MRO Software, Inc. (Nasdaq: MROI), the leading provider of asset
and service management solutions, today announced results for the
Company's second quarter of fiscal 2006 ended March 31, 2006. Total
revenues for the second quarter were $57.2 million compared with
$43.2 million for the second quarter last year, an increase of 32
percent. The Company reported net income for the second quarter of
$6.9 million or $0.26 per diluted share, compared with net income
of $0.6 million or $0.02 per diluted share for the same quarter of
last year. Revenues from software license sales for the second
quarter were $17.7 million, compared with $10.2 million for the
same quarter last year, an increase of 74 percent. On a fiscal
year-to-date basis through March 31, 2006, software license revenue
has increased 22 percent over the first half of fiscal 2005.
Support and services revenues were $39.5 million for the second
quarter, compared with $33.0 million for the same quarter last
year, an increase of 20 percent. During the second quarter, the
Company sold 197 software licenses. Customers across a range of
industries and geographies purchased MRO Software products during
the quarter including: Amtrak, BA Energy, City of Asheville, City
of Corpus Christi, Danbury Hospital, IAP World Services, Inc.,
Mohegan Sun, Mount Sinai Medical Center, Regional Municipality of
York, Saudi Business Machines Ltd, University of Texas Medical
Branch, U.S. Air Force, and the U.S. Army. The balance sheet as of
March 31, 2006 contained $143.2 million in cash and marketable
securities and no long-term debt. This compares with $133.2 million
in cash and marketable securities as of September 30, 2005, an
increase of $10 million for the first half of the fiscal year. As
of March 31, 2006, deferred revenue was $36.9 million, and days
sales outstanding (DSO) was 72 days. "We delivered very strong
financial results in our fiscal second quarter. Our performance was
driven by record quarterly revenue and improved productivity
throughout all our operations," said Chip Drapeau, president and
CEO, MRO Software. "Sales of Maximo Enterprise Suite (MXES)
continued to gain momentum, representing 50 percent of our software
revenue for the quarter. The combination of MXES, vertical
solutions and our IT and Service Management products has given us a
strong competitive boost." "We have worked hard to improve our
productivity and drive increases in operating margins and
earnings," said Peter Rice, executive vice president and CFO, MRO
Software. "At the same time our balance sheet has continued to
strengthen with increases in cash and deferred maintenance
revenues." For fiscal year 2006, the Company has updated the
guidance provided last quarter. The Company expects overall revenue
growth will remain in the range of 5 to 10 percent over fiscal
2005, with software revenues expected to remain in the range of 10
to 20 percent over fiscal 2005. As a result of the improved
operating efficiencies, the Company has increased its guidance for
its fiscal 2006 earnings. The Company now expects fiscal 2006
earnings to be in a range of $0.85 to $0.90 per diluted share; this
represents a more than 40 percent increase over the range of $0.60
to $0.65 per diluted share as stated in the Company's previous
earnings guidance. The Company will conduct a conference call to
discuss the quarter's results on Thursday, April 20, 2006 at 4:30
p.m. EDT. To participate in this call within the U.S. and Canada,
dial (800) 932-9896, international callers should dial (706)
634-5804; all participants should use conference ID 7599559. A
digital recording of the call will be available beginning two hours
after the call and will be available through January 26, 2006. To
access the replay within the U.S. and Canada, dial (800) 642-1687,
international callers should dial (706) 645-9291; all participants
should use conference the same ID: 7599559. A webcast of the call
is available at: www.mro.com/investor. A transcript of the call
will be promptly archived on the Investor Relations portion of the
Company's website, and may be found at: www.mro.com/investor. About
MRO Software, Inc. MRO Software is the leading provider of asset
and service management solutions. The Company's integrated suite of
applications optimizes performance, improves productivity and
service levels and enables asset-related sourcing and procurement
across the entire spectrum of strategic assets. The Company's asset
management solutions allow customers to manage the complete
lifecycle of strategic assets including: planning, procurement,
deployment, tracking, maintenance and retirement. Using MRO
Software's solutions, customers improve production reliability,
labor efficiency, material optimization, software license
compliance, lease management, warranty and service management and
provisioning across the asset base. MRO Software (Nasdaq: MROI) is
a global company based in Bedford, Mass., with approximately 900
employees and more than 300,000 end-users. The Company markets its
products through a direct sales organization in combination with a
network of international distributors. MRO Software has sales
offices throughout North America, Europe, Asia/Pacific and Latin
America. Additional information on MRO Software can be found at
http://www.mro.com. Forward-Looking Statements This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. The Company's actual results could differ
materially from those set forth in the forward-looking statements.
