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BEA Reports Fourth Quarter and Fiscal Year Results; Achieves Fourth Quarter Year-over-Year Growth Rates of 18% in License Revenue and 39% in Operating Cash Flow

BEA Reports Fourth Quarter and Fiscal Year Results; Achieves Fourth Quarter Year-over-Year Growth Rates of 18% in License Revenu

SAN JOSE, Calif., Feb. 23 /PRNewswire-FirstCall/ -- BEA Systems, Inc. , a world leader in application infrastructure software, today announced financial results for the fourth quarter and fiscal year ended January 31, 2006. BEA reported fourth quarter total revenues of $341.4 million, up 17% from last year's fourth quarter. BEA reported fourth quarter license fees of $155.9 million, up 18% from a year ago, and services revenue of $185.6 million, up 17% from a year ago. BEA generated fourth quarter cash flow from operations of $101.6 million, up 39% from $73.0 million a year ago.

For the fiscal year ended January 31, 2006, BEA reported total revenues of $1,199.8 million, an 11% increase over the fiscal year ended January 31, 2005. BEA reported fiscal year license fees of $511.5 million, a 6% increase over fiscal 2005, and services revenue of $688.3 million, a 15% increase over fiscal 2005. BEA reported a year-end deferred revenue balance of $379.1 million, up $66.8 million compared to the end of last fiscal year. BEA generated fiscal 2006 cash flow from operations of $284.6 million, a 6% increase over fiscal 2005.

Q4 FY06 FY 2006 ($ in Millions) ($ in Millions) License Fees $155.9 $511.5 Yr/Yr Growth Rate 18% 6% Services $185.6 $688.3 Yr/Yr Growth Rate 17% 15% Total Revenues $341.4 $1,199.8 Yr/Yr Growth Rate 17% 11%

For the fourth quarter, on a generally accepted accounting principles ("GAAP") basis, BEA reported operating profit of $57.7 million, compared to $59.0 million a year ago. BEA reported GAAP fourth quarter net income of $35.4 million, compared to $41.6 million a year ago, and GAAP diluted net income per share of $0.09, compared to $0.10 a year ago. BEA's fourth quarter GAAP results include a one-time net tax expense of approximately $6.7 million, representing approximately $0.02 per share, principally associated with repatriation of foreign-earned income under the American Jobs Creation Act.

BEA reported fourth quarter non-GAAP operating income of $68.2 million, up 7% from $63.9 million a year ago. BEA reported fourth quarter non-GAAP net income of $48.7 million, up 8% from $45.2 million a year ago, and non-GAAP diluted net income per share of $0.12, compared to $0.11 a year ago. Non-GAAP results exclude certain acquisition-related expenses, net gains or losses on investments in equity securities, facilities consolidation charges, and other charges and credits that are expected to be non-recurring, and assumes a tax rate of 30%. A reconciliation of non-GAAP adjustments is presented on pages six through nine of this release. For full details on BEA's reported results, see the financial tables accompanying this release.

For fiscal 2006, BEA reported GAAP operating income of $205.8 million, a 6% increase over fiscal 2005. BEA reported fiscal 2006 GAAP net income of $142.7 million, up 9% from $131.1 million in fiscal 2005, and GAAP diluted net income per share of $0.36, compared to $0.32 in fiscal 2005. For fiscal 2006, BEA reported non-GAAP operating income of $228.7 million, up 4% from $219.7 million in fiscal 2005. BEA reported fiscal 2006 non-GAAP net income of $165.0, up 11% from $148.6 million in fiscal 2005, and non-GAAP diluted net income per share of $0.41, compared to $0.36 in fiscal 2005.

"For the third consecutive quarter, our year-over-year license revenue growth rate accelerated. We believe our momentum is continuing in the first quarter, where we expect a double-digit year-over-year license revenue growth rate," said Alfred Chuang, chairman and chief executive officer, BEA Systems, Inc. "BEA hit on all cylinders in the fourth quarter, in each geographic region, across deal sizes and across our product families. In the fourth quarter we delivered a double-digit organic growth rate, highlighted by our new AquaLogic product line. Our WebLogic Server business continued to grow faster than industry analysts' projections for the application server market. Congratulations to the team on a great quarter."

