For the first quarter of 2003, SAP’s operating income increased 60% to 298 million compared to 186 million for the first quarter of 2002. Pro forma operating income1 excluding stock-based compensation and acquisition-related charges increased 28% to 304 million compared to 238 million last year. The operating margin for the first quarter was up nine percentage points to 20% compared to the first quarter of last year. The pro forma operating margin,1 before stock-based compensation and acquisition related charges, was up six percentage points to 20% compared to last year.
Software revenues for the first quarter were 352 million (2002: 402 million), down 12% from the first quarter of last year. On a constant currency basis, software revenues were down 4% compared to last year. Based on software revenues, the Company gained additional market share in the first quarter of 2003.
On a rolling four quarter basis, the Company’s worldwide share of the market (consisting of SAP and the five companies mentioned in footnote 2) based on software revenues was 54% at the end of the first quarter of 2003 compared to 51% at the end of the fourth quarter of 2002.Total revenues for the first quarter of 2003 were down 8% to 1.5 billion (2002: 1.7 billion). At constant currency rates, however, total revenues for the 2003 first quarter increased by 1% compared to the first quarter of 2002.
Product revenues, which include software and maintenance revenues, for the first quarter were 960 million (2002: 999 million). Maintenance revenues were 608 million (2002: 597 million). Consulting and training revenues were 476 million (2002: 539 million) and 77 million (2002: 110 million), respectively.
“Our continuing market share gains, specifically in our competitors’ home markets, tell me that the market favors SAP’s style of business: being a leader through actions; delivering products customers really need; and offering trust and integrity,” said Hasso Plattner, co-chairman and CEO, SAP.
“Our results this quarter demonstrate that our strategy is working and we are well positioned to capitalize on an economic recovery,” he added
Earnings before interest, taxes, depreciation and amortization (‘EBITDA’)1 for the first quarter 2003 were 348 million (2002: 240 million).Net income for the first quarter of 2003 was 186 million (2002: 65 million), or 0.60 per share (2002: 0.21 per share), representing an increase of 186%.
SAP had 28,654 full-time equivalent employees at March 31, 2003. This represents a decrease of 143 full-time employees since December 31, 2002.
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