Lawson Software Reports First Quarter 2011 Financial Results
Total revenues increase 3 percent
GAAP EPS of $0.06; non-GAAP EPS of $0.11
Guidance for Q2 fiscal 2011: GAAP EPS of $0.04 - $0.05; Non-GAAP EPS of
$0.11 - $0.12
ST. PAUL, Minn.--(BUSINESS WIRE (http://www.businesswire.com/))--
Regulatory News:
Lawson Software, Inc. (Nasdaq: LWSN) today reported financial results
for its first quarter of fiscal year 2011, which ended Aug. 31, 2010. As
reported under generally accepted accounting principles (GAAP), revenues
were $174.7 million with GAAP net income of $9.6 million, or diluted
earnings per share (EPS) of $0.06. These results compare to first
quarter of fiscal year 2010 GAAP revenues of $169 million with GAAP net
income of $6 million, or EPS of $0.04. Currency exchange rate
fluctuations had a positive impact of approximately $0.01 on the
reported first quarter 2011 net earnings per diluted share.
Non-GAAP net income for the first quarter of fiscal 2011 increased 17
percent to $18 million, or $0.11 per diluted share, compared to $15.4
million, or $0.09 per diluted share in the first quarter of fiscal year
2010. First quarter non-GAAP net income and EPS includes the addition of
$1.9 million of revenues impacted by purchase accounting adjustments and
excludes $11.8 million of amortization of acquired intangibles, non-cash
stock-based compensation, non-cash convertible note interest, and
amortization of purchased maintenance contracts partly, offset by a gain
related to modifications of a Norwegian pension plan benefit and
restructuring adjustments. Non-GAAP net income and EPS include a
provision for income taxes based upon a rate of 35 percent in fiscal
2011, which is applied consistently throughout the year. Currency
exchange rate fluctuations had a positive impact of approximately $0.01
on the first quarter 2011 non-GAAP net earnings per diluted share.
“Strong Q1 performance gives us a good start to our fiscal year,” said
Harry Debes, president and chief executive officer. “Total non-GAAP
revenues grew nearly 5 percent. We also achieved non-GAAP operating
margin of approximately 17 percent and non-GAAP EPS of 11 cents, both
increasing over last year. Our results provide further proof that
executing our strategy to grow our business in our strategic markets
will continue to drive improvement in our profitability.”
Financial Guidance
For the second quarter of fiscal 2011, which ends Nov. 30, 2010, the
company is providing guidance using average currency exchange rates
during September 2010. The company estimates total revenues of $184
million to $189 million. Non-GAAP total revenues are expected to be in
the range of $185 million to $190 million, including approximately $1
million of revenues impacted by purchase accounting adjustments. The
company anticipates GAAP fully diluted earnings per share will be in the
range of $0.04 to $0.05. Non-GAAP fully diluted earnings per share are
forecasted to be in the range of $0.11 to $0.12, including the revenues
impacted by purchase accounting and excluding approximately $14 million
of pre-tax expenses related to the amortization of acquired intangible
assets, non-cash stock-based compensation, incremental non-cash
convertible note interest, and amortization of purchased maintenance
contracts. The non-GAAP effective tax rate for the fiscal 2011 is
estimated at 35 percent, which the company expects to apply consistently
throughout the fiscal year.
Conference Call, Webcast and Key Metrics
The company will host a conference call and webcast to discuss its first
quarter results and future outlook at 5 p.m. EDT (4 p.m. CDT) Sept 30,
2010. Interested parties may also listen to the call by dialing
1-888-810-4935 (or 1-312-470-0073) and using the passcode "LWSN."
Interested parties should access the webcast at
www.lawson.com/investor (http://cts.businesswire.com/ct/CT?id=smartlink&
url=http%3A%2F%2Fwww.lawson.com%2Finvestor&esheet=6450306&lan=en-US&anch
or=www.lawson.com%2Finvestor&index=1&md5=5ed76cd55d17639f48bfb2fc3677744
8) or dial into the conference call approximately 10-15 minutes before
the scheduled start time.
A replay will be available approximately one hour after the webcast and
conference call concludes and will remain available for one week. To
access the replay, dial 1- 800-756-0041 or 1-203-369-3000 for
international callers. The webcast will also remain on
www.lawson.com/investor (http://cts.businesswire.com/ct/CT?id=smartlink&
url=http%3A%2F%2Fwww.lawson.com%2Finvestor&esheet=6450306&lan=en-US&anch
or=www.lawson.com%2Finvestor&index=2&md5=e7da0ffa6db23d1e347b8595af20158
5) for approximately one week. Additional key business metrics are also
available at the Lawson Investor Relations web page.
