---

Exhibit 99.1

For Immediate Release

January 23, 2014

 

Compuware Corporation Reports Third Quarter,

Fiscal Year 2014 Results

 

·

Non-GAAP EPS of 17 cents per share, up 13 percent year-over-year and 31 percent over Q2

 

·

GAAP EPS of 11 cents per share, down 8 percent year-over-year and up 57 percent sequentially

 

·

Total revenue down 2.9 percent year-over-year and up nearly 10 percent sequentially

 

·

APM license revenue grows 17 percent year-over-year and 64 percent sequentially; total APM revenue grows 11 percent year-over-year and 26 percent sequentially

 

·

APM record contribution margin rises to 20 percent, doubling its contribution margin compared to the same quarter last year

 

·

Company raises cost-cutting expectation to $110 to $120 million from previous estimate of $80 to $100 million; moves up completion of corporate restructuring to end of fiscal 2015

 

DETROIT, January 23, 2014 -- Compuware Corporation (Nasdaq: CPWR), the technology performance company, today announced financial results for its third quarter, fiscal year 2014 ended December 31, 2013.

 

Non-GAAP net income for the quarter was $38.0 million, or $0.17 per diluted share, compared to $32.3 million, or $0.15 per diluted share in the year-ago period. GAAP net income for the third quarter was $25.0 million, or $0.11 per diluted share, compared to $25.3 million, or $0.12 per diluted share in the year-ago period.

 

(Included in the financial tables is a reconciliation between non-GAAP and GAAP results.)

 

“The third quarter was a very productive period for the company. First and foremost, we posted another quarter of solid results, led by APM’s strong operating execution and our continued improvement in profitability, as evidenced by double-digit earnings growth both year-over-year and sequentially,” said Compuware President and CEO Bob Paul. “Our APM business continues to excel on all fronts, driving consistent growth and profitability gains. Although there is more work to do in our Mainframe business, I’m pleased with the company’s operating performance while also successfully executing on several key strategic initiatives. As a result, we are now poised to achieve greater earnings and revenue growth going forward. With our portfolio rationalization now behind us, we will continue to execute on the final steps that remain in our transformation into the ‘new’ Compuware.”

 

Third Quarter Fiscal Year 2014 Results

 

During the company’s third quarter:

 

·

Total revenues were approximately $250.5M, down 2.9 percent y/y and up 9.8 percent sequentially

---

Compuware Corporation Reports Third Quarter, Fiscal Year 2014 Results

January 23, 2014

Page 2

·

Software license fees were $56.7M, down 12.6 percent y/y and up 58.8 percent sequentially

 

·

Maintenance fees were $101.6 million, flat y/y and up 1.1 percent sequentially

 

·

Subscription fees were $21.7 million, up 4.5 percent y/y and 5.2 percent sequentially

 

·

Professional services revenues were $46.4 million, flat y/y and sequentially

 

·

Application services fees were $24.1 million, up 1.1 percent y/y and down 1.7 percent sequentially

 

Third Quarter Fiscal Year 2014 Highlights

 

During the third quarter, Compuware:

 

·

Made changes to its Board of Directors by appointing Jeffrey J. Clarke, Managing Partner at Augusta Columbia Capital, and Jennifer J. Raab, President of Hunter College. Glenda D. Price, Ph.D., and Ralph J. Szygenda stepped down from the Board.

 

·

Announced that Gartner, Inc. positioned Compuware in the “Leaders” quadrant of the “Magic Quadrant for Application Performance Monitoring (APM)” report for the fourth consecutive year. Compuware is the only vendor to consistently appear in this position since the report first published in 2010. Additionally, Compuware was once again positioned the furthest for ‘completeness of vision’ in the APM Magic Quadrant for the third consecutive year.

 

·

Announced that industry analyst firm International Data Corporation (IDC) ranked Compuware the world's third largest APM software vendor based on 2012 revenue. Compuware also had the highest growth rate of the top three vendors.

