MALMO, Sweden, Jan. 24, 2002 (PRIMEZONE) -- Telelogic (Stockholm Exchange:TLOG), the leading global provider of solutions for advanced software and systems development, today announced financial results for the fourth quarter and year ended December 31, 2001.
Revenue for Q401 declined 13 percent to US$36.4 million (SEK 380 million) compared to US$42 million (SEK 437.7 million) for FY00. During Q401, sales of new licenses, maintenance agreements and services all decreased 13% over the comparable period of FY00. The decrease in revenues reflects the continued slowdown in the global economy.
For FY01, revenues grew 70 percent to US$143.3 million (SEK 1,495 million) compared to US$84.5 million (SEK 881.2 million) for FY00. During FY01, sales of new licenses and maintenance agreements increased 70% and services increased 68% over the comparable period of FY00.
Telelogic reported a positive operating profit in the fourth quarter. Excluding goodwill amortization and costs for restructuring, earnings amounted to US$4.8 million (SEK 50.1 million). This corresponds to an operating margin excluding restructuring costs and goodwill amortization of 13.2%. The corresponding earnings for the full year were US$-13.2 million (SEK -137.9 million). Earnings after net financial income/expense were burdened by a non-recurring write-off for goodwill of US$166.8 million (SEK 1,740.2 million), and for the full-year amounted to US$-203.5 million (SEK -2,123.6 million). The continuing decrease in expenses reflects management's strong financial controls and commitment to regaining positive cash flow for the company.
"Despite a rough year and slow economy, we were able to see strong growth in our FY01 sales and strong operating margins in our fourth quarter. This further validates our products technical leadership and their strategic value to our customers core development activities," said Anders Lidbeck, President and CEO of Telelogic. "Our technology is more than a 'nice-to-have,' it is becoming a critical success factor for our clients and enabling them to maintain tight development deadlines, improve product quality and overall streamline the software and systems development lifecycle.
"While the market climate has stabilized somewhat in the U.S. and Europe, we saw softer demand in Asia, during the fourth quarter. Overall demand is lower compared with the beginning of 2001. However, Telelogic's new subsidiaries in Korea, India and China continue to show good growth and high profitability."
Note: The results presented are based on Swedish Accounting Principles and include the effects of the acquisitions in the year 2000. This report has not been subject to special review by Telelogic's auditors. During the quarter, there has been no modification of the accounting principles.
For additional information and the detailed quarterly report, please refer to http://www.telelogic.com/investor/
Safe Harbor Statement
The foregoing, including the discussion regarding the company's future prospects, contains certain forward-looking statements that involve risks and uncertainties, including uncertainties associated with economic conditions in the high-tech industry, particularly in the principal industry sectors served by the company, changes in customer requirements, the ability of the company to assimilate acquired businesses and to achieve the anticipated benefits of such acquisitions, competition and technological change. The company's actual results of operations may differ significantly from those contemplated by such forward-looking statements as a result of these and other factors, including factors set forth in the company's 2000 Annual Report.
About Telelogic
Founded in 1983, Telelogic(r) (www.telelogic.com) is the leading global provider of solutions for advanced software and systems development. The company's automated application lifecycle solution includes integrated best-in-class software and professional services for requirements management, change and configuration management, development, testing, and documentation. Telelogic enables organizations to improve quality and predictability, while reducing time-to-market and overall costs in software and systems development. Built on an open architecture that ensures interoperability with other leading third-party solutions, Telelogic's products are based on international standardized languages and notations. Telelogic participates in 3GPP, Bluetooth SIG and OMG to create future communication technologies and visual software development languages.
Headquartered in Malmo, Sweden the company has more than 1,000 employees worldwide. Customers include Airbus, Alcatel, BMW, Boeing, BT, DaimlerChrysler, Deutsche Bank, Ericsson, Lockheed Martin, Lucent Technologies, Motorola, NEC, Nokia, Philips and Siemens.
Telelogic, Telelogic DOORS, and Telelogic Tau are the registered trademarks of Telelogic AB. All other trademarks are the properties of respective holders.
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download: www.waymaker.net/bitonline/2002/01/24/20020124BIT00060/bit0002.doc Year and report www.waymaker.net/bitonline/2002/01/24/20020124BIT00060/bit0002.pdf Year and report