SpatialNews Press Release
Intergraph Operating Results for Fourth
Quarter 2000
HUNTSVILLE, Ala., Jan. 31, 2001--Intergraph Corporation
(NASDAQ:INGR) today reported operating results for its fourth quarter and year ended December
31, 2000.
For the quarter, the Company reported net income of $.36 per share, including $.61 per share in
gains on sales of non-core businesses and assets, and a $.10 per share charge to operations for
international reorganization. The Company incurred a loss from operations of $3.2 million or $.07 per
share before the charge. Net earnings for the quarter, including the gains and charge, were $18.0
million. For the same quarter in 1999, the Company's loss from operations was $4.3 million, and its net
income was $3.6 million or $.07 per share, including a $14.4 million or $.29 per share gain on the sale
of a subsidiary. Revenue for fourth quarter was $144 million versus $224 million in the prior year
quarter.
For the year, the Company reported net income of $.20 per share, including $.99 per share in gains
on sales of non-core businesses and assets, and a $.27 per share charge for reorganization. The
Company incurred a loss from operations of $10.4 million or $.21 per share before the charge. Net
earnings for the year, including the gains and charge, were $10.1 million. In 1999, the Company's loss
from operations was $74.8 million, and its net loss was $71.6 million or $1.46 per share, including
gains on sales of non-core businesses and assets, reorganization charges, and an arbitration settlement.
CEO Jim Taylor said, "During 2000, we made the investment necessary to redefine Intergraph. We
eliminated our hardware business and most non-core assets. We completed our worldwide
verticalization into business units focused on specific industries, and we strengthened our balance sheet.
We are now confident that we will have a profitable 2001."
On January 31 at 2:00 p.m. Eastern time, a live broadcast of Intergraph's fourth quarter conference
call will be hosted by Global Crossing Conferencing. The public may access the webcast at
http://webcast.themeetingson.com/webcast.jsp?reservation=17508342 or at www.intergraph.com. A
replay of the webcast will also be available at the two sites for on-demand access until February 28,
2001.
Intergraph Corporation
Summary Financial Information
Quarter Ended December 31 (Unaudited) 2000 1999
Revenue $144,131,000 $224,404,000
Loss from operations before reorganization
charges (3,248,000) (4,257,000)
Reorganization charges (5,136,000) --
Loss from operations (8,384,000) (4,257,000)
Gains on sales of noncore businesses and
assets 30,435,000 15,136,000
Nonoperating income (expense), net (2,340,000) (3,305,000)
Income tax expense (1,700,000) (4,000,000)
Net income $ 18,011,000 $ 3,574,000
Net income per share - basic and diluted $ .36 $ .07
Weighted average shares outstanding - basic 49,480,000 49,121,000
diluted 50,003,000 49,121,000
Year Ended December 31 (Unaudited) 2000 1999
Revenue $690,454,000 $938,584,000
Loss from operations before reorganization
charges (10,392,000) (51,304,000)
Reorganization charges (13,249,000)1 (23,467,000)2
Loss from operations (23,641,000) (74,771,000)
Gains on sales of noncore businesses and
assets 49,546,000 27,607,000
Arbitration settlement -- (8,562,000)
Other nonoperating income (expense), net (9,210,000) (10,351,000)
Income tax expense (6,600,000) (5,500,000)
Net income (loss) $ 10,095,000 $(71,577,000)
Net income (loss) per share
- basic and diluted $ .20 $ (1.46)
Weighted average shares outstanding - basic 49,368,000 48,906,000
diluted 49,859,000 48,906,000
1 Includes charges of $4.8 million related to the third quarter 2000
exit of the hardware business that are classified as cost of
revenues in the consolidated statement of operations.
2 Includes a third quarter 1999 inventory write-down of $7 million
classified as cost of revenues in the consolidated statement of
operations.
