Geac announces fourth quarter and year end results for fiscal year
2005 Full-Year Diluted Net Earnings Per Share Increased to $0.87 in
FY 2005 From $0.66 in FY 2004 MARKHAM, ON and SOUTHBOROUGH, MA,
June 22 /PRNewswire-FirstCall/ -- Geac Computer Corporation Limited
(TSX: GAC and NASDAQ: GEAC), a global enterprise software company
dedicated to addressing the needs of CFOs, today announced its
fourth quarter and year end financial results for the three and
twelve months ended April 30, 2005. Fourth Quarter Revenue
Highlights
-------------------------------------------------------------------------
% Change % Change Over Over US$ thousands Q4 FY2005 Q3 FY2005 Q4
FY2004 Q3 FY2005 Q4 FY2004
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Software Revenue $22,270 $18,211 $18,387 22.3% 21.1%
-------------------------------------------------------------------------
Support & Services Revenue $91,991 $90,596 $93,517 1.5% (1.6%)
-------------------------------------------------------------------------
Hardware Revenue $2,943 $5,083 $4,201 (42.1%) (29.9%)
-------------------------------------------------------------------------
Total Revenue $117,204 $113,890 $116,105 2.9% 0.9%
-------------------------------------------------------------------------
Geac reported total revenue in the fourth quarter of fiscal year
(FY) 2005 of $117.2 million, an increase of $1.1 million, or 0.9%,
compared to $116.1 million in total revenue in the fourth quarter
of FY 2004, and an increase of $3.3 million, or 2.9%, compared to
$113.9 million in the third quarter of FY 2005. License revenue for
the fourth quarter of FY 2005 was $22.3 million, an increase of
$3.9 million, or 21.1%, compared to $18.4 million for the same
period last year, and an increase of $4.1 million, or 22.3%,
compared to $18.2 million in the third quarter FY 2005. This
reflects a five-year record in software license growth at Geac. For
the fourth quarter, the Company recorded increases in
year-over-year license sales across all of its major enterprise
applications, including Geac Performance Management, Enterprise
Server, System21, Runtime, Anael and SmartStream. As a percentage
of total revenue, license revenue increased from 15.8% in the
fourth quarter of FY 2004 to 19.0% in the fourth quarter of FY 2005
this year. "Internally developed new products contributed
significantly to our software license revenue growth in the fourth
quarter of FY 2005. Overall contracted sales of these new products
amounted to $6.6 million in license fees. This entire amount,
however, did not translate into software license revenue in the
quarter, but will be recognized as revenue in future quarters as
all the criteria for revenue recognition are met. If all contracted
sales of internally developed new products had been recognized as
revenue in the quarter, total fees from these license sales would
have represented approximately 28% of software license revenue,"
said Charles S. Jones, President and Chief Executive Officer of
Geac. Net earnings in the fourth quarter of FY 2005 were $18.6
million, or $0.21 per diluted share, compared to $23.8 million, or
$0.27 per diluted share, in the fourth quarter of FY 2004. The
decrease in net earnings during this period resulted in part from
an increase in our effective tax rate, which was 3.7% in the fourth
quarter of FY 2004 and 23.2% in the fourth quarter of FY 2005. The
effective tax rate in the fourth quarter of each of FY 2004 and FY
2005 was reduced as a result of the release of reserves and
valuation allowances, which positively affected our net earnings in
those quarters. Operating expenses were $54.3 million in the fourth
quarter of FY 2005, an increase of $5.6 million, or 11.5%, from
$48.7 million in the fourth quarter of FY 2004. This increase was
due primarily to additional expenditures in sales, marketing and
development and to increased general and administrative expenses
related to non-cash stock-based compensation incentives,
Sarbanes-Oxley compliance, and certain merger and acquisition
initiatives. Full Year Revenue Highlights
-------------------------------------------------------------------------
US$ thousands Fiscal Year 2005 Fiscal Year 2004 % Change
-------------------------------------------------------------------------
Software Revenue $71,040 $65,190 9.0%
-------------------------------------------------------------------------
Support & Services Revenue $360,947 $355,019 1.7%
