Siebel Reports Positive Q4
Siebel Systems, Inc. , the San Mateo, Calif.-based provider of eBusiness applications software, today announced results for the quarter and year ended December 31, 2001.
Revenues for 2001 were $2.05 billion compared with $1.80 billion for the year ended December 31, 2000. Siebel Systems' 2001 full-year revenues grew by more than 14 percent.
Net income for the year ended December 31, 2001 was $254.6 million or $0.49 per share, compared with net income of $123.1 million or $0.24 per share for the year ended December 31, 2000. Pro forma net income and net income per share, excluding merger-related expenses and accretion of preferred stock, were $257.9 million and $0.49, respectively, for the year ended December 31, 2000.
Revenues for the fourth quarter were $481.4 million, compared with $428.5 million for the third quarter of 2001, an increase of 12 percent. Revenues from license fees for the fourth quarter of 2001 were $250.2 million, compared to $193.5 million in the third quarter of 2001. Net income for the fourth quarter was $65.9 million or $0.13 per share, compared with net income of $35.2 million or $0.07 per share for the third quarter of 2001.
Siebel Systems' financial position ended the year strong. Cash, cash equivalents, and short-term investments at December 31, 2001 increased $510 million to $1.66 billion, compared with $1.15 billion at December 31, 2000. Days sales outstanding in accounts receivable declined to 72 days at December 31, 2001 from 81 days at December 31, 2000. Deferred revenue at December 31, 2001 increased to $241.0 million compared with $202.5 million at December 31, 2000. Stockholders' equity at December 31, 2001 was $1.84 billion, compared with $1.28 billion at December 31, 2000, an increase of 44 percent.
Highlights for the fourth quarter follow:
The quarter started with the launch of Siebel 7, the seventh major release of Siebel eBusiness Applications for delivering customer relationship management (CRM) and employee relationship management (ERM) solutions.
- Siebel 7 introduced a zero-footprint Web architecture, which combines high levels of interactivity previously available only from desktop applications.
- Siebel 7 supports integration via an application network, which allows organizations to weave their IT applications together using standards-based technology.
- It also includes automated upgradability so organizations can upgrade to Siebel 7 and future versions of Siebel eBusiness Applications
Siebel Systems extended its eBusiness market lead through providing industry-specific solutions. The firm added new versions for seven additional segments to its Siebel 7 Industry Applications product line: wireless communications; media; oil, gas and chemicals; medical products; retail; travel; and hospitality.
Siebel Systems acquired nQuire Software, Inc., a pioneer of Internet-based business analytics, and integrated the technology into the Siebel 7 product line. The firm's prebuilt integrated analytics for all industries drove increased market share and significant customer wins at Bayer AG, Bank of America Technology Operations, Cable & Wireless UK, and Whirlpool Corp.
To support growth, the company founded its first European Board of Directors. The Board guides and advises Siebel Systems' management team on the development of its European business and assists the company in reaching the growing market for eGovernment applications within local, national, and pan-European government departments.
Among the new customers standardizing on Siebel eBusiness Applications in Q4 included: Abbey National plc; BMW Financial Services,Credit Suisse First Boston; Hewlett-Packard; London Electricity plc; Pfizer BV; Sabre Inc.; Safelite Corp.; Sara Lee Foods U.S. and Security Service Federal Credit Union.
In Q4, Siebel Systems signed contracts with the existing customers including: Bank of America Technology Operations; Bank of Montreal; Bayer AG; British Telecommunications plc; Cable & Wireless UK; Canadian Imperial Bank of Commerce; Caterpillar, Inc.; CUNA Mutual Insurance Society; Electricite de France; Ford Motor Company; and General Motors Corp.