"BEA's focused strategy to deliver innovative and robust infrastructure software is paying off. WebLogic Server is dramatically better than the competition, which we believe allowed us to gain market share. Customers tell us that they are benefiting from the feature and performance improvements we continue to deliver in our WebLogic product line," Chuang said. "In addition, both customers and partners are implementing our new AquaLogic product family to support their growing SOA environments."

The projections of continued business momentum and double-digit first quarter license revenue growth rate are forward-looking statements, which are made based on information available to BEA today. BEA assumes no obligation to update these statements.

BEA Delivers Business Results for Key Customers and Expands Partnerships

Key customer, partner and end-user agreements signed in the quarter included Albertsons, AstraZeneca, AXA Equitable Life Insurance, BAA, Banco Central do Brasil, Barclays, Blockbuster, Century Theatres, China Banking Regulatory Commission, Citibank Canada, Deutsche Post, Eaton, EDF, European Commission, ExxonMobil, General Motors, Genworth Financial, Hafslund, Hoffmann-LaRoche, Hyundai Motors, Iron Mountain, Kaiser Permanente, KDDI, LG Electronics, Lloyds TSB Bank, Lufthansa Systems, Movistar Venezuela, National Archives and Records Administration, Northwest Airlines, O2, Optus, Pfizer, PG&E, Procter & Gamble, Raytheon Systems Company, Reed Business Information, Samsung Electronics, San Diego Gas & Electric, SBAB, Singapore Telecommunications, Sony Computer Entertainment Europe, TA Orange, Thomas Cook Nederland, TIAA-CREF, Telcel Celular, TIM Brasil, UBS, UCSF Medical Center, Unisys, United Airlines, Verizon, Visanet, Volvo Information Technology and WebEx Communications.

New, renewed or expanded relationships were entered into with VARs, hardware OEMs, systems integrators, ASPs and ISVs, including 3esi, Adobe Systems, AmberPoint, Amdocs, Amphire Commerce, BMC Software, Business Objects, Certus Software, Checkfree, CollabraSpace, Comverse, EMC/Documentum, FileNet, FNX Limited, FundTech, Houston Associates, Infotrieve, Interworven, IP Soft, JAT Software, Leapstone, Mercury Interactive, MobileAware, Mortgage Systems, Motive, Motricity, Open Pages, Oracle/Siebel, ProActivity, Quest Software, San Cherry, SCA Technologies, Sophoi, Store Perform, SunGard, Symantec, Taxware, Verid and Witness Systems.

Legal Notice Regarding Non-GAAP Financial Information

BEA has provided its non-GAAP net income per share data in this press release as additional information for investors. This measure is not in accordance with, or an alternative to, generally accepted accounting principles ("GAAP"), is intended to supplement GAAP financial information, and may be different from non-GAAP measures used by other companies. BEA believes that the presentation of non-GAAP financial measures provides useful information to investors regarding our results of operations. BEA believes it also provides an alternative method of assessing our operating results that we believe is focused on our core on-going operations and may allow investors to perform additional meaningful period-to-period comparisons of our operating results. In addition, BEA's management team uses these measures for reviewing our financial results, and for budget and planning purposes.

About BEA

BEA Systems, Inc. is a world leader in enterprise infrastructure software, providing standards-based platforms to accelerate the secure flow of information and services. BEA product lines -- WebLogic(R), Tuxedo(R), and the new AquaLogic(TM) family of Service Infrastructure -- help customers reduce IT complexity and successfully deploy Service-Oriented Architectures to improve business agility and efficiency. For more information please visit bea.com.