 

·

Released a new version of Compuware APM Real User Monitoring for Mobile and Web Apps powered by dynaTrace and PurePath TechnologyTM.

 

·

Announced day-one support for IBM DB2 11 for z/OS; allowing customers who are ready to migrate their production applications to DB2 11 to immediately begin using Compuware's comprehensive suite of mainframe developer productivity solutions for DB2 including Abend-AID, File-AID, Xpediter and Strobe.

 

·

Announced the availability of the new Compuware APMaaS Platform, which offers a simplified, zero-configuration user interface for quick time-to-value.

 

·

Announced the results of a global CIO survey on the impact of new technologies and trends on the mainframe application environment. The survey found mobile technology is increasing complexity, usage and costs of mainframe applications.

 

·

Revealed that it was once again positioned by Gartner Inc. in the “Magic Quadrant for Integrated IT Portfolio Analysis (IIPA) Applications.” This positioning was based on analyst evaluation of Compuware Changepoint, the company’s market-leading project and portfolio management solution.

 

·

Signed a strategic agreement with Cisco. Under the agreement, Cisco will embed Covisint technology within the Cisco exchange platform to provide high-value solutions to customers worldwide.

---

Compuware Corporation Reports Third Quarter, Fiscal Year 2014 Results

January 23, 2014

Page 3

Use of Non-GAAP Financial Measures

 

In an effort to provide investors with additional information regarding the Company's results as determined by U.S. generally accepted accounting principles (GAAP), the Company has also disclosed in this press release and the accompanying tables non-GAAP net income and non-GAAP diluted earnings per share. Each of these financial measures excludes the impact of certain items and, therefore, has not been calculated in accordance with GAAP. These non-GAAP financial measures exclude share-based compensation expense; the amortization of acquired software and intangible assets; restructuring charges; advisory fees associated with certain shareholder actions and business transformation; and the related tax impacts of these items. Each of the non-GAAP adjustments is described in more detail below. This press release also contains a reconciliation of each of these non-GAAP measures to its most comparable GAAP financial measure.

 

We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our operating results because they exclude amounts that management and the board of directors do not consider part of core operating results when assessing the performance of the organization. We believe that inclusion of these non-GAAP financial measures provides consistency and comparability with past reports of financial results and provides consistency in calculations by outside analysts reviewing our results. Accordingly, we believe these non-GAAP financial measures are useful to investors in allowing for greater transparency of supplemental information used by management.

 

While we believe that these non-GAAP financial measures provide useful supplemental information, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with GAAP, do not reflect a comprehensive system of accounting and may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies. Items such as share-based compensation expense; the amortization of acquired software and intangible assets; restructuring charges; advisory fees associated with certain shareholder actions and business transformation; and the related tax impacts of these items that are excluded from our non-GAAP financial measures can have a material impact on net earnings. As a result, these non-GAAP financial measures have limitations and should not be considered in isolation from, or as a substitute for, net earnings, cash flow from operations or other measures of performance prepared in accordance with GAAP. We compensate for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by reconciling the non-GAAP financial measures to their most comparable GAAP financial measure. Investors are encouraged to review the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures that are included elsewhere in this press release.

 

The following discusses the reconciling items from our non-GAAP financial measures to the most comparable GAAP financial measures:

Share-based compensation expense. Our non-GAAP financial measures exclude the compensation expenses required to be recorded by GAAP for equity awards to employees and directors. Management and the board of directors believe it is useful in evaluating corporate performance during a particular time period to review the supplemental non-GAAP financial measures, excluding expenses related to share-based compensation, because these costs are generally fixed at the time an award is granted, are then expensed over several years and generally cannot be changed or influenced by management once granted.