-------------------------------------------------------------------------
Hardware Revenue $12,405 $25,063 (50.5%)
-------------------------------------------------------------------------
Total Revenue $444,392 $445,272 (0.2%)
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Revenue for the twelve months ended April 30, 2005 was $444.4
million, a decline of $0.9 million, or 0.2%, compared to $445.3
million for the year ended April 30, 2004. Each of support,
services and license revenue increased, largely offsetting a $12.7
million hardware decline. We continue intentionally to de-emphasize
the resale of lower-margin hardware sales. License revenue for FY
2005 was $71.0 million, an increase of $5.9 million, or 9.0%,
compared to $65.2 million for FY 2004. As a percentage of total
revenue, license revenue increased from 14.6% in FY 2004 to 16.0%
in FY 2005. For the twelve months ended April 30, 2005, operating
expenses increased $1.9 million, or 1.0%, to $199.9 million,
compared to $197.9 million in the same period of FY 2004. The
increase was primarily caused by an increase in sales and marketing
of $4.0 million, offset by a decline in general and administrative
expenses of $4.3 million. Earnings from operations for the twelve
months ended April 30, 2005 increased $11.9 million, or 16.5%, to
$84.2 million, compared to $72.2 million in the same period of FY
2004. This increase resulted from an improvement in gross profit,
partially offset by an increase in overall operating expenses. Net
earnings for FY 2005 grew to $77.0 million, or $0.87 per diluted
share, compared to $57.2 million, or $0.66 per diluted share, in FY
2004. The increase in net earnings during this period resulted in
part from a decrease in our effective tax rate, which was 19.3% in
FY 2004 and 12.6% in FY 2005. The effective tax rate in each of FY
2004 and FY 2005 was reduced as a result of the release of reserves
and valuation allowances positively impacting our net earnings in
those years. "In FY 2005, we have been able to deliver more than a
34% increase in profitability to our shareholders by taking
deliberate and calculated steps to innovate to improve our
business, our products and our customer relationships, and by
continuing to focus on fiscal discipline," Mr. Jones said. "In the
last quarter of our 2005 fiscal year, we were particularly pleased
with the growth of both license sales and total revenue, as these
gains marked the first time in recent corporate history that our
fourth quarter revenue exceeded our third quarter revenue. Growth
in these important areas is notable, particularly when one
considers that hardware revenue was 42.1% less in the fourth
quarter than it was in the third, as we continue to trend away from
lower-margin sales. With targeted expenditures in sales, marketing
and development, as we outlined at the beginning of the year, and
with increasing efforts around our enterprise product integration,
we are pleased to have achieved our stated goals of license revenue
growth and enhanced customer retention and acquisition in what
continues to be a very competitive market climate." "Geac
successfully generated cash from operations throughout the year
resulting in $188.2 million on our balance sheet - a $75.7 million
increase over our fiscal year-end position in 2004 in cash and
short-term investments. This strong cash position should assist us
in accomplishing our growth strategy as we continue to examine
acquisition opportunities that would enhance our existing product
lines, expand our customer base and build our total revenue," said
Donna de Winter, Chief Financial Officer of Geac. "As part of our
long-term non-dilutive equity incentive program for management, we
have funded fully the Restricted Share Units (RSU) that vest over
the next three years through open market purchases completed on May
4, 2005 totaling 1,358,250 shares, which are currently held in
trust for our employee recipients. The cash for these post April
30th closing open market purchases has been deducted from our cash
position on the April 30, 2005 balance sheet, and is included in
restricted cash." Geac's decision to use RSUs instead of dilutive
stock options as our management incentive plan, coupled with the
adoption of the expensing of stock-based compensation per section
3870 of the CICA handbook, will put increasing pressure on our
generally accepted accounting principles ("GAAP") net earnings.