NOTE: BEA, Built on BEA, Jolt, Joltbeans, Steelthread, Top End, Tuxedo, BEA WebLogic Server, BEA Liquid Data for WebLogic, and WebLogic are registered trademarks of BEA Systems, Inc. BEA AquaLogic, BEA AquaLogic Data Services Platform, BEA AquaLogic Enterprise Security, BEA AquaLogic Service Bus, BEA dev2dev Subscriptions, BEA eLink, BEA MessageQ, BEA WebLogic Communications Platform, BEA WebLogic Enterprise, BEA WebLogic Enterprise Platform, BEA WebLogic Enterprise Security, BEA WebLogic Express, BEA WebLogic Integration, BEA WebLogic Java Adapter for Mainframe, BEA WebLogic JDriver, BEA WebLogic Log Central, BEA WebLogic Network Gatekeeper, BEA WebLogic Platform, BEA WebLogic Portal, BEA WebLogic SIP Server, BEA WebLogic WorkGroup Edition, and BEA WebLogic Workshop, are trademarks of BEA Systems, Inc. BEA Mission Critical Support is a service mark of BEA Systems, Inc. All other company and product names may be the subject of intellectual property rights reserved by third parties.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including the statements regarding our expectation for continued business momentum and license revenue growth, our projection for a double-digit year-over-year license revenue growth rate in the first quarter, the belief that our focused strategy to deliver innovative and robust infrastructure is paying off, our continued delivery of feature and performance improvements in our WebLogic product line, the continued implementation of our AquaLogic product family by customers and partners to support their growing SOA environments, and the value of our presentation of non-GAAP financial measures to investors. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. Such risks and uncertainties include, but are not limited to quarterly fluctuations in customer spending due to economic, geopolitical, competitive and other factors; dependence on the growth of the markets for BEA's products, especially the markets for SOA, service infrastructure, VoIP, telecommunications and RFID software; changes in the standards or technologies used in the SOA, telecommunications and portal markets that could render our products less competitive; declines in spending by the telecommunications industry as a result of consolidation or adverse economic conditions; our dependence on large transactions, particularly those consummated at the end of our quarter; dependence on new product introductions and enhancements; the introduction by competitors of new products and pricing strategies; market acceptance of BEA's enhanced product portfolio; the integration of new technology and personnel as a result of acquisitions; the length of BEA's sales cycle; the dependence on acceptance of BEA's products by channel partners; dependence on the success of BEA's channel partners; rapid technological change; potential software defects (particularly with regard to newly introduced and planned products, such as those related to BEA WebLogic Communications Platform); dependence on retaining and hiring key personnel; misinterpretations resulting from the provision of non-GAAP financial information; significant leverage and debt service requirements; and other risks indicated in our filings with the Securities and Exchange Commission (SEC). For more details, please refer to our SEC filings, including our Annual Report of Form 10-K for the year ended January 31, 2005, our Quarterly Report on Form 10-Q for the quarters ended April 30, 2005, July 31, 2005 and October 31, 2005, and our Current Reports on Form 8-K, as well as similar disclosures in subsequent SEC filings. The forward-looking statements and risks stated in this press release are based on information available to BEA today. BEA assumes no obligation to update them.

