Sybase revenues surpass $205 million in Q2
By P K Hari | 05 Aug 2002
“Sybase executed well in the second quarter, reporting improved margins and a positive cash flow from operations,“ says Sybase chairman, CEO and president John Chen. “We're starting to see tremendous interest in new vertical solutions like our PatriotCompliance Solution, Communications e-Business Solution, and our HIPAA Studio, while our core database and infrastructure business remains strong. Also, we continue to experience positive momentum in Asia, and in China in particular, with extremely competitive wins like China Petroleum Chemical Corporation (Sinopec), China's largest oil company.“
“There has never been a better time for Sybase to invest in its future,“ adds Chen. “In addition to building new technology solutions, we plan to make a meaningful increase in our field sales force in the coming quarters, and to focus on making all of our divisions profitable. We intend to fund these initiatives by reallocating existing resources to achieve greater efficiencies in our business worldwide.“
As of 30 June 2002, Sybase reported $403.3 million in cash and cash investments, including restricted cash of $2.5 million, representing approximately $4.13 per outstanding share at the end of the second quarter. During Q2, Sybase repurchased an additional $23.5 million of its stock, with approximately $100 million of its current share repurchase authorisation remaining. Days sales outstanding for the three months ending 30 June 2002 was 55 days.
In Asia Pacific, Sybase continues to build momentum with over 26 strategic customer wins. They include the Shanghai Police Bureau, China Ocean Shipping Company and Sinopec in China; Taipei Water Department in Taiwan; Indian Railways and HDFC Bank in India; Total Access Telecommunication Public Company Ltd in Thailand; NEC Infrontia, NTTPC Communications and Sony Corporation in Japan; Hanaro Telecom, Korea Life Insurance, and Samsung Electronics Co in Korea, and; National Australia Bank Wholesale Financial Services and ANZ Bank in Australia.
Significant global customer and partner wins in the second quarter included Advanced PCS Healthcare, AT&T, Automatic Data Processing, Aviall Services, BISYS, Brokerage America/Brokerage Systems, Commonwealth of Massachusetts, ComPsych, Cox Target Media, Fifth Third Bank, Florida Department of Transportation, Harborside, ING Ferri, Market Axess, Mellon HR Solutions, MISYS Healthcare System, Nielsen Media Research, Oxford Health Plan, Private Healthcare, South Financial Bank, State of Pennsylvania and Universal Care.