Customers --------- In the fourth quarter, Geac closed
approximately 470 deals in the Enterprise Applications Systems
(EAS) segment of its business. Thirty-eight of these deals each
exceeded $150,000 - a 35.7% increase in the number of deals this
size over Q3 FY 2005 - and the average deal size within this group
was more than $420,000, also a significant increase over the
previous quarter, in which the deals in excess of $150,000 averaged
$350,000. As Geac outlined in its third quarter earnings
announcement in March of 2005, the Company is focused on
industry-specific campaigns that capitalize on its collective
expertise and established customer base and partnerships in the
Government and Financial Services sectors. Particularly strong
evidence of Geac's success in the government segment was a fourth
quarter contract with a value in excess of $1 million dollars with
Infraero, a Ministry of Defense agency that manages airports for
the government of Brazil. This contract augments the Company's
presence in a notable emerging growth economy and adds to a long
list of government contracts for Geac worldwide. It was one of
three contracts closed this quarter in excess of $1 million.
Supporting the Company's proactive efforts in the Financial
Services sector, Geac won contracts with two global investment
banks with total managed assets for each in excess of $1.1
trillion; with one of the oldest mutual life insurers in the U.S.;
with a major bank in the mid-Atlantic region of the U.S. serving
customers in 59 countries; and with a leading bank with regional
branches in Australia, New Zealand and the United Kingdom, among
other similar contracts in the fourth quarter. Geac gained 54 net
new EAS customers in the fourth quarter, compared to 52 net new
customers in the third quarter of FY 2005. In support of Geac's
product development efforts, Ventana Research, the leading
Performance Management research and advisory services firm, named
Geac its "Overall Category Winner" for the advances and success of
its MPC performance management product family. To learn more about
deals Geac closed in both its EAS and ISA divisions, please visit
http://www.geac.com/object/customers05.html. Concluding Remarks
"However strong we feel the fourth quarter results have been, these
results do not indicate for us that we have overcome the
seasonality of our revenue and profits, in which the first quarter
has been traditionally the weakest. In the fourth quarter, we
benefited from many parts of our diverse business performing well
at the same time, and, in some areas, from a benefit associated
with the value of the U.S. dollar. Further, while we remain focused
on cost control, we face significantly higher general and
administrative costs due to Sarbanes-Oxley and continued selling
and marketing expenses. For these reasons and as we stated in the
second and third quarter announcements, we remain uncertain about
whether we can maintain our current level of profit going forward,"
commented Mr. Jones. "That said, however, we are optimistic about
the future, and by far the most encouraging part of this quarter's
results was our ability to grow sales from internally developed
products even in a challenging enterprise software market that is
plagued by frugally managed IT budgets and industry consolidation.
We are pleased that in this competitive environment, we were able
to increase the number and the size of our new deals in the fourth
quarter of FY 2005, which, in turn, fueled both license and total
revenue growth and increased earnings. We are hopeful that our
increased cash position will afford us enhanced opportunity as we
move forward with internal development and acquisition initiatives
to deliver expanded product suites to existing and new customers."
To understand better this press release and for more in-depth
analysis of these financial results, please see our Management
Discussion and Analysis and our audited consolidated financial
statements and notes for the fiscal years ended April 30, 2005 and
April 30, 2004, which will be filed today with the Canadian
Securities Administrators at http://www.sedar.com/ and the United
States Securities and Exchange Commission at http://www.sec.gov/.
They will also be posted on our website at http://www.geac.com/
later today. A corporate fact sheet for the quarter and year can be
found at http://www.geac.com/object/factsheetQ405.html. Earnings
Call Management will discuss the results announced on a conference
call scheduled for later today, Wednesday, June 22, 2005, at 5:15
p.m. Eastern Time. Listeners may access the conference call at
416.405.9328 / 800.387.6216, or via webcast at
http://www.investors.geac.com/. A replay of the conference call
will be available from June 22, 2005 at approximately 9:00 p.m.
Eastern Time until July 1, 2005 at 11:59 p.m. Eastern Time. The
replay can be accessed at 416.695.5800 or 1.800.408.3053. The pass
code for the replay is 3156079 followed by the number sign. The
conference call will be broadcast over Geac's web site at
http://www.investors.geac.com/. Attendees will need to log in at
least 15 minutes prior to the call. About Geac Geac (TSX: GAC,
NASDAQ: GEAC) is a leading global provider of software and services
for businesses and governmental bodies providing customers with
financial and operational technology solutions to optimize their
financial value chain. Further information is available at
http://www.geac.com/ or through email at . Geac trades on the
Toronto Stock Exchange under the symbol "GAC" and on the NASDAQ
National Market under the symbol "GEAC" and had 86,377,012 common
shares issued and outstanding at April 30, 2005. This press release
contains forward-looking statements of Geac's intentions, beliefs,
expectations and predictions for the future. These forward-looking
statements often include use of the future tense with words such as
"will," "may," "intends," "anticipates," "expects" and similar
conditional or forward-looking words and phrases. These
forward-looking statements are neither promises nor guarantees.