About Lawson Software
Lawson Software is a global provider of enterprise software. We provide
business application software, maintenance and consulting to customers
primarily in specific services, trade and manufacturing/distribution
industries. We specialize in and target specific industries including
healthcare, services, public sector, equipment service management &
rental, manufacturing & distribution and consumer products industries.
Our software solutions include Enterprise Financial Management, Human
Capital Management, Business Intelligence, Asset Management, Enterprise
Performance Management, Supply Chain Management, Service Management,
Manufacturing Operations, Business Project Management and
industry-tailored applications. Our applications help automate and
integrate critical business processes, which enable our customers to
collaborate with their partners, suppliers and employees, reduce costs
and enhance business or operational performance. Lawson is headquartered
in St. Paul, Minn., and has offices around the world. Visit Lawson
online at
www.lawson.com (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%
3A%2F%2Fwww.lawson.com&esheet=6450306&lan=en-US&anchor=www.lawson.com&in
dex=3&md5=e479cf5ee81d4d8ea16938e0e96c5e84). For Lawson's listing on the
First North exchange in Sweden, Remium AB is acting as the Certified
Adviser.
Forward-Looking Statements
This press release contains forward-looking statements that contain
risks and uncertainties. These forward-looking statements contain
statements of intent, belief or current expectations of Lawson Software
and its management. Such forward-looking statements are not guarantees
of future results and involve risks and uncertainties that may cause
actual results to differ materially from the potential results discussed
in the forward-looking statements. The company is not obligated to
update forward-looking statements based on circumstances or events that
occur in the future. Risks and uncertainties that may cause such
differences include but are not limited to: uncertainties in the
software industry; uncertainties as to when and whether the conditions
for the recognition of deferred revenue will be satisfied; increased
competition; the impact of foreign currency exchange rate fluctuations;
continuation of the global recession and credit crisis; Lawson's ability
to integrate the Healthvision acquisition successfully; changes in
conditions in the company's targeted industries; the outcome of pending
litigation and other risk factors listed in the company's most recent
Annual Report on Form 10-K filed with the Securities and Exchange
Commission. Lawson assumes no obligation to update any forward-looking
information contained in this press release.
Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with U.S.
generally accepted accounting principles, or U.S. GAAP, Lawson Software
reports non-GAAP financial results including non-GAAP revenues,
operating income, operating margin, net income and diluted net income
per share. We believe these non-GAAP measures provide meaningful insight
into our operating performance and an alternative perspective of our
results of operations. We use these non-GAAP measures to assess our
operating performance, to develop budgets, to serve as a measurement for
incentive compensation awards and to manage expenditures. Presentation
of these non-GAAP measures allows investors to review our results of
operations from the same perspective as management and our Board of
Directors. These non-GAAP financial measures provide investors an
enhanced understanding of our operations, facilitate investors' analysis
and comparisons of our current and past results of operations,
facilitate comparisons of our operating results with those of our
competitors and provide insight into the prospects of our future
performance. We also believe the non-GAAP measures are useful to
investors because they provide supplemental information that research
analysts frequently use to analyze software companies including those
that have recently made significant acquisitions.
The method we use to produce non-GAAP results is not in accordance with
U.S. GAAP and may differ from the methods used by other companies. These
non-GAAP results should not be regarded as a substitute for
corresponding U.S. GAAP measures but instead should be utilized as a
supplemental measure of operating performance in evaluating our
business. Non-GAAP measures do have limitations in they do not reflect
certain items that may have a material impact upon our reported
financial results. As such, these non-GAAP measures should be viewed in
conjunction with both our financial statements prepared in accordance
with U.S. GAAP and the reconciliation of the supplemental non-GAAP
financial measures to the comparable U.S. GAAP results provided for each
period presented, which are attached to this release.
Our primary non-GAAP reconciling items are as follows:
Purchase accounting impact on revenue - Lawson's non-GAAP financial
results include pro forma adjustments to increase maintenance and
consulting revenues that we would have recognized if we had not adjusted
acquired deferred revenues to their fair values as required by U.S.