Certain factors that might cause such a difference include, among
other things: continued stagnation in the market for our
traditional products; increased competitive pressures; slower than
anticipated customer acceptance of our new products; the Company's
reliance on, and unanticipated delays or obstacles to, larger
software license transactions; and those factors discussed in the
Section entitled "Risk Factors" in Item 2 of our Quarterly Report
on Form 10-Q for the quarter ended December 31, 2005. Maximo(R) is
a registered trademark, and MRO Software(TM) and MXES(TM) are
trademarks, of MRO Software, Inc. -0- *T MRO SOFTWARE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months
Ended Six Months Ended March 31, March 31, 2006 2005 2006 2005
--------- ------- -------- ------- (in thousands, except per share
data) Revenues: Software $ 17,662 10,174 $ 30,477 $24,998 Support
and services 39,550 33,005 75,867 65,537 --------- ------- --------
------- Total revenues 57,212 43,179 106,344 90,535 ---------
------- -------- ------- Cost of revenues: Software 1,917 1,199
3,300 2,479 Support and services 17,373 16,320 33,547 31,935
--------- ------- -------- ------- Total cost of revenues 19,290
17,519 36,847 34,414 --------- ------- -------- ------- Gross
profit 37,922 25,660 69,497 56,121 Operating expenses: Sales and
marketing 15,731 13,351 29,332 28,582 Product development 7,789
6,958 15,242 13,738 General and administrative 4,983 4,550 9,611
9,120 --------- ------- -------- ------- Total operating expenses
28,503 24,859 54,185 51,440 --------- ------- -------- -------
Income from operations 9,419 801 15,312 4,681 Interest income, net
1,215 647 2,440 1,118 Other income/(expense), net 208 (499) 17 71
--------- ------- -------- ------- Income before income taxes
10,842 949 17,769 5,870 Provision for income taxes 3,908 330 6,619
2,088 --------- ------- -------- ------- Net income $ 6,934 $ 619 $
11,150 $ 3,782 ========= ======= ======== ======= Net income per
share, basic $ 0.27 $ 0.02 $ 0.43 $ 0.15 Net income per share,
diluted $ 0.26 $ 0.02 $ 0.42 $ 0.15 Shares used to calculate net
income per share Basic 25,722 25,238 25,658 25,141 Diluted 26,603
25,727 26,597 25,559 MRO SOFTWARE, INC. CONDENSED CONSOLIDATED
BALANCE SHEETS (unaudited) March 31, Sept. 30, 2006 2005
--------------------- (in thousands) ASSETS Cash and cash
equivalents $131,250 $120,301 Marketable securities 6,131 5,130
Accounts receivable, net 45,756 40,362 Other current assets 9,187
6,678 -------- -------- TOTAL CURRENT ASSETS 192,324 172,471
-------- -------- Marketable securities 5,774 7,743 Property and
equipment, net 7,058 7,210 Intangible assets, net 48,598 49,455
Other assets 8,677 9,491 -------- -------- TOTAL ASSETS $262,431
$246,370 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $27,169 $ 30,116 Deferred revenue 36,496 31,718
-------- -------- TOTAL CURRENT LIABILITIES 63,665 61,834 --------
-------- Other long term liabilities 2,464 2,830 -------- --------
TOTAL LIABILITIES 66,129 64,664 -------- -------- STOCKHOLDERS'
EQUITY 196,302 181,706 -------- -------- TOTAL LIABILITIES &
STOCKHOLDERS' EQUITY $262,431 $246,370 ========= ======== *T
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