They are only predictions that are subject to risks and
uncertainties, and they may differ materially from actual future
events or results. Geac disclaims any obligation to update any such
forward-looking statements after the date of this release. Among
the risks and uncertainties that could cause a material difference
between these forward-looking statements and actual events include,
among other things: our ability to increase revenues from license
sales, cross-sell into our existing customer base and reduce
customer attrition; whether we can identify and acquire synergistic
businesses and, if so, whether we can successfully integrate them
into our existing operations; whether we are able to deliver
products and services within required time frames and budgets to
meet increasingly competitive customer demands and performance
guarantees; risks inherent in fluctuating international currency
exchange rates in light of our global operations and the
unpredictable effect of geopolitical world and local events;
whether we are successful in our continued efforts to manage
expenses effectively and maintain profitability; our ability to
achieve revenue from products and services that are under
development; the uncertain effect of the competitive environment in
which we operate and resulting pricing pressures; and whether the
anticipated effects and results of our new product offerings and
successful product implementation will be realized. These and other
potential risks and uncertainties that relate to Geac's business
and operations are summarized in more detail from time to time in
our filings with the United States Securities and Exchange
Commission and with the Canadian Securities Administrators,
including Geac's most recent quarterly reports available through
the website maintained by the SEC at http://www.sec.gov/ and
through the website maintained by the Canadian Securities
Administrators and the Canadian Depository for Securities Limited
at http://www.sedar.com/. Geac is a registered trademark of Geac
Computer Corporation Limited. All other marks are trademarks of
their respective owners. Geac's financial statements and the
financial information included in this press release have been
prepared in accordance with Canadian generally accepted accounting
principles. In addition, the financial statements and the financial
information included in this press release, as well as this press
release itself, have been reviewed and approved by both the Audit
Committee and the Board of Directors of the Company. Geac Computer
Corporation Limited Consolidated Balance Sheets As at April 30,
2005 and 2004 (amounts in thousands of U.S. dollars) April 30,
--------- 2005 2004 ------------ ------------ (Revised - Assets see
note 1) Current assets: Cash and cash
equivalents..................... $ 188,242 $ 86,050 Restricted
cash............................... 4,808 95 Short-term
investments........................ - 26,500 Accounts receivable
and other receivables..... 56,853 55,837 Future income
taxes........................... 8,292 15,247 Prepaid expenses and
other assets............. 8,230 8,437 ------------ ------------
Total current assets........................ 266,425 192,166
Restricted cash............................... 3,039 1,781 Future
income taxes........................... 34,558 21,741 Property,
plant and equipment................. 22,005 23,843 Intangible
assets............................. 23,841 32,628
Goodwill...................................... 110,142 128,366
Other assets.................................. 6,156 6,378
------------ ------------ Total
assets............................... $ 466,166 $ 406,903
------------ ------------ ------------ ------------ Liabilities and
Shareholders' Equity Current liabilities: Accounts payable and
accrued liabilities...... $ 73,373 $ 79,691 Income taxes
payable.......................... 22,997 34,538 Current portion of
long term debt............. 424 391 Deferred
revenue.............................. 112,605 117,927 ------------
------------ Total current liabilities................... 209,399
232,547 Deferred revenue.............................. 2,058 2,256
Employee future benefits...................... 26,334 23,967 Asset
retirement obligations.................. 1,678 1,648 Accrued
restructuring......................... 1,769 5,864 Long term
debt................................ 4,630 4,550 ------------
------------ Total liabilities........................... 245,868
270,832 Shareholders' Equity Preference shares; no par value;
unlimited shares authorized; none issued or
outstanding.................................. - - Common shares; no
par value; unlimited shares authorized; issued and outstanding as
at April 30, 2005-86,377,012
(2004-85,174,785)............................ 131,445 124,019
Treasury shares; issued and outstanding as at April 30,
2005-816,598 (2004-nil)...... (6,979) - Common stock
options.......................... 12 44 Contributed
surplus........................... 6,353 2,368 Retained
earnings............................. 111,541 34,517 Cumulative
foreign exchange translation
adjustment................................... (22,074) (24,877)
------------ ------------ Total shareholders'
equity.................. 220,298 136,071 ------------ ------------
Total liabilities and shareholders'
equity..................................... $ 466,166 $ 406,903
------------ ------------ ------------ ------------ Approved by the
Board of Directors /s/ C. KENT JESPERSEN /s/ ROBERT L. SILLCOX C.
