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BMC beats Street, scales back forecasts

The maker of software for mainframes and client-server systems expects fiscal 2002 earnings of 90 cents to 93 cents a share.

BMC Software became the latest technology company to scale back forecasts for the next fiscal year.

In a Tuesday conference call with analysts, executives for the maker of software for mainframes and client-server systems said it now expects fiscal 2002 earnings of 90 cents to 93 cents a share. Analyst consensus was predicting $1.13 in earnings per share, according to earnings tracking company First Call.

Revenue for 2002 will increase 12 percent to 15 percent, CEO Bob Beauchamp said. That would mean an annual revenue of $1.68 billion to $1.73 billion based on BMC's fiscal 2001 revenue of $1.5 billion. First Call consensus was predicting 2002 revenue of $1.73 billion for BMC.

"We believe these are healthy and realistic revenue and EPS growth targets in light of the uncertain economic environment," Beauchamp told analysts.

Shares of BMC were unchanged in after-hours activity on the Island ECN after the release of quarterly results. BMC rose 47 cents to $27.15 in Tuesday's regular trading ahead of the report.

Analysts should look for first-quarter earnings of 11 cents to 14 cents on revenue of $355 million to $365 million, Beauchamp said. Analysts had been calling for a first-quarter profit of 24 cents per share on revenue of $410.5 million.

BMC reported fiscal fourth-quarter net income of $65.8 million, or 26 cents per share, excluding special charges. Analyst consensus predicted a profit of 24 cents per share. Earlier this month, BMC said it expected to report fourth-quarter earnings of 23 cents to 25 cents per share.

Fourth-quarter revenue increased 10 percent sequentially to $422.8 million--the high end of the company's forecast calling for $412 million to $422 million. First Call consensus predicted revenue of $416.1 million for BMC's fourth quarter ended March 31.

Including goodwill, write-downs, and one-time charges, BMC earned $23 million, or 9 cents per share, in the fourth quarter.

License revenue increased 13 percent from the third quarter, with client-server systems rising 26 percent and mainframes gaining 4 percent. Maintenance revenue rose 1 percent sequentially. Services revenue rose 20 percent over the same period.