GAAP. Certain deferred revenue for maintenance and consulting on the
acquired entity's balance sheet, at the time of the acquisition, was
eliminated from U.S. GAAP results as part of the purchase accounting for
the acquisition. As a result, our U.S. GAAP results do not, in
management's view, reflect all of our maintenance and consulting
activity. We believe the inclusion of the non-GAAP revenue adjustment
provides investors a helpful alternative view of Lawson's maintenance
and consulting operations.
Amortization of purchased maintenance contracts - We have excluded
amortization of purchased maintenance contracts from our non-GAAP
results. The purchase price related to these contracts is being
amortized based upon the proportion of future cash flows estimated to be
generated each period over the estimated useful lives of the contracts.
We believe the exclusion of the amortization expense related to the
purchased maintenance contracts provides investors an enhanced
understanding of our results of operations.
Stock-based compensation - Expense related to stock-based compensation
has been excluded from our non-GAAP results of operations. These charges
consist of the estimated fair value of share-based awards including
stock options, restricted stock, restricted stock units and share
purchases under our employee stock purchase plan. While the charges for
stock-based compensation are of a recurring nature, as we grant
stock-based awards to attract and retain quality employees and as an
incentive to help achieve financial and other corporate goals, we
exclude them from our results of operation in assessing our operating
performance. These charges are typically non-cash and are often the
result of complex calculations using an option pricing model that
estimates stock-based awards' fair value based on factors such as
volatility and risk-free interest rates that are beyond our control. The
expense related to stock-based awards is generally not controllable in
the short-term and can vary significantly based on the timing, size and
nature of awards granted. As such, we do not include such charges in our
operating plans that we use to manage our business. In addition, we
believe the exclusion of these charges facilitates comparisons of our
operating results with those of our competitors who may have different
policies regarding the use of stock-based awards.
Acquisition transaction and integration costs - We have incurred various
transaction and integration costs related to our acquisitions. The costs
of integrating the operations of acquired businesses and Lawson are
incremental to our historical costs and are charged to our U.S. GAAP
results of operations in the periods incurred. Beginning in fiscal 2010,
acquisition related transaction costs have also been charged to our U.S.
GAAP results of operations. We do not consider these costs in our
assessment of our operating performance. While these costs are not
recurring with respect to our past acquisitions, we may incur similar
costs in the future if we pursue other acquisitions. We believe the
exclusion of the non-recurring acquisition related transaction and
integration costs provides investors a useful alternative view of our
results of operations and facilitates comparisons of our results
period-over-period.
Pension gain - We have implemented certain modifications to our pension
plan in Norway. These modifications resulted in a curtailment of
benefits under the plan and resulted in our recording a gain related to
the change in all active participants' projected benefit obligations
resulting from the curtailment. In addition, these modifications led to
a settlement of active participants' projected benefit obligations and
resulted in our recording an additional gain related to the pension
settlement. We do not consider these gains in our assessment of our
operating performance. We believe that the exclusion of the
non-recurring pension gains provide investors a useful alternative view
of our results of operations and facilitates comparisons of our results
period-over-period.
Restructuring - We have recorded various restructuring charges related
to actions taken to reduce our cost structure to enhance operating
effectiveness and improve profitability and to eliminate certain
redundancies in connection with acquisitions. These restructuring
activities impacted different functional areas of our operations in
different locations and were undertaken to meet specific business
objectives in light of the facts and circumstances at the time of each
restructuring event. These charges include costs related to severance
and other termination benefits as well as costs to exit leased
facilities. These restructuring charges are excluded from management's
assessment of our operating performance. We believe the exclusion of the
restructuring charges provides investors a useful alternative view of
the cost structure of our operations and facilitates comparisons with
the results of other periods that may not reflect such charges or may
reflect different levels of such charges.
Amortization of acquired intangibles - We have excluded amortization of
acquisition-related intangible assets including purchased technology,
client lists, customer relationships, trademarks, order backlog and
non-compete agreements from our non-GAAP results. The fair value of the
intangible assets, which was allocated to these assets through purchase
accounting, is amortized using accelerated or straight-line methods
which approximate the proportion of future cash flows estimated to be
generated each period over the estimated useful lives of the applicable
assets. While these non-cash amortization charges are recurring in
nature and the underlying assets benefit our operations, this
amortization expense can fluctuate significantly based on the nature,
timing and size of our past acquisitions and may be affected by future
acquisitions. This makes comparisons of our current and historic
operating performance difficult. Therefore, we exclude such expenses
when analyzing the results of our operations including those of acquired
entities. We believe the exclusion of the amortization expense of
acquired intangible assets provides investors useful information
facilitating comparison of our results period-over-period and with other
companies in the software industry as they each have their own
acquisition histories and related non-GAAP adjustments.