Business Segment Information Operating income
Total (loss) before
Quarter Ended December 31, 2000 (Unaudited) Revenue reorganization
charges
PBS $ 33,951,000 $ 3,824,000
IGS 36,024,000 992,000
IPS 24,637,000 1,614,000
Mapping and GIS Solutions 19,020,000 394,000
Z/I Imaging 10,321,000 2,883,000
ICS 5,661,000 (1,764,000)
International Distribution 42,055,000 (6,796,000)
Corporate -- (4,395,000)
Eliminations (27,538,000) --
Total Company $144,131,000 $(3,248,000)
Intergraph Corporation and Subsidiaries
Fourth Quarter 2000
Consolidated Balance Sheets (Unaudited)
December 31, December 31,
(In thousands) 2000 1999
-------- --------
Assets
Cash and cash equivalents $121,293 $ 88,513
Accounts receivable, net 181,878 258,768
Inventories 25,290 35,918
Other current assets 45,283 28,744
-------- --------
Total current assets 373,744 411,943
Investments in affiliates 14,262 9,940
Other assets 65,397 68,154
Property, plant, and equipment, net 56,329 94,907
-------- --------
Total Assets $509,732 $584,944
======== ========
Liabilities and Shareholders' Equity
Trade accounts payable $ 35,224 $ 50,963
Accrued compensation 33,257 35,848
Other accrued expenses 61,591 71,052
Billings in excess of sales 46,603 66,051
Income taxes payable 10,128 8,175
Short-term debt and current
maturities of long-term debt 5,765 11,547
-------- --------
Total current liabilities 192,568 243,636
Deferred income taxes 2,284 2,620
Long-term debt 25,265 51,379
Other noncurrent liabilities 11,615 10,609
-------- --------
Total liabilities 231,732 308,244
Total shareholders' equity 278,000 276,700
-------- --------
Total Liabilities and Shareholders' Equity $509,732 $584,944
======== ========
Consolidated Statements of Operations (Unaudited)
Quarter ended Twelve months ended
(In thousands except December 31, December 31,
per share amounts) 2000 1999 2000 1999
-------- -------- -------- --------
Revenues
Systems $ 77,223 $151,613 $426,791 $634,932
Maintenance 36,993 46,558 160,456 195,338
Services 29,915 26,233 103,207 108,314
-------- -------- -------- --------
Total revenues 144,131 224,404 690,454 938,584
-------- -------- -------- --------
Cost of revenues
Systems 42,183 95,014 266,147 439,889
Maintenance 22,080 25,569 87,793 103,759
Services 23,275 24,982 84,237 91,120
-------- -------- -------- --------
Total cost of revenues 87,538 145,565 438,177 634,768
-------- -------- -------- --------
Gross profit 56,593 78,839 252,277 303,816
Product development 13,469 15,995 56,319 68,396
Sales and marketing 24,832 40,618 118,402 181,564
General and administrative 21,540 26,483 92,699 112,160
Reorganization charges 5,136 -- 8,498 16,467
-------- -------- -------- --------
Loss from operations (8,384) (4,257) (23,641) (74,771)
Gains on sales of assets 30,435 15,136 49,546 27,607
Arbitration settlement -- -- -- (8,562)
Interest expense (790) (1,338) (4,031) (5,667)
Other income (expense) - net (1,550) (1,967) (5,179) (4,684)
-------- -------- -------- --------
Income (loss) before
income taxes 19,711 7,574 16,695 (66,077)
Income tax expense 1,700 4,000 6,600 5,500
-------- -------- -------- --------
Net income (loss) $ 18,011 $ 3,574 $ 10,095 $(71,577)
======== ======== ======== ========
Net income (loss) per share
- Basic and diluted $ 0.36 $ 0.07 $ 0.20 $ (1.46)
======== ======== ======== ========
Weighted average shares
outstanding -
Basic 49,480 49,121 49,368 48,906
======== ======== ======== ========
Diluted 50,003 49,121 49,859 48,906
======== ======== ======== ========
Systems orders $ 84,100 $142,200 $469,700 $604,800
======== ======== ======== ========
Services orders $ 26,700 $ 19,600 $109,000 $102,200
======== ======== ======== ========
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 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 and power,
utilities, communications, mapping/GIS, photogrammetry and public safety. Headquartered in
Huntsville, Ala., with offices worldwide, Intergraph is located on the Internet at www.intergraph.com.
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 and its Form 10-Q filings for the quarters ended March 31, 2000, June 30, 2000, and
September 30, 2000.
Intergraph and the Intergraph logo are registered trademarks of Intergraph Corporation. Other
brands and product names are trademarks of their respective owners.
Return to Today's News Index
|
