Enterprise software maker BMC Software, Inc. (BMC), which agreed to be taken private earlier in the day, reported Monday a profit for the fourth quarter that increased three percent from last year, reflecting improved sales. Both adjusted earnings per share and quarterly earnings missed analysts' expectations.
Earlier in the day, BMC agreed to be taken private by a consortium led by private equity firms Bain Capital LLC and Golden Gate Capital for $46.25 per share in cash or about $6.9 billion. The group also includes Government of Singapore Investment Corp. Pvt. Ltd. and Insight Venture Partners. The deal is expected to close later in 2013.
The sale ends a sustained campaign by activist hedge fund Elliott Management to force BMC into a sale, citing under-performance and loss of shareholder value. Elliott, which currently holds a 9.6 percent stake in BMC, has agreed to vote its shares in favor of the proposed going private deal.
The Houston, Texas-based company reported net income of $72.7 million or $0.50 per share for the fourth quarter, higher than $70.7 million or $0.43 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter was $127.2 million or $0.87 per share, compared to $122.5 million or $0.74 per share in the year-ago quarter.
On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.93 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter edged up 0.7 percent to $568.8 million from $564.7 million in the same quarter last year, but missed twelve Wall Street analysts' consensus estimate of $591.88 million.
License revenues declined 3.5 percent to $225.4 million, while maintenance revenues grew 4.8 percent to $286.1 million in the year-ago quarter. Professional services decreased $57.1 million from a year ago.
Total company bookings for the quarter grew 14 percent from a year ago, with ESM license bookings rising 9 percent, and cloud-related license bookings growing 39 percent. SaaS business has more than 600 active customers at the end of the fourth quarter.
For fiscal 2013, the company reported net income of $331.0 million or $2.13 per share, lower than $401.0 million or $2.32 per share in the prior year.
Excluding items, adjusted net income for the year was $524.4 million or $3.37 per share, compared to $562.1 million or $3.25 per share in the year ago. Analysts expected the company to report earnings of $3.42 per share for fiscal 2013.
Net revenues for the full year grew 1.4 percent to $2.20 billion from $2.17 billion in the previous year. Street was looking for full-year 2013 revenues of $2.22 billion.
BMC closed Monday's regular trading session at $45.42, unchanged on a volume of 34.23 million shares. The stock lost $0.18 or 0.40% in after-hours trading.
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