BEA SYSTEMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except for per share data) Three Months Ended Twelve Months Ended January 31, January 31, 2006 2005 2006 2005 Revenues: License fees $155,856 $131,772 $511,549 $483,138 Services 185,588 159,000 688,296 596,956 Total revenues 341,444 290,772 1,199,845 1,080,094 Cost of revenues: Cost of license fees 15,266 10,573 39,946 39,118 Cost of services 60,944 49,753 218,496 193,549 Total cost of revenues 76,210 60,326 258,442 232,667 Gross profit 265,234 230,446 941,403 847,427 Operating expenses: Sales and marketing 124,487 109,434 440,494 406,601 Research and development 53,530 38,136 182,251 146,559 General and administrative 28,717 23,847 107,450 91,233 Restructuring charges 772 -- 772 8,165 Acquisition-related in- process research and development -- -- 4,600 -- Total operating expenses 207,506 171,417 735,567 652,558 Income from operations 57,728 59,029 205,836 194,869 Interest and other, net 2,377 462 9,589 (7,646) Income before provision for income taxes 60,105 59,491 215,425 187,223 Provision for income taxes 24,705 17,847 72,682 56,167 Net income $35,400 $41,644 $142,743 $131,056 Net income per share: Basic $0.09 $0.10 $0.37 $0.32 Diluted $0.09 $0.10 $0.36 $0.32 Shares used in computing net income per share: Basic 384,420 400,070 389,050 405,768 Diluted 394,680 409,150 397,850 415,873 BEA SYSTEMS, INC. NON-GAAP STATEMENTS OF OPERATIONS IMPACT OF NON-GAAP ADJUSTMENTS ON REPORTED NET INCOME (In thousands, except for per share data) (unaudited) For the Three Months Ended January 31, 2006 As As Reported Adjustments Adjusted Revenues $341,444 $-- $341,444 Cost of revenues 76,210 (7,660)(a) (b) 68,550 Gross profit 265,234 7,660 272,894 Operating expenses 207,506 (2,777)(c) (d) 204,729 Income from operations 57,728 10,437 68,165 Interest and other, net 2,377 971 (e) (f) (g) 1,406 Income before provision for income taxes 60,105 9,466 69,571 Provision for income taxes 24,705 (3,834) (h) 20,871 Net income $35,400 $13,300 $48,700 Net income per share $0.09 $0.12 Diluted shares outstanding 394,680 394,680 For the Three Months Ended January 31, 2005 As As Reported Adjustments Adjusted Revenues $290,772 $-- $290,772 Cost of revenues 60,326 (4,470)(a) (b) 55,856 Gross profit 230,446 4,470 234,916 Operating expenses 171,417 (407)(c) (d) 171,010 Income from operations 59,029 4,877 63,906 Interest and other, net 462 (165)(e) (f) (g) 627 Income before provision for income taxes 59,491 5,042 64,533 Provision for income taxes 17,847 1,512 (h) 19,359 Net income $41,644 $3,530 $45,174 Net income per share $0.10 $0.11 Diluted shares outstanding 409,150 409,150 (a) Non-GAAP cost of revenues exclude $7,520 and $4,470 related to impairment and amortization of acquired intangible assets for the three months ended January 31, 2006 and 2005, respectively. Management believes it is useful in measuring BEA's operations to exclude amortization of intangibles, deferred compensation and other acquisition related expenses because these costs are primarily fixed at the time of an acquisition and generally cannot be changed by management in the post-acquisition. Management also believes excluding these items facilitates comparisons to BEA's historical and competitors' core operating results during periods when there were no acquisitions. (b) Non-GAAP cost of revenues also exclude $140 and $0 related to acquisition-related deferred compensation expense for the three months ended January 31, 2006 and 2005, respectively. Management believes it is useful in measuring BEA's operations to exclude amortization of intangibles, deferred compensation and other acquisition related expenses because these costs are primarily fixed at the time of an acquisition and generally cannot be changed by management in the post-acquisition. Management also believes excluding these items facilitates comparisons to BEA's historical and competitors' core operating results during periods when there were no acquisitions. (c) Non-GAAP operating expenses exclude $2,005 and $407 related to acquisition-related deferred compensation expense for the three months ended January 31, 2006 and 2005, respectively. Management believes it is useful in measuring BEA's operations to exclude amortization of intangibles, deferred compensation and other acquisition related expenses because these costs are primarily fixed at the time of an acquisition and generally cannot be changed by management in the post-acquisition. Management also believes excluding these items facilitates comparisons to BEA's historical and competitors' core operating results during periods when there were no acquisitions. (d) Non-GAAP operating expenses also exclude $772 and $0 related to restructuring for the three months ended January 31, 2006 and 