PeopleSoft sales, profits slip

But beats targets

PeopleSoft Inc delivered profits well above its previous guidance when it announced its fourth quarter results yesterday.

The Pleasanton, California-based developer turned in sales of $512.3m in the quarter ending December 31, down 5.1% on the previous year. Operating income was down 2.4% to $78.4m, while net income was down 0.6% to $57.4m. This resulted in earnings per share of $0.18, well above the $0.14 to $0.15 the company had previously predicted.

License revenues were $143m in the fourth quarter, down on the previous year’s $174.1m, but above the company’s predicted range of $125m to $135m. Services revenues were $369m, up from the previous year’s $346.9m.

For the full year, sales were $1.9bn, down 8% on the year. Operating income was off 0.26% to $252.6m, while net income was down 4.7% to $182.6m.

President and CEO Craig Conway claimed in a statement that, "Looking ahead to 2003, PeopleSoft is extremely well positioned to succeed in any economic climate."

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