 

Amortization of acquired software and intangible assets. Our non-GAAP financial measures exclude costs associated with the amortization of acquired software and intangible assets. Management and the board of directors believe it is useful in evaluating corporate performance during a particular time period to review the supplemental non-GAAP financial measures, excluding amortization of acquired software and intangible assets, because these costs are fixed at the time of an acquisition, are then amortized over a period of several years after the acquisition and generally cannot be changed or influenced by management after the acquisition.

---

Compuware Corporation Reports Third Quarter, Fiscal Year 2014 Results

January 23, 2014

Page 4

Restructuring charges. Our non-GAAP financial measures exclude restructuring charges, and any subsequent changes in estimates, as they relate to our corporate restructuring activities. Management and the board of directors believe it is useful in evaluating corporate performance during a particular time period to review the supplemental non-GAAP financial measures, excluding restructuring charges, in order to provide comparability and consistency with historical operating results.

 

Advisory fees associated with certain shareholder actions and business transformation. During the fourth quarter of fiscal 2013, in response to an unsolicited, nonbinding offer to purchase the outstanding shares of the Company from a shareholder, the Company announced its willingness to consider other viable offers. The Company continues to incur unplanned consultant fees to analyze the business, review additional requests for information from other interested parties and to implement business transformation plans. Management and the board of directors believe it is useful in evaluating corporate performance during a particular time period to review the supplemental non-GAAP financial measures, excluding such costs, in order to provide comparability and consistency with historical operating results.

 

Provision for income taxes on above pre-tax non-GAAP adjustments. Our non-GAAP financial measures exclude the tax impact of the above pre-tax non-GAAP adjustments. This amount is calculated using the tax rates of each country to which these pre-tax non-GAAP adjustments relate. Management excludes the non-GAAP adjustments on a net-of-tax basis in evaluating our performance. Therefore, we exclude the tax impact of these charges when presenting non-GAAP financial measures.

 

Compuware Corporation

 

Compuware is the technology performance company, and we exist solely to help our customers optimize the performance of their most important and innovative technologies—those that drive their businesses forward. Today, more than 7,100 companies, including many of the world’s largest organizations, depend on Compuware and our new-generation approach to performance management to do just that. Learn more at: http://www.compuware.com.

 

###

 

Conference Call Information

 

Compuware will today hold a conference call to discuss these results at 5:30 p.m. Eastern time (21:00 GMT). To join the conference call, interested parties in the United States should call 800-553-0349. For international access, the conference call number is +1-612-332-7516. No password is required. Additionally, investors can listen to the conference call via webcast by visiting the Compuware Corporation Investor Relations web site. A conference call presentation is also available on the site.

 

A conference call replay will also be available. The United States replay number will be 800-475-6701, and the international replay number will be +1-320-365-3844. The replay passcode will be 312917.

 

Press Contact

 

Lisa Elkin, Senior Vice President, Marketing, Communications and Investor Relations, +1-313-227-7345

 

Certain statements in this release that are not historical facts, including those regarding the Company’s future plans, objectives and expected performance, are “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements represent our outlook only as of the date of this release. While we believe any forward-looking statements we have made are reasonable, actual results could differ materially since the statements are based on our current expectations and are subject to risks and uncertainties. These risks and uncertainties are discussed in the Company’s reports filed with the Securities and Exchange Commission. Readers are cautioned to consider these factors when relying on such forward-looking information. The Company does not undertake, and expressly disclaims any obligation, to update or alter its forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