2005, respectively. Management believes it is useful in measuring BEA's operations to exclude expenses related to restructuring because the companies restructuring activities have been non-recurring and infrequent and therefore may not be considered directly related to our on-going core business operations. (e) Non-GAAP interest and other, net excludes the net gain of $304 and $0 related to a minority interest in equity securities for the three months ended January 31, 2006 and 2005, respectively. Management believes it is useful in measuring BEA's operations to exclude the gain on the minority interest in equity securities because this gain is not part of the company's operations but instead is a non-operating gain that is included in other income and is part of BEA's investment activities. (f) Non-GAAP interest and other, net also excludes $0 and $165 related to write downs of minority interest in equity securities for the three months ended January 31, 2006 and 2005, respectively. Management believes it is useful in measuring BEA's operations to exclude write downs on the minority interest in equity securities because these costs are not part of the company's direct costs of operations but instead are non-operating costs that are included in other income (expense) and are part of BEA's investment activities. (g) Non-GAAP interest and other, net also excludes the net gain of $667 and $0 related to the retirement of the convertible subordinated notes for the three months ended January 31, 2006 and 2005, respectively. Management believes it is useful in measuring BEA's operations to exclude the gain on the retirement of the convertible subordinated notes because these costs are not part of the company's direct costs of operations but instead are non-operating costs that are included in other income (expense) and are part of BEA's financing activities. (h) Provision for income taxes assumes a tax rate of 30 percent and includes the impact of these non-GAAP adjustments. BEA SYSTEMS, INC. NON-GAAP STATEMENTS OF OPERATIONS IMPACT OF NON-GAAP ADJUSTMENTS ON REPORTED NET INCOME (In thousands, except for per share data) (unaudited) For the Twelve Months Ended January 31, 2006 As As Reported Adjustments Adjusted Revenues $1,199,845 $-- $1,199,845 Cost of revenues 258,442 (14,208)(a) (b) 244,234 Gross profit 941,403 14,208 955,611 Operating expenses 735,567 (8,673)(c) (d) (e) 726,894 Income from operations 205,836 22,881 228,717 Interest and other, net 9,589 2,662 (f) (g) (h) 6,927 Income before provision for income taxes 215,425 20,219 235,644 Provision for income taxes 72,682 (1,990) (i) 70,692 Net income $142,743 $22,209 $164,952 Net income per share $0.36 $0.41 Diluted shares outstanding 397,850 397,850 For the Twelve Months Ended January 31, 2005 As As Reported Adjustments Adjusted Revenues $1,080,094 $-- $1,080,094 Cost of revenues 232,667 (13,896)(a) (b) 218,771 Gross profit 847,427 13,896 861,323 Operating expenses 652,558 (10,949)(c) (d)(e) 641,609 Income from operations 194,869 24,845 219,714 Interest and other, net (7,646) (165)(f) (g) (h) (7,481) Income before provision for income taxes 187,223 25,010 212,233 Provision for income taxes 56,167 7,500 (i) 63,667 Net income $131,056 $17,510 $148,566 Net income per share $0.32 $0.36 Diluted shares outstanding 415,873 415,873 (a) Non-GAAP cost of revenues exclude $14,068 and $13,896 related to impairment and amortization of acquired intangible assets for the twelve months ended January 31, 2006 and 2005, respectively. Management believes it is useful in measuring BEA's operations to exclude amortization of intangibles, deferred stock compensation and other acquisition related expenses because these costs are primarily fixed at the time of an acquisition and generally cannot be changed by management in the post-acquisition. Management also believes excluding these items facilitates comparisons to BEA's historical and competitors' core operating results during periods when there were no acquisitions. (b) Non-GAAP cost of revenues also exclude $140 and $0 related to acquisition-related deferred compensation expense for the twelve months ended January 31, 2006 and 2005, respectively. Management believes it is useful in measuring BEA's operations to exclude amortization of intangibles, deferred stock compensation and other acquisition related expenses because these costs are primarily fixed at the time of an acquisition and generally cannot be changed by management in the post-acquisition. Management also believes excluding these items facilitates comparisons to BEA's historical and competitors' core operating results during periods when there were no acquisitions. (c) Non-GAAP operating expenses exclude $3,301 and $2,784 related to acquisition-related deferred compensation expense