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CA reports third quarter fiscal year 2010 results, names new CEO |
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Independent IT management software company CA Inc. has reported financial results for its third quarter of fiscal year 2010, ended December 31, 2009. CA's North American revenue was $655 million, up 8 percent as reported from the prior year period. Its international revenue was $473 million, up 9 percent as reported year-over-year. Total revenue backlog was $7.916 billion, up 13 percent as reported over the prior year.  CA said its third quarter results include an approximate $10 million contribution to revenue from the acquisition of NetQoS Inc., which closed in November 2009, and currency exchange rates also had a favorable impact on total revenue of approximately $48 million during the third quarter as compared to the same quarter of the previous fiscal. Total bookings in the third quarter were $1.371 billion, up 10 percent as reported, compared to the prior year period. CA signed 16 license agreements during the quarter with aggregate values over $10 million for a total of $514 million, as compared with 18 license agreements totaling $471 million in the third quarter of fiscal year 2009. CA Total GAAP expenses, before interest and income taxes, for the third quarter were $777 million, up 1 percent in constant currency and up 6 percent as reported from the prior year. GAAP operating income, before interest and income taxes, was $351 million, up 11 percent in constant currency and 14 percent as reported compared to the prior year period. The company recorded a GAAP operating margin of 31 percent, a 1 percentage point improvement as reported from the prior year period. GAAP diluted earnings per share for the quarter were up 26 percent as compared to the same quarter in the prior year. The company's GAAP tax rate was 21.6 percent during the quarter, and third quarter cash flow from operations was $342 million, as compared with $292 million in the prior year period. The balance of cash and cash equivalents at Dec. 31, 2009, was $2.624 billion and a net cash position of $1.079 billion with $1.545 billion in total outstanding debt. During the quarter, CA issued $750 million of 10-year Senior Notes at 5.375 percent and utilized the proceeds to pay down $500 million of the $750 million drawn on the company’s $1 billion revolving credit facility. It also paid down $636 million of debt that matured in December, with cash on hand, which Included around $460 million in convertible debt. The third quarter of fiscal year 2010 included a $200 million cash payment for the above mentioned acquisition of NetQoS. During the quarter, CA repurchased about $40 million of its common stock under its previously announced $250 million stock repurchase program. It said for its outlook for Fiscal Year 2010, it expects total revenue growth in a range of 2 to 4 percent in constant currency, which translates to reported revenue of $4.3 billion to $4.4 billion, and GAAP diluted earnings per share growth in constant currency in a range of 18 percent to 26 percent, which translates to reported diluted earnings per share of $1.46 to $1.57 at current exchange rates. CA's Board of Directors unanimous elected William E McCracken as the company's CEO. McCracken previously served as executive chairman since John A Swainson’s retirement as CEO was announced in September 2009. He now holds both the CEO and chairman of the board positions at the Company. “We are very pleased with our third quarter performance,” said McCracken. “We achieved robust revenue growth, improved both GAAP and non-GAAP operating margins by a percentage point year-over-year, and reported strong cash flow from operations of $342 million.” |
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