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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-
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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: [email protected]
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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)
<TABLE>
<CAPTION>
THREE MONTHS ENDED TWELVE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
--------------------------------- -------------------------------
2000 (1) 1999 2000 (2) 1999
-------------- ------------ ------------- -------------
<S> <C> <C> <C> <C>
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
============== ============ ============= =============
</TABLE>
(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.
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AMDOCS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS ENDED TWELVE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
---------------------------- -------------------------------
2000 1999 2000 1999
------------ ----------- ------------- -------------
(Unaudited)
<S> <C> <C> <C> <C>
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
============ =========== ============= =============
</TABLE>
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AMDOCS LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
<TABLE>
<CAPTION>
AS OF
-------------------------------------
SEPTEMBER 30, SEPTEMBER 30,
2000 1999
---------------- ----------------
<S> <C> <C>
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
================ ================
</TABLE>
