SpatialNews Press Release
Intergraph Operating Results for First Quarter 2001
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HUNTSVILLE, Ala., April 30, 2001--Intergraph Corporation (Nasdaq:INGR) today reported operating results for its first quarter
ended March 31, 2001.
For the quarter, the Company reported net income of $5 million on revenues of $144 million. Net income per share was $.10, including $.09 per share earned
from the sale of assets. The Company reported an operating income of $2.9 million. Systems and services orders for the quarter were $81.3 million.
Intergraph CEO James Taylor said of the results, "Intergraph had a very good and profitable first quarter, exceeding our targets in most areas. This is the first
quarter in which our financial reporting is completely aligned with our vertical businesses, and I am pleased to report that the business units performed well.
Although we are early in our turnaround plan, these results are very encouraging."
Intergraph will provide an on-line, real-time webcast and rebroadcast of its first quarter results conference call to be held today, April 30, 2001, at 2:00 p.m.
Eastern. The live broadcast will be available on-line at www.intergraph.com beginning at 2:00 p.m. Eastern. The webcast replay will be available shortly after the
conference call and will be available online for 30 days.
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Intergraph Corporation
Summary Financial Information
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Quarter Ended March 31 (Unaudited) 2001 2000
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Revenue $144,122,000 $199,405,000
Income from operations 2,897,000 358,000
Gains on sales of assets 4,831,000 3,633,000
Other nonoperating income
(expense), net ( 198,000) ( 741,000)
Income tax expense (2,400,000) (1,400,000)
Minority interest in consolidated
subsidiaries ( 163,000) ( 825,000)
Net income $ 4,967,000 $ 1,025,000
Net income per share
- basic and diluted $ .10 $ .02
Weighted average shares outstanding
- basic 49,569,000 49,254,000
diluted 50,960,000 49,475,000
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Business Segment Information
Quarter Ended March 31, 2001 Total Operating
(Unaudited) Revenue Income (Loss)
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PBS $ 29,854,000 $ 1,276,000
IGS 38,252,000 3,267,000
IPS 30,337,000 1,099,000
Mapping/GIS Solutions 34,488,000 3,388,000
Z/I Imaging 11,185,000 1,600,000
International
H/W Maintenance 4,660,000 ( 315,000)
Mid World 2,949,000 (2,894,000)
Corporate 4,129,000 (4,524,000)
Eliminations (11,732,000) ---
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Total Company $144,122,000 $ 2,897,000
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Intergraph Corporation and Subsidiaries
First Quarter 2001
Consolidated Balance Sheets (Unaudited)
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March 31, December 31,
(In thousands) 2001 2000
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Assets
Cash and cash equivalents $114,504 $119,848
Accounts receivable, net 180,944 178,862
Inventories 18,438 25,290
Other current assets 59,178 53,475
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Total current assets 373,064 377,475
Investments in affiliates 13,870 14,262
Capitalized software development
costs 23,749 23,871
Other assets 44,330 42,971
Property, plant, and
equipment, net 54,906 56,329
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Total Assets $509,919 $514,908
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Liabilities and Shareholders' Equity
Trade accounts payable $34,153 $35,224
Accrued compensation 33,605 33,257
Other accrued expenses 55,730 61,591
Billings in excess of sales 44,870 46,603
Income taxes payable 14,340 10,984
Short-term debt and current
maturities of long-term debt 7,743 5,765
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Total current liabilities 190,441 193,424
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Deferred income taxes 6,614 6,604
Long-term debt 20,459 25,265
0 3,473 4,612
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Total noncurrent liabilities 30,546 36,481
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Minority interest in consolidated
subsidiaries 7,166 7,003
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Total shareholders' equity 281,766 278,000
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Total Liabilities and
Shareholders' Equity $509,919 $514,908
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Consolidated Statements of Operations (Unaudited)
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(In thousands except Quarter ended March 31,
per share amounts) 2001 2000
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Revenues
Systems $ 82,183 $134,338
Maintenance 34,218 42,308
Services 27,721 22,759
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Total revenues 144,122 199,405
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Cost of revenues
Systems 44,862 86,091
Maintenance 19,380 22,597
Services 21,471 18,489
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Total cost of revenues 85,713 127,177
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Gross profit 58,409 72,228
Product development 13,105 13,961
Sales and marketing 22,185 32,937
General and administrative 20,606 24,972
Reorganization charges (credit) (384) ---
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Income from operations 2,897 358
Gains on sales of assets 4,831 3,633
Interest expense (561) (1,176)
Other income (expense) - net 363 435
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Income before income taxes
and minority interest 7,530 3,250
Income tax expense 2,400 1,400
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Income before minority interest 5,130 1,850
Minority interest in earnings of
consolidated subsidiaries (163) (825)
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Net income $4,967 $1,025
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Net income per share
- basic and diluted $ .10 $ .02
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Weighted average shares outstanding -
Basic 49,569 49,254
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Diluted 50,960 49,475
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Systems orders $ 57,400 $124,100
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Services orders $ 23,900 $ 18,300
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This unaudited information is provided for analysis purposes only.
Some account headings have been abbreviated. In the event of
discrepancies with published financial reports, the published reports
will be conclusive.
Intergraph Background Information
Intergraph Corporation (www.intergraph.com) is a worldwide provider of end-to-end technical solutions and systems integration. Intergraph's vertically
focused business units develop, market and support software and services for local and national governments and for global industries, including process plant
design, utilities, communications, mapping/GIS, earth imaging and public safety. Intergraph is headquartered in Huntsville, Ala., with offices worldwide.
Information contained in this press release includes statements that are forward-looking as defined in Section 21E of the Securities Exchange Act of 1934.
Actual results could differ materially from those projected in the forward-looking statements. Information concerning factors that could cause actual results to
differ materially from those in the forward-looking statements is described in the Company's filings with the Securities and Exchange Commission, including its
most recent Annual Report on Form 10-K.
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