---

		AS OF DECEMBER 31,
ASSETS
		2013				2012
CURRENT ASSETS:
Cash and cash equivalents		$	108,897			$	64,884
Accounts receivable, net			466,669				449,964
Deferred tax asset, net			42,859				38,669
Income taxes refundable			9,552				3,693
Prepaid expenses and other current assets			33,600				32,377
Total current assets			661,577				589,587
PROPERTY AND EQUIPMENT, LESS ACCUMULATED DEPRECIATION AND AMORTIZATION			292,872				314,404
CAPITALIZED SOFTWARE AND OTHER INTANGIBLE ASSETS, NET			109,648				119,041
ACCOUNTS RECEIVABLE			181,636				190,613
DEFERRED TAX ASSET, NET			29,289				36,254
GOODWILL			735,411				799,823
OTHER ASSETS			26,675				35,202
TOTAL ASSETS		$	2,037,108			$	2,084,924
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable		$	25,610			$	13,509
Accrued expenses			113,061				98,171
Income taxes payable			8,737				14,883
Deferred revenue			408,505				413,446
Total current liabilities			555,913				540,009
LONG TERM DEBT			-				70,000
DEFERRED REVENUE			304,721				311,036
ACCRUED EXPENSES			15,549				29,139
DEFERRED TAX LIABILITY, NET			64,666				84,648
Total liabilities			940,849				1,034,832
SHAREHOLDERS' EQUITY:
Common stock			2,178				2,121
Additional paid-in capital			812,342				692,133
Retained earnings			265,099				368,445
Accumulated other comprehensive loss			(4,213	)			(12,607	)
Total Compuware shareholders' equity			1,075,406				1,050,092
Non-controlling interest			20,853				-
Total shareholders' equity			1,096,259				1,050,092
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$	2,037,108			$	2,084,924

		THREE MONTHS ENDED								NINE MONTHS ENDED
		DECEMBER 31,								DECEMBER 31,
		2013				2012				2013				2012
REVENUES:
Software license fees		$	56,694			$	64,831			$	127,810			$	130,499
Maintenance fees			101,600				102,341				300,628				307,487
Subscription fees			21,733				20,793				63,169				61,503
Professional services fees			46,378				46,049				141,790				140,155
Application services fees			24,109				23,852				72,735				64,981
Total revenues			250,514				257,866				706,132				704,625
OPERATING EXPENSES:
Cost of software license fees			5,366				5,388				16,404				15,117
Cost of maintenance fees			7,670				8,639				23,615				26,653
Cost of subscription fees			8,430				7,603				25,233				22,823
Cost of professional services			38,278				39,694				116,237				122,080
Cost of application services			28,618				20,758				86,568				57,468
Technology development and support			22,516				25,629				73,176				79,675
Sales and marketing			65,670				65,773				178,613				184,604
Administrative and general			40,325				44,733				113,646				122,819
Restructuring costs			3,737				-				9,082				-
Total operating expenses			220,610				218,217				642,574				631,239
INCOME FROM OPERATIONS			29,904				39,649				63,558				73,386
OTHER INCOME, NET			2,960				(55	)			3,347				(90	)
INCOME BEFORE INCOME TAXES			32,864				39,594				66,905				73,296
INCOME TAX PROVISION			8,874				14,254				17,762				26,894
NET INCOME			23,990				25,340				49,143				46,402
Less: Net income (loss) attributable to the non-controlling interest in Covisint Corporation			(1,032	)			-				(2,186	)			-
NET INCOME ATTRIBUTABLE TO COMPUWARE CORP		$	25,022			$	25,340			$	51,329			$	46,402
DILUTED EPS COMPUTATION
Numerator:  Net income		$	25,022			$	25,340			$	51,329			$	46,402
Denominator:
Weighted-average common shares outstanding			216,856				212,836				215,146				215,318
Dilutive effect of stock awards			4,705				4,036				5,530				4,153
Total shares			221,561				216,872				220,676				219,471
Diluted EPS		$	0.11			$	0.12			$	0.23			$	0.21

