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Management offers the following guidance for the full year 2003, which supersedes any previously announced guidance as to the Company`s expectations for financial results for 2003:
Consolidated revenue is expected to be in the range of approximately $150 to $160 million. License revenue for 2003 is expected to increase by approximately 10% versus 2002. Net income is expected to range from approximately $11.0 million to $16.0 million. Earnings per share, assuming a fully diluted weighted average share count, is expected to range from approximately $0.71 to $1.13 per share. Adjusted net earnings (which excludes approximately $3.8 million in expected non-cash discount amortization expense and approximately $0.2 million in expected amortization expense of intangible assets) is expected to be approximately $15 million to $20 million or $1.00 to $1.40 per share on a diluted basis. Average share count for the year using the fully diluted weighted average share count method is expected to be approximately 14 to 15 million. The Company also expects to have positive operating cash flow in each quarter of 2003.
About MicroStrategy Incorporated
Leadership in a Critical Market: Founded in 1989, MicroStrategy is a worldwide leader in the increasingly critical business intelligence software market. Large and small companies alike are harnessing MicroStrategy`s business intelligence software to gain vital insights from their data to help them proactively enhance cost-efficiency, productivity and customer relations and optimize revenue-generating strategies. MicroStrategy`s business intelligence platform offers exceptional capabilities that provide organizations -- in virtually all facets of their operations -- with user- friendly solutions to their data query, reporting, and advanced analytical needs, and distributes valuable insight on this data to users via Web, wireless, and voice. PC Magazine selected MicroStrategy 7(TM) as the 2001 "Editors` Choice" for business intelligence software.
Enterprise-Class Business Intelligence: MicroStrategy 7i(TM) is a truly integrated, enterprise-class, Web-based business intelligence platform. With MicroStrategy 7i, enterprises can now standardize on one business intelligence platform and deploy high-value business intelligence enterprise-wide. MicroStrategy 7i`s configurable query, reporting, and OLAP Web interface is designed to support all users, from casual report viewers to power analysts.
Diverse Customer Base: MicroStrategy`s customer base cuts across industry and sector lines, with over 1,900 enterprise-class customers, including Lowe`s Home Improvement Warehouse, AT&T; Wireless Group, Wachovia and GlaxoSmithKline. MicroStrategy also has relationships with over 500 systems integrators and application development and platform partners, including IBM, PeopleSoft, Hewlett-Packard, and JD Edwards.
MicroStrategy is listed on Nasdaq under the symbol MSTR. For more information on the Company, or to purchase or demo MicroStrategy`s software, please visit MicroStrategy`s Web site at http://www.microstrategy.com .
MicroStrategy, MicroStrategy Business Intelligence Platform, Scalable Business Intelligence Platform Built for the Internet, MicroStrategy Web Universal, and MicroStrategy 7i are either trademarks or registered trademarks of MicroStrategy Incorporated in the United States and certain other countries. Other product and company names mentioned herein may be the trademarks of their respective owners.
This press release may include statements that may constitute "forward- looking statements," including estimates of future business prospects or financial results in the section above entitled "Outlook and Financial Guidance Information" and statements containing the words "believe," "estimate," "project," "expect" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results of MicroStrategy Incorporated and its subsidiaries (collectively, the "Company") to differ materially from the forward-looking statements. Factors that could contribute to such differences include: the Company`s ability to secure financing for its current operations and long-term plans on acceptable terms; the ability of the Company to implement and achieve widespread customer acceptance of its MicroStrategy 7i software on a timely basis; the Company`s ability to recognize deferred revenue through delivery of products or satisfactory performance of services; continued acceptance of the Company`s products in the marketplace; the timing of significant orders; delays in the Company`s ability to develop or ship new products; market acceptance of new products; competitive factors; general economic conditions; currency fluctuations; and other risks detailed in the Company`s registration statements and periodic reports filed with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.