Compuware Corp. on Tuesday released its financial results for its fiscal first quarter, showing a significant drop in revenue.
The Farmington Hill, Mich., software company warned last week that its financial numbers would fall short of projections. For the quarter ended June 30, Compuware reported revenues of $346.6 million, compared with $450.5 million in the same period last year. Net income in the most recent quarter was $22.5 million, down from $34.4 million in the same quarter of fiscal 2002. The company said earnings per share were 6 cents compared to 9 cents last year, based upon 378.5 million and 382.2 million shares outstanding, respectively.
During Compuwares first quarter, software license fees were $57.2 million, maintenance fees were $105.7 million and revenue from professional services was $183.8 million.
"At over $95 million for the quarter, our cash flow from operations was good," said Compuware President Joe Nathan, in a statement. "Our services business is once again profitable, with significantly improved margins from last quarter. In a demanding market for technology, Compuware is performing reasonably well."
During the quarter, Compuware initiated a restructuring and cut more than 1,000 jobs. Other highlights include reorganizing its professional services operations; releasing the latest version of DevPartner Studio; announcing the general availability of Vantage 8, Compuwares integrated suite of tools for application performance management; and releasing Abend-AID Fault Manager 2.5 fault notification solution.
The company also announced the availability of File-AID/Data Solutions 3.3; introduced new Strobe enterprise application performance management solutions; made OptimalJ 2.1 generally available; released Xpediter/DevEnterprise 3.4, automated application analysis tool; and announced that it would sell SoftICE 4.2.6 as a standalone product to diagnose problems in device drivers and applications.