Kent Jespersen Robert L. Sillcox Chairman Chair of the Audit
Committee Geac Computer Corporation Limited Consolidated Statements
of Earnings For the years ended April 30, 2005 and 2004 (amounts in
thousands of U.S. dollars, except share and per share data) Three
months ended Year ended April 30, April 30, -----------------------
----------------------- 2005 2004 2005 2004 ----------- -----------
----------- ----------- Revenue: Software $ 22,270 $ 18,387 $
71,040 $ 65,190 Support and services 91,991 93,517 360,947 355,019
Hardware 2,943 4,201 12,405 25,063 ----------- -----------
----------- ----------- Total revenue 117,204 116,105 444,392
445,272 Cost of revenue: Costs of software 1,903 2,171 7,991 7,663
Costs of support and services 37,184 37,598 142,634 146,316 Costs
of hardware 2,204 3,273 9,732 21,117 ----------- -----------
----------- ----------- Total cost of revenue 41,291 43,042 160,357
175,096 ----------- ----------- ----------- ----------- Gross
profit 75,913 73,063 284,035 270,176 Operating expenses: Sales and
marketing 21,737 18,810 78,086 74,051 Product development 15,123
14,395 57,878 58,805 General and administrative 17,063 14,768
58,472 62,774 Net restructuring and other unusual items (1,969)
(1,527) (3,724) (5,281) Amortization of intangible assets 2,313
2,226 9,161 7,589 ----------- ----------- ----------- -----------
Total operating expenses 54,267 48,672 199,873 197,938 Earnings
from operations 21,646 24,391 84,162 72,238 Interest income 1,266
366 3,318 1,265 Interest expense (404) (447) (1,583) (1,289) Other
income (expense), net 1,770 390 2,252 (1,374) -----------
----------- ----------- ----------- Earnings from operations before
income taxes 24,278 24,700 88,149 70,840 Income taxes 5,640 920
11,125 13,674 ----------- ----------- ----------- ----------- Net
earnings $ 18,638 $ 23,780 $ 77,024 $ 57,166 -----------
----------- ----------- ----------- ----------- -----------
----------- ----------- Basic net earnings per share $ 0.22 $ 0.28
$ 0.90 $ 0.68 ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- Diluted net
earnings per share $ 0.21 $ 0.27 $ 0.87 $ 0.66 -----------
----------- ----------- ----------- ----------- -----------
----------- ----------- Weighted average number of common shares
used in computing basic net earnings per share ('000s) 85,903
84,977 85,574 84,645 ----------- ----------- -----------
----------- ----------- ----------- ----------- -----------
Weighted average number of common shares used in computing diluted
net earnings per share ('000s) 89,773 87,591 88,170 86,233
----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- Geac Computer Corporation
Limited Consolidated Statements of Cash Flows For the years ended
April 30, 2005 and 2004 (amounts in thousands of U.S. dollars) Year
ended April 30, 2005 2004 ------------ ------------ (Revised - see
note 1) Cash Flows from Operating activities Net
earnings.................................. $ 77,024 $ 57,166
Adjustments to reconcile net earnings to net cash provided by
operating activities: Depreciation................................
