Forward-Looking Statements
This press release and related conference call contain forward-looking statements that involve substantial risks and uncertainties. You can identify forward-looking statements by words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "should," "will," "would" or similar words. You should consider these statements carefully because they discuss our plans, targets, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. There will be events in the future, however, that we are not able to predict accurately or control. Our actual results may differ materially from the expectations we describe in our forward-looking statements. Factors or events that could cause our actual results to materially differ may emerge from time to time, and it is not possible for us to accurately predict all of them. Before you invest in our common stock, you should be aware that the occurrence of any such event or of any of the additional events described as risk factors in the Company's filings with the Securities and Exchange Commission could have a material adverse effect on our business, results of operation and financial position. Any forward-looking statement made by us in this press release or related conference call speaks only as of the date on which we make it. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
DELTEK, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
--------------------- ---------------------
2007 2006 2007 2006
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REVENUES:
Software license fees $ 27,119 $ 23,543 $ 87,118 $ 74,958
Consulting services 22,307 20,727 83,353 66,573
Maintenance and support
services 27,440 22,623 102,903 83,172
Other revenues 153 239 4,872 3,565
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Total revenues 77,019 67,132 278,246 228,268
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COST OF REVENUES:
Cost of software license
fees 1,852 1,922 7,855 6,867
Cost of consulting
services 19,796 16,128 72,559 54,676
Cost of maintenance and
support services 5,210 4,151 17,387 15,483
Cost of other revenues 89 214 5,276 4,634
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Total cost of revenues 26,947 22,415 103,077 81,660
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GROSS PROFIT 50,072 44,717 175,169 146,608
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Research and development 11,272 10,457 42,925 37,293
Sales and marketing 13,098 11,436 45,299 37,807
General and administrative 8,895 7,787 30,619 26,622
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Operating expenses 33,265 29,680 118,843 101,722
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INCOME FROM OPERATIONS 16,807 15,037 56,326 44,886
Interest income 95 54 295 397
Interest expense (4,520) (4,647) (18,493) (20,098)
Other (expense) income,
net (137) 57 (132) 82
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INCOME BEFORE INCOME TAXES 12,245 10,501 37,996 25,267
Income tax expense 5,120 4,134 15,477 9,969
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NET INCOME $ 7,125 $ 6,367 $ 22,519 $ 15,298
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EARNINGS PER SHARE
Basic $ 0.17 $ 0.16 $ 0.56 $ 0.39
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Diluted $ 0.16 $ 0.16 $ 0.54 $ 0.38
========== ========== ========== ==========
COMMON SHARES AND
EQUIVALENTS OUTSTANDING
Basic weighted average
shares 41,828 39,430 40,037 39,332
========== ========== ========== ==========
Diluted weighted
average shares 43,281 40,382 41,617 40,262
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