Non-cash interest expense related to convertible debt - We have excluded
the incremental non-cash interest expense related to our $240.0 million
2.5% senior convertible notes that we are required to recognize under
U.S. GAAP for convertible debt securities from our non-GAAP results of
operations for all periods presented. This accounting guidance requires
us to recognize significant additional non-cash interest expense based
on the market rate for similar debt instruments that do not contain a
comparable conversion feature. We have allocated a portion of the
proceeds from the issuance of the senior notes to the embedded
conversion feature resulting in a discount on our senior notes. The debt
discount is being amortized as additional non-cash interest expense over
the term of the notes using the effective interest method. These
non-cash interest charges are not included in our operating plans and
are not included in management's assessment of our operating
performance. We believe the exclusion of the non-cash interest charges
provides a useful alternative for investors to evaluate the cost
structure of our operations in a manner consistent with our internal
evaluation of our cost structure.
Non-GAAP tax provision adjustments - The non-GAAP tax provision
adjustments are due to the increase in non-GAAP taxable income as
compared to U.S. GAAP taxable income resulting from the non-GAAP
reconciling items detailed in the following table and the jurisdictional
mix of non-GAAP and U.S. GAAP taxable income. The non-GAAP tax provision
adjustments are made to reflect the annual global effective non-GAAP tax
rate for each period.
LAWSON SOFTWARE, INC
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
% Increase % Increase
Three Months Ended
(Decrease) (Decrease) at
August 31, 2010
August 31, 2009 as reported constant currency
Revenues:
License fees $ 24,508
$ 25,935 (6 %) (4 %)
Maintenance services 94,650
85,430 11 % 9 %
Software revenues 119,158
111,365 7 % 6 %
Consulting revenue 55,502
57,627 (4 %) (2 %)
Total revenues 174,660
168,992 3 % 4 %
Costs of revenues:
Cost of license fees 5,874
4,927 19 % 20 %
Cost of maintenance 17,019
15,559 9 % 11 %
Cost of Software revenues 22,893
20,486 12 % 13 %
Cost of consulting 51,747
51,835 (0 %) 2 %
Total costs of revenues 74,640
72,321 3 % 5 %
Gross profit 100,020
96,671 3 % 3 %
Gross margin 57.3 %
57.2 %
Operating expenses:
Research & development 21,316
20,618 3 % 3 %
Sales & marketing 37,726
35,877 5 % 7 %
General & administrative 21,464
19,657 9 % 10 %
Restructuring (935 )
75 NA NA
Amortization of acquired intangibles 2,706
1,880 44 % 51 %
Total operating expenses 82,277
78,107 5 % 7 %
Operating income 17,743
18,564 (4 %) (13 %)
Operating margin 10.2 %
11.0 %
Other income (expense):
Interest income 342
318 8 % 9 %
Interest expense (4,113 )
(4,042 ) 2 % 2 %
Other income (expense) (50 )
(98 ) (49 %) (40 %)
Total other income (expense) (3,821 )
(3,822 ) (0 %) 1 %
Income before income taxes 13,922
14,742 (6 %) (16 %)
Provision for income taxes 4,286
8,765 (51 %) (50 %)
Net income $ 9,636
$ 5,977 61 % 21 %
Net income per share:
Basic $ 0.06
$ 0.04 60 % 20 %
Diluted $ 0.06
$ 0.04 58 % 19 %
Shares used in computing net income per share:
Basic 162,596
161,112 1 %
Diluted 167,178
163,921 2 %
We disclose the percent change in the results from one period to another
using constant currency to adjust year-over-year measurements for
impacts due to currency fluctuations. Constant currency changes should
be considered in addition to, and not as a substitute for changes in
revenues, expenses, income, or other measures of financial performance
prepared in accordance with US GAAP. We calculate constant currency
changes by converting entities' financial results for the prior year
period that are reported in currencies other than the United States
dollar at the exchange rate in effect for the current period rather than
the previous period.
