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CA Technologies Reports Third Quarter 2011 Results

ISLANDIA, N.Y. Jan. 25, 2011

  • $1.165 Billion
  • $0.39
  • $0.51
  • Raises Full Year Guidance for GAAP and non-GAAP EPS and Increases Revenue Outlook
  • Announces Acquisition of Torokina Networks to Extend Reach in Communication Service Providers (CSP) Market  

Dec. 31, 2010

FINANCIAL OVERVIEW

Third Quarter FY11 vs. FY10

(in millions, except share data)

FY11

FY10

% Change

% Change CC**

Revenue

$1,165

$1,122

4%

5%

GAAP Income from Continuing Operations

$200

$256

(22%)

(19%)

Non-GAAP Income from Continuing Operations*

$260

$246

6%

7%

GAAP Diluted EPS from Continuing Operations

$0.39

$0.49

(20%)

(17%)

Non-GAAP  Diluted EPS from Continuing Operations*

$0.51

$0.46

11%

11%

Cash Flow from Operations

$496

$342

45%

45%

*Non-GAAP income and earnings per share are non-GAAP financial measures, as noted in the discussion of non-GAAP results below. A reconciliation of non-GAAP financial measures to their comparable GAAP financial measures is included in the tables following this news release.

**CC: Constant Currency

EXECUTIVE COMMENTARY

Bill McCracken

"As we head into the last two months of the fiscal year, we feel very good about where we are both from a strategic standpoint and our ability to reach our financial objectives," McCracken continued.  "We continue to focus on accelerating new product sales, reaching new and emerging enterprise customers, penetrating growth geographies and leading the technology evolution – the evolution to virtualization and cloud computing.  Finally, the current portion of revenue backlog, which is a key measure for our performance going forward, is up 4 percent, which further demonstrates the strength of our business." 

THIRD QUARTER REVENUE AND BOOKINGS

North America

  • $1.165 billion
  • $8.015 billion $3.592 billion
  • North America $697 million
  • $468 million
  • $1.281 billion
  • $10 million $456 million $514 million
  • e
  • North America $766 million
  • $515 million

THIRD QUARTER EXPENSES AND MARGIN

Year-over-year GAAP results:

  • $827 million
  • $338 million
  • Operating margin was 29 percent, down 2 percentage points from the prior year period.

Expenses, operating income and operating margin for the third quarter primarily were affected by increased costs associated with acquisitions.  

Year-over-year non-GAAP results, which exclude purchased software and intangibles amortization, pre-fiscal year 2010 restructuring costs and certain other gains and losses, which include recoveries and certain costs associated with derivative litigation matters, share-based compensation expense, and include gains and losses on hedges that mature within the quarter, but exclude gains and losses on hedges that do not mature within the quarter:

  • $774 million
  • $391 million
  • Operating margin was 34 percent, a decrease of 1 percentage point.

Non-GAAP results also primarily were affected by the increased cost associated with acquisitions.

In the third quarter, GAAP earnings per share were affected by a 39 percent tax rate, compared with a 22 percent GAAP tax rate in the third quarter of the previous year.  The current period GAAP tax rate was increased by unfavorable tax items and the prior period GAAP tax rate decreased by favorable tax items which are not expected to recur and that were unique to the respective periods.  Such tax items affect the company’s non-GAAP tax rate more evenly across the quarterly periods of its fiscal year than its GAAP tax rate.  In the third quarter of fiscal 2011, non-GAAP EPS was positively affected by the year-over-year improvement in non-GAAP tax rate from 36 percent to 32 percent.

CASH FLOW FROM OPERATIONS

$496 million $342 million $78 million $122 million

CAPITAL STRUCTURE

  • $2.685 billion
  • $1.555 billion $1.130 billion
  • $35 million $500 million May 2010

QUARTER HIGHLIGHTS

During the third quarter the Company:

  • $200 million
  • Announced the release of CA 3Tera® AppLogic®, the Company’s new turnkey cloud computing platform.
  • Announced the next-generation CA Automation Suite to help customers with their journey to a virtualized, dynamic cloud computing infrastructure.
  • Completed the acquisition of privately-held Hyperformix, a leading provider of capacity management software for dynamic physical, virtual and cloud IT infrastructures. Terms of the transaction were not disclosed.
  • Announced the availability of CA Mainframe Chorus, the next step in CA Technologies Mainframe 2.0 strategy to simplify mainframe management, and help the platform to continue to be an effective and integral part of evolving IT infrastructures.