5,930 7,243 Amortization of intangible assets........... 9,161
7,589 Amortization of deferred financing costs.... 943 607 Stock
based compensation.................... 6,527 2,385 Employee future
benefits.................... 4,370 2,272 Future income tax
expense................... 20,649 6,044 Release of tax
reserves..................... (14,113) (3,020) Accrued liabilities
and other provisions.... (2,165) (6,015) Gain on sale of
assets...................... - (243)
Other....................................... 64 (46) Changes in
operating assets and liabilities: Accounts receivable and other
receivables.............................. 1,844 18,809 Prepaid
expenses and other assets......... 788 4,902 Other
assets.............................. (627) (2,552) Accounts payable
and accrued liabilities.. (4,947) (16,104) Accrued
restructuring..................... (10,560) (1,685) Asset
retirement obligations.............. (159) - Income taxes
payable...................... (4,216) 4,367 Deferred
revenue.......................... (8,952) (12,983)
Other..................................... (1,605) (2,150)
------------ ------------ Net cash provided by operating
activities..... 79,956 66,586 ------------ ------------ Cash Flows
from Investing activities Acquisition of Comshare less cash
acquired.... - (39,147) Proceeds from sale of assets less cash
divested..................................... - 339 Purchases of
investments...................... (4,525) (90,203) Sales of
investments.......................... 31,025 83,703 Additions to
property, plant and equipment.... (3,417) (3,907) Disposals of
property, plant and equipment.... 46 278 Change in restricted
cash..................... (5,893) 652 ------------ ------------ Net
cash provided by (used in) investing
activities................................... 17,236 (48,285)
------------ ------------ Cash Flows from Financing activities
Deferred financing costs...................... - (2,828) Issue of
common shares........................ 5,767 2,907 Purchase of
common shares..................... (6,979) - Issuance of long-term
debt.................... 180 918 Repayment of long term
debt................... (447) (3,793) ------------ ------------ Net
cash used in financing activities......... (1,479) (2,796)
------------ ------------ Effect of exchange rate changes on cash
and cash equivalents......................... 6,479 726
------------ ------------ Cash and cash equivalents Net increase in
cash and cash equivalents..... 102,192 16,231 Cash and cash
equivalents - Beginning of
year......................................... 86,050 69,819
------------ ------------ Cash and cash equivalents - End of
year....... $ 188,242 $ 86,050 ------------ ------------
------------ ------------ Geac Computer Corporation Limited
Supplementary Information April 30, 2005 and 2004 (amounts in
thousands of U.S. dollars, except share and per share data) NOTE 1.
RECLASSIFICATION Short-term Investments The Company has adjusted
its consolidated balance sheet as at April 30, 2004, and its
consolidated statements of cash flows for the year ended April 30,
2004. In February 2005, the Company determined that its previously
issued consolidated balance sheet as at April 30, 2004 required an
adjustment to reclassify $26,500 of auction rate securities from
cash and cash equivalents to short-term investments. The auction
rate securities were classified as cash and cash equivalents as a
result of the Company's intent to liquidate them within a 60-day
period however, the original maturities of the securities exceeded
90 days. The adjustments to the Company's consolidated balance
sheet as at April 30, 2004 resulted in a decrease of cash and cash
equivalents of $26,500 and an increase in short-term investments of
$26,500. In addition, adjustments to the Company's consolidated
statement of cash flows resulted in a decrease of $6,500 in cash
from investing activities for the year ended April 30, 2004 as a
result of net purchases of the auction rate securities. These
reclassifications had no impact on the Company's results of
operations. As of August 1, 2004 the Company no longer held any
auction rate securities and ceased investing in these securities
given that interest rates increased on traditional investment
vehicles. NOTE 2. SEGMENTED INFORMATION The Company reports
segmented information according to CICA Handbook Section 1701,
"Segment Disclosures." The Company operates the following business
segments, which have been segregated based on product offerings,
reflecting the way that management organizes the segments within
the business for making operating decisions and assessing
performance. Enterprise Applications Systems (EAS) offer software
solutions, which include cross industry enterprise business
applications for financial administration and human resource
functions, and enterprise resource planning applications for
manufacturing, distribution, and supply chain management. Industry
Specific Applications (ISA) products include applications for the
real estate, construction, banking, local government, hospitality
and publishing marketplaces, as well as a range of applications for
libraries and public safety administration. Accounting policies for
the operating segments are the same as those described in note 2 to
the notes of the consolidated financial statements for the year
ending April 30, 2005. There are no significant inter segment
revenues. Segment assets consist of working capital items,
excluding cash and cash equivalents. Cash and cash equivalents are
considered to be corporate assets. For the year ended April 30,
2004, approximately $1,800 of general and administrative expenses
has been reallocated from the EAS segment to the ISA segment to
provide a more accurate portrayal of segment contribution. Year
ended April 30, 2005 ------------------------- EAS ISA Total ---
--- ----- Revenue: Software........................... $ 61,075 $
9,965 $ 71,040 Support and services............... 281,096 79,851
360,947 Hardware........................... 9,597 2,808 12,405
----------- ----------- ----------- Total
revenue........................ $ 351,768 $ 92,624 $ 444,392
----------- ----------- ----------- ----------- -----------
----------- Segment contribution................. $ 93,509 $ 15,017
$ 108,526 Segment goodwill..................... $ 101,864 $ 8,278 $
110,142 Total identifiable segment assets.... $ 201,530 $ 18,799 $
220,329 Year ended April 30, 2004 ------------------------- EAS ISA
Total --- --- ----- Revenue: Software........................... $
54,826 $ 10,364 $ 65,190 Support and services...............