LAWSON SOFTWARE, INC
CONSOLIDATED BALANCE SHEET
(in thousands, except per share data)
(unaudited)
August 31, 2010 May
31, 2010
ASSETS
Current assets:
Cash and cash equivalents $ 333,106 $
375,917
Restricted cash - current 1,041
654
Trade accounts receivable, net 102,119
117,976
Income taxes receivable 9,308
4,664
Deferred income taxes - current 18,995
18,957
Prepaid expenses and other current assets 45,163
51,945
Total current assets 509,732
570,113
Restricted cash - non-current 10,115
10,070
Property and equipment, net 54,978
54,671
Goodwill 545,400
525,576
Other intangibles assets, net 153,063
159,665
Deferred income taxes - non-current 36,913
38,144
Other assets 14,576
13,805
Total assets $ 1,324,777 $
1,372,044
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Long-term debt - current $ 2,683 $
2,646
Accounts payable 5,580
12,085
Accrued compensation and benefits 58,978
76,102
Income taxes payable 2,815
2,271
Deferred income taxes - current 6,040
5,605
Deferred revenue - current 263,671
319,797
Other current liabilities 33,855
36,573
Total current liabilities 373,622
455,079
Long-term debt - non-current 226,045
224,143
Deferred income taxes - non-current 42,672
42,834
Deferred revenue - non-current 9,382
8,363
Other long-term liabilities 15,532
16,456
Total liabilities 667,253
746,875
Stockholders' equity:
Common stock 2,031
2,029
Additional paid-in capital 884,056
887,349
Treasury stock, at cost (322,348 )
(326,925 )
Retained earnings 63,378
53,742
Accumulated other comprehensive income 30,407
8,974
Total stockholders' equity 657,524
625,169
Total liabilities and stockholders' equity $ 1,324,777 $
1,372,044
LAWSON SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended
August 31, 2010 August 31, 2009
Cash flows from operating activities:
Net income
$ 9,636 $ 5,977
Adjustments to reconcile net income to net cash used in operating
activities:
Depreciation and amortization
13,844 10,042
Amortization of debt issuance costs
260 260
Amortization of debt discount
2,265 2,122
Deferred income taxes
1,728 3,232
Provision for doubtful accounts
(13 ) 641
Warranty provision
821 1,002
Net loss on disposal of assets
9 10
Excess tax benefits from stock transactions
(1,118 ) (168 )
Stock- based compensation expense
4,942 2,567
Changes in operating assets and liabilities (net of acquisitions):
Trade accounts receivable
16,839 32,399
Prepaid expenses and other assets
8,327 11,921
Accounts payable
(6,615 ) (5,884 )
Accrued expenses and other liabilities
(27,684 ) (35,933 )
Income taxes payable/receivable
(4,382 ) (11,520 )
Deferred revenue
(57,203 ) (37,210 )
Net cash used in operating activities
(38,344 ) (20,542 )
Cash flows from investing activities:
Change in restricted cash
(391 ) (277 )
Purchases of marketable securities and investments
(3,006 ) -
Purchases of property and equipment
(6,000 ) (4,358 )
Net cash used in by investing activities
(9,397 ) (4,635 )
Cash flows from financing activities:
Principal payments on long-term debt
(345 ) (467 )
Payments on capital lease obligations
(325 ) (575 )
Cash proceeds from exercise of stock options
580 1,197
Excess tax benefit from stock transactions
1,118 168
Cash proceeds from employee stock purchase plan
614 550
Repurchase of common stock
(1,730 ) (1,284 )
Net cash used in by financing activities
(88 ) (411 )
Effect of exchange rate changes on cash and cash equivalents
5,018 2,075
Decrease in cash and cash equivalents
(42,811 ) (23,513 )
Cash and cash equivalents at beginning of period
375,917 414,815
Cash and cash equivalents at end of period
$ 333,106 $ 391,302
LAWSON SOFTWARE, INC.
