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Fourth Quarter 2008 Financial Results
Revenues of $95 Million and Diluted EPS of $1.17 Per Share
MCLEAN, Va., February 2nd, 2009MicroStrategy® Incorporated (NASDAQ: MSTR), a leading worldwide provider of business intelligence software, today announced financial results for the three-month period ended December 31, 2008 (the fourth quarter of its 2008 fiscal year).
Fourth quarter 2008 revenues were $95.0 million versus $95.2 million for the fourth quarter of 2007. Product licenses revenues for the fourth quarter of 2008 were $28.0 million versus $31.7 million for the fourth quarter of 2007, a 12% decrease. Product support and other services revenues for MicroStrategys core business intelligence (BI) business in the fourth quarter of 2008 were $64.0 million versus $61.3 million for the fourth quarter of 2007, a 4% increase.
Operating expenses for the fourth quarter of 2008 were $57.6 million versus $53.6 million for the fourth quarter of 2007, an 8% increase. The increase in fourth quarter operating expenses was primarily due to an increase in the worldwide employee headcount and related expenses of the Companys core BI business. During the fourth quarter of 2008, MicroStrategy capitalized $5.5 million in software development costs associated with the anticipated release of its MicroStrategy 9TM software, which is expected to be generally available in the first quarter of 2009. MicroStrategy did not capitalize any software development costs during the fourth quarter of 2007.
Income from continuing operations before financing and other income and income taxes for the fourth quarter of 2008 was $21.3 million, or 22% of revenue, versus $28.2 million, or 30% of revenue, for the fourth quarter of 2007. Income from continuing operations for the fourth quarter of 2008 was $13.8 million, or $1.13 per share on a diluted basis, compared to $18.5 million, or $1.47 on a diluted basis, for the fourth quarter of 2007. Net income for the fourth quarter of 2008 was $14.3 million, or $1.17 per share on a diluted basis, compared to $17.7 million, or $1.41 per share on a diluted basis, for the fourth quarter of 2007.
As of December 31, 2008, MicroStrategy had cash and cash equivalents of approximately $122.9 million and 9,119,721 shares of class A common stock and 2,770,244 shares of class B common stock outstanding.
The following information was filed by Microstrategy Inc (MSTR) on Wednesday, February 4, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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