Quest Software Reports First Quarter 2002 Results
Announces Revenues of $59.3 Million and Pro Forma EPS of $0.04
IRVINE, Calif.--(BUSINESS WIRE)--April 30, 2002--Quest Software Inc. (Nasdaq:QSFT - news), a leading provider of application management solutions, today reported financial results for its first quarter ended March 31, 2002.
Total revenues in the quarter ended March 31, 2002 were $59.3 million compared with total revenues of $63.4 million in the first quarter of 2001. Pro forma net income in the first quarter was $3.4 million, or $0.04 per share on a diluted basis, compared with $5.3 million or $0.06 per share in the year ago quarter.
On an as reported basis, Quest had net income in the first quarter of $1.7 million, or $0.02 per diluted share, as compared with a net loss of $14.8 million or $(0.17) per diluted share in the first quarter of 2001. First quarter 2001 results included $13.5 million of goodwill amortization, which was discontinued in the first quarter of 2002. A reconciliation of pro forma and as reported financial results is included with this news release.
"The key theme for the first quarter was operating discipline," said Vinny Smith, Quest's chairman and chief executive officer. "Our expense control, cash flow and balance sheet were all excellent. While we are highly focused on expenses, we are continuing to build for the future. I remain very confident in our people, our products, our markets and our prospects."
Quest Software will host a conference call today, Tuesday, April 30, 2002, at 2 p.m. PDT to discuss its results. A simultaneous webcast of the conference call will be available on Quest Software's Web site at www.quest.com/about/index.asp in the "Investor Relations" section. The webcast replay will be available on the same Web site through May 21, 2002. A replay of the call will also be available through May 7, 2002, by dialing 800/203-1112 (from the United States or Canada) or 719/457-0820 (outside the United States and Canada), using confirmation code: 545315.
About Quest Software Inc.
Quest Software is a leading provider of application management solutions. The company's products increase the performance and uptime of business-critical applications while driving down the total cost associated with running those applications. By focusing on both the people and technology that make applications run, Quest Software enables IT Professionals to achieve more with fewer resources. Quest Software is based in Irvine, and has offices around the globe. For more information, visit www.quest.com.
Forward-Looking Statements
This release may include predictions, estimates and other information that might be considered forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ from those anticipated as a result of various factors, including the impact of further adverse changes in general economic conditions; further reductions or delays in information technology spending; variations in the size and timing of customer orders; competitive products and pricing; rapid technological change; risks associated with the development and market acceptance of new products; disruptions caused by acquisitions of companies and/or technologies; risks associated with international operations; and the need to attract and retain qualified personnel.
For a discussion of these and other related risks, refer to the company's recent SEC filings, including the "Risk Factors" sections of its Annual Report on Form 10-K for the year ended Dec. 31, 2001. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
