BUSINESS BRIEF

BMC Software Reports First Quarter Results

BMC Software today announced financial results for its fiscal 2005 first quarter ended June 30, 2004.

BMC Software’s net earnings excluding special items for the first quarter of fiscal 2005 were $32.1 million, or $0.14 per diluted common share, which compares to $0.03 a year ago and the company’s revised guidance range of $0.11 to $0.14 provided earlier this month.

The fiscal 2005 first quarter net earnings on a GAAP basis were $51.8 million, or $0.23 per share, which compares to a net loss of $6.1 million, or a loss of $0.03 per share, in the first quarter of fiscal 2004. Included in the financial tables is a reconciliation of results excluding special items and GAAP results.

Total revenues in the first quarter of fiscal 2005 were $326.0 million, an increase of 5 percent compared to the first quarter of fiscal 2004, and was within the company’s revised guidance of $318.0 million to $328.0 million provided earlier this month.

Operating expenses, excluding special items, were $299.0 million, compared to $321.5 million in the same quarter of fiscal 2004.

“The first quarter presented a challenging revenue environment for our industry and for BMC. While disappointed with our revenue performance, which was in part due to weakness in the United States, I was pleased with our expense controls and improved operating margins in the quarter,” said Bob Beauchamp, president and CEO, BMC Software.

BMC Software maintained its strong financial position with cash flow from operations in the quarter of $90.1 million. The cash and marketable securities balance was $1.2 billion, and the total deferred revenue balance was $1.39 billion.

BMC Software continued its stock repurchase program by spending $20.0 million to repurchase approximately 1.2 million shares during the first fiscal quarter. Approximately $287 million remains in this program.

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