for the twelve months ended January 31, 2006 and 2005, respectively. Management believes it is useful in measuring BEA's operations to exclude amortization of intangibles, deferred stock compensation and other acquisition related expenses because these costs are primarily fixed at the time of an acquisition and generally cannot be changed by management in the post-acquisition. Management also believes excluding these items facilitates comparisons to BEA's historical and competitors' core operating results during periods when there were no acquisitions. (d) Non-GAAP operating expenses also exclude $772 and $8,165 related to restructuring for the twelve months ended January 31, 2006 and 2005, respectively. Management believes it is useful in measuring BEA's operations to exclude expenses related to restructuring because the companies restructuring activities have been non-recurring and infrequent and therefore may not be considered directly related to our on-going core business operations. (e) Non-GAAP operating expenses also exclude $4,600 and $0 related to acquisition-related in-process research and development for the twelve months ended January 31, 2006 and 2005, respectively. Management believes it is useful in measuring BEA's operations to exclude acquisition-related in-process research and development because these costs are primarily fixed at the time of an acquisition and generally cannot be changed by management in the post-acquisition. (f) Non-GAAP interest and other, net excludes the net gain of $1,995 and $0 related to a minority interest in equity securities for the twelve months ended January 31, 2006 and 2005, respectively. Management believes it is useful in measuring BEA's operations to exclude the gain on the minority interest in equity securities because this gain is not part of the company's operations but instead is a non-operating gain that is included in other income and is part of BEA's investment activities. (g) Non-GAAP interest and other, net also excludes $0 and $165 related to write downs of minority interest in equity securities for the twelve months ended January 31, 2006 and 2005, respectively. Management believes it is useful in measuring BEA's operations to exclude write downs on the minority interest in equity securities because these costs are not part of the company's direct costs of operations but instead are non-operating costs that are included in other income (expense) and are part of BEA's investment activities. (h) Non-GAAP interest and other, net also excludes the net gain of $667 and $0 related to the retirement of the convertible subordinated notes for the twelve months ended January 31, 2006 and 2005, respectively. Management believes it is useful in measuring BEA's operations to exclude the gain on the retirement of the convertible subordinated notes because these costs are not part of the company's direct costs of operations but instead are non-operating costs that are included in other income (expense) and are part of BEA's financing activities. (i) Provision for income taxes assumes a tax rate of 30 percent and includes the impact of these non-GAAP adjustments. BEA SYSTEMS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) January 31, January 31, 2006 2005 (unaudited) (*) ASSETS Current assets: Cash and cash equivalents $1,017,772 $777,754 Restricted cash 2,373 1,648 Short-term investments 435,185 830,063 Accounts receivable, net 331,332 258,655 Other current assets 80,489 44,077 Total current assets 1,867,151 1,912,197 Property and equipment, net 343,389 347,571 Acquired intangible assets, net 224,025 71,305 Long-term restricted cash 2,644 4,130 Other long-term assets 38,322 13,191 $2,475,531 $2,348,394 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $291,441 $219,422 Deferred revenues 379,123 312,310 Current portion of convertible subordinated notes 465,250 -- Current portion of notes payable and other obligations 809 459 Total current liabilities 1,136,623 532,191 Notes payable and other long-term obligations 228,671 233,036 Long-term portion of convertible subordinated notes -- 550,000 Stockholders' equity: Common stock 1,342,021 1,202,124 Retained earnings 254,798 112,055 Deferred compensation (11,461) (8,874) Treasury stock (478,249) (284,551) Accumulated other comprehensive income 3,128 12,413 Total stockholders' equity 1,110,237 1,033,167 $2,475,531 $2,348,394 (*) Derived from audited consolidated financial statements.

BEA Systems, Inc.

CONTACT: Kevin Faulkner, Investor Relations, +1-408-570-8293, or
[email protected], or media and industry analysts, May Petry,
+1-408-570-8704, or [email protected], both of BEA Systems, Inc.

Web site: http://www.bea.com/investors

Web site: http://www.bea.com/

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