Q4 2013 Earnings Call Transcript

Transcript Call Date 05/21/2013

Operator: Hello and welcome to the Compuware Corporation Fourth Quarter and Year End Earnings Teleconference. At the request of Compuware, this conference is being recorded for instant replay purposes.

At this time, I'd like to turn the conference over to Lisa Elkin, Senior Vice President of Communications and Investor Relations for Compuware Corporation. Ms. Elkin, you may begin.

Lisa Elkin - VP, IR and Communications: Thank you and good afternoon ladies and gentlemen. With me this afternoon are Bob Paul, Chief Executive Officer; Joe Angileri, President and Chief Operating Officer; and Laura Fournier, Executive Vice President and Chief Financial Officer.

Certain statements made during this conference call that are not historical facts, including those regarding the Company's future plans, objectives and expected performance are forward-looking statements within the meaning of the federal securities laws. These forward-looking statements represent our outlook only as of the date of this conference call. While we believe any forward-looking statements we have made are reasonable, actual results could differ materially since the statements are based on our current expectations and are subject to risks and uncertainties.

These risks and uncertainties are discussed in the Company's reports filed with the Securities and Exchange Commission. You should refer to and consider these factors when relying on such forward-looking information. The Company does not undertake and expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

I will now turn the call over to Bob, who will provide a summary of the quarter's results. Joe will then highlight business unit operating results; followed by Laura, who will close with key financial information. We will then open the call to your questions.

Before I hand the call over to Bob, however, I want to inform you that as an additional resource we have made a brief slide deck available on our Investor Relations website. Bob?

Bob Paul - CEO: Thanks, Lisa, and thank you everyone for joining us this afternoon. Today we will discuss Compuware's full fourth quarter and fiscal year 2013 financial results. Fiscal year '13 and Q4 total revenue came in at $944.5 million, and $239.9 million respectively. On the basis of, and consistent with our April pre-announcement, our fourth quarter 2013 earnings per share were $0.05. For the full year 2013, our earnings were $0.27. Laura will discuss the details later in the call. Although we made significant progress in some of our strategic initiatives, overall, the quarter was a disappointment. As I discussed on the call in April, the shortfall was primarily due to contracts that we expected in our APM and Mainframe businesses that were delayed and did not close in quarter. The main factors for not closing the deals were unsolidified IT budgets and continued weakness in the European market that resulted in broad based delays in purchasing decisions.

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