ACQUISITION OF TOROKINA NETWORKS

Sydney, Australia here

OUTLOOK FOR FISCAL YEAR 2011

Oct. 21, 2010 Dec. 31, 2010

  • Dec. 31, 2010 $4.48 billion to $4.55 billion
  • Dec. 31, 2010 $1.57 to $1.67
  • Dec. 31, 2010 $1.88 to $1.98 $1.74
  • Dec. 31, 2010 $1.400 billion to $1.475 billion

This outlook also assumes no material acquisitions and a partial currency hedge of operating income. The Company expects its full-year GAAP and non-GAAP tax rate to be in a range of 32 percent to 33 percent. This lowers the previous guidance range of between 33 percent to 34 percent.

The Company anticipates approximately 504 million shares outstanding at fiscal year 2011 year-end and a weighted average diluted shares outstanding of approximately 508 million for the fiscal year. Guidance does not include the impact from any future stock repurchases.

Webcast

5 p.m. ET http://ca.com/invest

http://photos.prnewswire.com/prnh/20100516/NY05617LOGO

About CA Technologies

www.ca.com

Follow CA Technologies

Non-GAAP Financial Measures  (Update)

March 31, 2010

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this communication (such as statements containing the words "believes," "plans," "anticipates," "expects," "estimates" and similar expressions) constitute "forward-looking statements" that are based upon the beliefs of, and assumptions made by, the Company’s management, as well as information currently available to management. These forward-looking statements reflect the Company’s current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. A number of important factors could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: the ability to achieve success in the Company’s strategy by, among other things, increasing sales in new and emerging enterprises and markets, enabling the sales force to sell new products and Software-as-a-Service offerings and improving the Company’s brand in the marketplace; global economic factors or political events beyond the Company’s control; general economic conditions, including concerns regarding a global recession and credit constraints, or unfavorable economic conditions in a particular region, industry or business sector; failure to expand channel partner programs; the ability to adequately manage and evolve financial reporting and managerial systems and processes; the ability to successfully acquire technology and software that are consistent with our strategy and integrate acquired companies and products into existing businesses; competition in product and service offerings and pricing; the ability to retain and attract qualified key personnel; the ability to adapt to rapid technological and market changes; the ability of the Company’s products to remain compatible with ever-changing operating environments; access to software licensed from third parties, third-party code and specifications for the development of code; use of software from open source code sources; discovery of errors in the Company’s software and potential product liability claims; significant amounts of debt and possible future credit rating changes; the failure to protect the Company’s intellectual property rights and source code; fluctuations in the number, terms and duration of our license agreements as well as the timing of orders from customers and channel partners; reliance upon large transactions with customers; risks associated with sales to government customers; breaches of the Company’s software products and the Company’s and customers’ data centers and IT environments; access to third-party microcode; third-party claims of intellectual property infringement or royalty payments; fluctuations in foreign currencies; failure to successfully execute restructuring plans; successful outsourcing of various functions to third parties; potential tax liabilities; and these factors and the other factors described more fully in the Company’s filings with the Securities and Exchange Commission.  The Company assumes no obligation to update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

Copyright © 2011 CA, Inc. All Rights Reserved. One CA Plaza, Islandia, N.Y. 11749. All other trademarks, trade names, service marks, and logos referenced herein belong to their respective companies.

Contacts:  

Dan Kaferle

Kelsey Doherty

Public Relations

Investor Relations

(631) 342-2111

(212) 415-6844

[email protected]  

[email protected]

Table 1

CA Technologies

Condensed Consolidated Statements of Operations

(in millions, except per share amounts)

(unaudited)

Three Months Ended

Nine Months Ended

December 31,

December 31,

Revenue

2010

2009

2010

2009

Subscription and maintenance revenue

$       995

$         995

$    2,917

$    2,905

Professional services

88

73

245

213

Software fees and other

82

54

204

115

Total revenue

1,165

1,122

3,366

3,233

Expenses

Costs of licensing and maintenance

82

73

233

211

Cost of professional services

77

66

223

191

Amortization of capitalized software costs

52

34

145

101

Selling and marketing

348

315

955

879

General and administrative

114

129

344

358

Product development and enhancements

110

117

363

348

Depreciation and amortization of other intangible assets

47

39

136

116

Other expenses (gains), net

5

(3)

9

11

Restructuring and other

(8)

2

(11)

4

Total expenses before interest and income taxes

827

772

2,397

2,219

Income from continuing operations before interest and income taxes

338

350

969

1,014

Interest expense, net

10

23

35

62

Income from continuing operations before income taxes

328

327

934

952

Income tax expense

128

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