Oracle Quietly Announces Q1 Profit

Oracle Corp. late Thursday quietly issued a marginally successful earnings report for the first quarter of its fiscal year 2002.

Oracle Corp. late Thursday quietly issued a marginally successful earnings report for the first quarter of its fiscal year 2002.

In a press release posted on the Oracle Web site, Larry Ellison, Oracles normally brash CEO, said that in the wake of Tuesdays terrorist attack on the United States, the Redwood Shores, Calif., company has planned to release its earnings without elaboration.

The database and enterprise applications developer reported income of $511 million on revenue of $2.2 billion for the quarter that ended Aug. 31.

Diluted earnings per share increased to 9 cents, compared with 8 cents per share in the same quarter a year ago, while basic earnings per share remained unchanged at 9 cents per share for the same period this year over last.

That performance bested the consensus estimates by Wall Street analysts of 8 cents per share earnings posted earlier this week.

Oracles operating margins increased 4 percent this quarter over last, from 29 percent in Q1 00 to 33 percent in Q1 01.

License revenues decreased by nearly $76,000 to $731,432 in the first fiscal quarter of 2002 from $807,238 in Q1 01. Likewise, total revenues dropped to $2,242,045 in the August quarter, from $2,261,875 in the first quarter of fiscal 2001.

Oracle has seven people missing in what remains of 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," said Ellison, in the release. He went on to say that the companys energies are now focused on helping governmental agencies - relief, law enforcement, intelligence and military - respond to the tragedy.

"Our people, computers and facilities are being retasked to help these agencies re-establish systems that have been interrupted by the attack," said Ellison in the statement.

Oracle will host its regularly scheduled quarter-ending conference call at the close of the market on Monday, when the New York Stock Exchange is expected to reopen.