 Diluted
45,062 47,738 (A) EBITDA consists of net income before interest,
income taxes, depreciation and amortization. Although EBITDA is not
a calculation in accordance with accounting principles generally
accepted in the United States (GAAP), we believe that EBITDA is
widely used as a measure of operating performance. Nevertheless,
the measure should not be considered in isolation or as a
substitute for operating income, cash flows from operating
activities or any other measure for determining operating
performance or liquidity that is calculated in accordance with
GAAP. In addition, since all companies do not calculate EBITDA in
the same manner, this measure may not be comparable to similarly
titled measures reported by other companies. The following
reconciles EBITDA to net income for the periods presented: Three
Months Ended March 31, 2004 2003 Net income $2,091 $17,296
Amortization of acquisition intangibles 922 785 Depreciation and
other amortization included in cost of revenues and selling,
general and administrative expenses 1,979 1,369 Interest (income)
expense included in other income (expense), net (90) (9) Income tax
provision 1,387 7,704 EBITDA (2003 includes $23,233 gross realized
gain on sale of investment in H.T.E., Inc.) $6,289 $27,145
http://www.newscom.com/cgi-bin/prnh/20020416/TYLLOGO
http://photoarchive.ap.org/ DATASOURCE: Tyler Technologies, Inc.
CONTACT: Brian K. Miller, Vice President - Finance of Tyler
Technologies, Inc., +1-972-713-3720, or Web site:
http://www.tylerworks.com/ Company News On-Call:
http://www.prnewswire.com/comp/118708.html
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