274,859 80,160 355,019 Hardware........................... 21,574
3,489 25,063 ----------- ----------- ----------- Total
revenue........................ $ 351,259 $ 94,013 $ 445,272
----------- ----------- ----------- ----------- -----------
----------- Segment contribution................. $ 79,417 $ 9,273
$ 88,690 Segment goodwill..................... $ 120,195 $ 8,171 $
128,366 Total identifiable segment assets.... $ 225,865 $ 22,677 $
248,542 Reconciliation of segment contribution to earnings from
operations before income taxes Year ended April 30,
-------------------- 2005 2004 ---- ---- Segment
contribution............................. $ 108,526 $ 88,690
Corporate expenses............................... (18,927) (14,144)
Amortization of intangible assets................ (9,161) (7,589)
Interest income (expense), net................... 1,735 (24) Other
income (expense), net...................... 2,252 (1,374) Net
restructuring and other unusual items........ 3,724 5,281
----------- ----------- Earnings from operations before income
taxes..... $ 88,149 $ 70,840 ----------- ----------- -----------
----------- Reconciliation of segment assets to total Company
assets April 30, 2005 2004 ---- ---- Total identifiable segment
assets................ $ 220,329 $ 248,542 Other
assets..................................... 6,156 6,378 Future
income taxes.............................. 42,850 36,988 Cash and
cash equivalents........................ 188,242 86,050 Short-term
investments........................... - 26,500 Restricted
cash.................................. 7,847 1,876 Other
unallocated assets......................... 742 569 -----------
----------- Total assets..................................... $
466,166 $ 406,903 ----------- ----------- ----------- -----------
Geographical information April 30, 2005 April 30, 2004
-------------- -------------- Property, Property, Plant and Plant
and Equipment Equipment Intangible Intangible Assets Assets
Goodwill and Goodwill and Revenue Other Assets Revenue Other Assets
------------- ------------- ------------- -------------
Canada........... $ 9,831 $ 9,243 $ 12,956 $ 8,682 U.S.A.
.......... 213,699 112,473 213,070 136,349 United Kingdom... 87,650
22,698 84,579 27,697 France........... 50,135 7,249 54,042 7,590
Australia........ 20,607 2,709 21,265 3,615 All other........
62,470 7,772 59,360 7,282 ------------- ------------- -------------
------------- Total.......... $ 444,392 $ 162,144 $ 445,272 $
191,215 ------------- ------------- ------------- -------------
------------- ------------- ------------- ------------- Revenues in
the above tables are based on the location of the sales
organization, which reflects the location of the customers to which
sales are made. Revenues are derived from the licensing of
software, the resale of hardware and the provision of related
maintenance and professional services. DATASOURCE: Geac Computer
Corporation Limited CONTACT: Financial Contact: Donna de Winter,
Chief Financial Officer, Geac, (905) 475-0525 ext. 3204, ; Investor
and Media Contact: Alys Scott, Vice President, Corporate
Communications, Geac, (508) 871-5064,
Copyright