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REDWOOD SHORES, Calif.
13-SEP-2001 06:00 AM
In the aftermath of Tuesday's terrorist attack on the United States, Oracle Corporation is announcing its Q1 quarterly results without comment or elaboration. Oracle has seven people missing in the World Trade Center, and one person lost on United Flight 93. Our heart goes out to all of the families who have lost loved ones. We pray more survivors will be found.
Our efforts and energies are now focused on helping the agencies of our government - relief, law enforcement, intelligence and military - respond to this national emergency. Our people, computers and facilities are being retasked to help these agencies reestablish systems that have been interrupted by the attack.
Oracle recorded first quarter income of $511 million on revenue of $2.2 billion. Earnings per share increased to 9 cents compared with 8 cents in Q1 last year. Operating margins increased from 29% last year to 33% this year. All other numbers are attached. We will issue another press release and hold a conference call when the markets reopen.
ORACLE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
($ in thousands, except per share data)
(unaudited)
Three Months Ended
August 31,
2001 2000
REVENUES
Licenses and other $731,432 $807,238
Services 1,510,613 1,454,637
Total Revenues 2,242,045 2,261,875
OPERATING EXPENSES
Sales and marketing 535,481 572,964
Cost of services 609,873 673,878
Research and development 253,299 251,027
General and administrative 97,614 105,965
Total Operating Expenses 1,496,267 1,603,834
OPERATING INCOME 745,778 658,041
Net investment gains (losses) related to equity
securities (3,301) 15,433
Other income, net 43,134 102,769
INCOME BEFORE TAXES 785,611 776,243
Provision for income taxes 274,964 275,566
NET INCOME $510,647 $500,677
EARNINGS PER SHARE (A)
Basic $0.09 $0.09
Diluted $0.09 $0.08
SHARES OUTSTANDING (A)
Basic 5,579,811 5,604,058
Diluted 5,780,020 5,932,870
(A) All earnings per share and shares outstanding amounts for the three
month period ended August 31, 2000, have been adjusted retroactively
to reflect a 2:1 stock split during the quarter ended November 30,
2000.
ORACLE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
($ in thousands)
August 31, May 31,
2001 2001
(unaudited)
ASSETS
Current Assets
Cash and short term investments $6,051,431 $5,887,661
Trade receivables, net 1,759,789 2,432,131
Prepaid and refundable income taxes 451,170 272,742
Other current assets 314,904 370,616
Total Current Assets 8,577,294 8,963,150
Long-term cash investments 285,544 --
Property and equipment, net 1,026,713 974,751
Prepaid taxes 396,631 376,030
Other assets 899,758 716,229
TOTAL ASSETS $11,185,940 $11,030,160
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Notes payable, including current maturities $3,527 $2,849
Accounts payable 236,782 270,112
Income taxes 1,077,340 767,087
Customer advances and unearned revenues 1,367,240 1,213,529
Other current liabilities 1,381,831 1,663,042
Total Current Liabilities 4,066,720 3,916,619
Long-term debt 300,872 300,847
Deferred income taxes 403,057 327,788
Other Long-term liabilities 195,968 207,135
Stockholders' equity 6,219,323 6,277,771
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $11,185,940 $11,030,160
For more information about Oracle, please call 1-650-506-7000. Oracle's World
Wide Web address is (URL)
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Trademarks
Oracle is a registered trademark of Oracle Corporation. Other names may be
trademarks of their respective owners.
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