RECONCILIATIONS OF SELECTED GAAP TO NON-GAAP FINANCIAL MEASURES
(in thousands, except per share data)
(unaudited)
Reconciliation of GAAP revenues, operating income, operating margin and
net income to equivalent Non-GAAP measures
Three Months
Ended
August 31,
2010 August 31, 2009
GAAP revenue $ 174,660
$ 168,992
Non-GAAP revenue adjustments:
Purchase accounting impact on maintenance revenues 1,429
-
Purchase accounting impact on services revenues 520
-
Non-GAAP revenue adjustments 1,949
-
Non-GAAP revenue $ 176,609
$ 168,992
GAAP operating income $ 17,743
$ 18,564
GAAP operating margin 10.2
% 11.0 %
Non-GAAP revenue adjustments 1,949
-
Non-GAAP costs/operating expense adjustments:
Amortization of purchased maintenance contracts 395
567
Stock-based compensation 4,949
2,568
Pension gain (1,912
) -
Restructuring (935
) 75
Amortization of acquired intangibles 7,064
4,380
Total Non-GAAP costs/operating expense adjustments 9,561
7,590
Non-GAAP operating income $ 29,253
$ 26,154
Non-GAAP operating margin 16.6
% 15.5 %
GAAP net income $ 9,636
$ 5,977
Non-GAAP revenue adjustments 1,949
-
Non-GAAP costs/operating expense adjustments 9,561
7,590
Non-cash interest expense related to convertible debt 2,265
2,122
Tax provision adjustment (1) (5,408
) (283 )
Non-GAAP net income $ 18,003
$ 15,406
Reconciliation of GAAP net income per diluted share to Non-GAAP net
income per diluted share
Three Months
Ended
August 31,
2010 August 31, 2009
GAAP net income per diluted share $ 0.06
$ 0.04
Purchase accounting impact on revenue 0.01
-
Amortization of purchased maintenance contracts 0.00
0.00
Stock-based compensation 0.03
0.02
Pension gain (0.01
) -
Restructuring (0.01
) 0.00
Amortization of acquired intangibles 0.04
0.03
Non-cash interest expense related to convertible debt 0.01
0.01
Tax provision adjustment (0.03
) (0.00 )
Non-GAAP net income per diluted share (2) $ 0.11
$ 0.09
Weighted average shares - basic 162,596
161,112
Weighted average shares - diluted 167,178
163,921
(1) Non-GAAP tax provision is calculated by excluding the non-GAAP
adjustments on a jurisdictional basis.
(2) Net income per share columns may not total due to rounding.
LAWSON SOFTWARE, INC.
SUPPLEMENTAL NON-GAAP MEASURES
INCREASE (DECREASE) IN GAAP AMOUNTS REPORTED
(in thousands)
(unaudited)
Three Months
Ended
August 31,
2010 August 31, 2009
Revenue items
Purchase accounting impact on maintenance revenues $ 1,429
$ -
Purchase accounting impact on consulting revenues 520
-
Total revenue items 1,949
-
Cost of license items
Amortization of acquired intangibles (4,358 )
(2,500 )
Total cost of license items (4,358 )
(2,500 )
Cost of maintenance items
Amortization of purchased maintenance contracts (395 )
(567 )
Stock-based compensation (372 )
(141 )
Total cost of maintenance items (767 )
(708 )
Cost of consulting items
Stock-based compensation (830 )
(423 )
Total cost of consulting items (830 )
(423 )
Research and development items
Stock-based compensation (555 )
(130 )
Total research and development items (555 )
(130 )
Sales and marketing items
Stock-based compensation (1,267 )
(822 )
Total sales and marketing items (1,267 )
(822 )
General and administrative items
Pension gain 1,912
-
Stock-based compensation (1,925 )
(1,052 )
Total general and administrative items (13 )
(1,052 )
Restructuring 935
(75 )
Amortization of acquired intangibles (2,706 )
(1,880 )
Non-cash interest expense related to convertible debt (2,265 )
(2,122 )
Tax provision adjustment (1) 5,408
283
Total non-GAAP Adjustments $ 8,367
$ 9,429
(1) Based on a projected annual global effective tax rate analysis, the
non-GAAP tax provision for fiscal 2011 was calculated to be 35%. The
non-GAAP tax provision is calculated excluding the non-GAAP adjustments
on a jurisdictional basis.
Lawson Software, Inc.
Media:
Joe Thornton, 651-767-6154
joe.thornton@us.lawson.com (joe.thornton@us.lawson.com)
or
Investors and Analysts:
Barbara Doyle, 651-767-4385
investor@lawson.com (investor@lawson.com)
or
Investors and Analysts:
Heather Pribyl, 651-767-4659
investor@lawson.com (investor@lawson.com)
Lawson Software Reports First Quarter 2011 Financial Results
| Source: Lawson Software, Inc.
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