		NINE MONTHS ENDED
		DECEMBER 31,
		2013				2012
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net income		$	49,143			$	46,402
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization			48,294				49,358
Stock award compensation			32,526				20,663
Deferred income taxes			(4,484	)			6,172
Other			(5,396	)			552
Net change in assets and liabilities, net of effects from currency fluctuations:
Accounts receivable			(40,679	)			17,140
Prepaid expenses and other assets			7,066				4,608
Accounts payable and accrued expenses			3,438				(24,868	)
Deferred revenue			(18,161	)			(91,181	)
Income taxes			(12,503	)			20,122
Net cash provided by operating activities			59,244				48,968
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchase of:
Property and equipment			(11,518	)			(18,241	)
Capitalized software			(18,879	)			(24,817	)
Other			(275	)			(1,400	)
Net cash used in investing activities			(30,672	)			(44,458	)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Proceeds from borrowings			51,000				142,800
Payments on borrowings			(69,000	)			(117,800	)
Net proceeds from exercise of stock awards including excess tax benefits			30,285				11,965
Employee contribution to common stock purchase plans			1,812				2,046
Repurchase of common stock			(8,903	)			(76,366	)
Dividends			(80,808	)			-
IPO proceeds			68,448				-
Other			(1,397	)			-
Net cash used in financing activities			(8,563	)			(37,355	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH			(985	)			(1,451	)
NET CHANGE IN CASH AND CASH EQUIVALENTS			19,024				(34,296	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD			89,873				99,180
CASH AND CASH EQUIVALENTS AT END OF PERIOD		$	108,897			$	64,884

																						Covisint				Unallocated
																		Professional				Application				Expenses
Quarter Ended:		APM				Changepoint				Mainframe				Uniface				Services				Services				& Eliminations				Total
December 31, 2013
Software license fees		$	39,761			$	3,019			$	11,436			$	2,478				-				-				-			$	56,694
Maintenance fees			26,094				4,139				63,616				7,751				-				-				-				101,600
Subscription fees			20,982				751				-				-				-				-				-				21,733
Professional services fees			7,767				3,165				41				1,061			$	34,644				-			$	(300	)			46,378
Application services fees			-				-				-				-				-			$	24,109				-				24,109
Total revenues			94,604				11,074				75,093				11,290				34,644				24,109				(300	)			250,514
Total operating expenses			76,127				10,704				18,196				5,499				28,457				29,322				52,305				220,610
Income (loss) from operations		$	18,477			$	370			$	56,897			$	5,791			$	6,187			$	(5,213	)		$	(52,605	)		$	29,904
Contribution margin %			19.5	%			3.3	%			75.8	%			51.3	%			17.9	%			(21.6	%)							11.9	%
Operating expenses include:
Stock awards compensation		$	740			$	3			$	190			$	5			$	61			$	3,766			$	2,449			$	7,214
Amortization of purchased software		$	1,894			$	-			$	-			$	-			$	-			$	94			$	-			$	1,988
Amortization of other acquired intangible assets		$	1,728			$	-			$	-			$	-			$	-			$	77			$	-			$	1,805
December 31, 2012
Software license fees		$	33,938			$	2,684			$	24,743			$	3,466				-				-				-			$	64,831
Maintenance fees			23,369				4,139				67,048				7,785				-				-				-				102,341
Subscription fees			20,130				663				-				-				-				-				-				20,793
Professional services fees			7,624				3,137				673				1,413			$	33,202				-				-				46,049
Application services fees			-				-				-				-				-			$	23,852				-				23,852
Total revenues			85,061				10,623				92,464				12,664				33,202				23,852				-				257,866
Operating expenses			76,773				10,951				24,727				5,254				28,264				21,664			$	50,584				218,217
Income (loss) from operations		$	8,288			$	(328	)		$	67,737			$	7,410			$	4,938			$	2,188			$	(50,584	)		$	39,649
Contribution margin %			9.7	%			(3.1	%)			73.3	%			58.5	%			14.9	%			9.2	%							15.4	%
Operating expenses include:
Stock awards compensation		$	680			$	12			$	606			$	6			$	45			$	396			$	3,739			$	5,484
Amortization of purchased software		$	2,272			$	-			$	-			$	-			$	-			$	148			$	-			$	2,420
Amortization of other acquired intangible assets		$	1,758			$	-			$	-			$	-			$	-			$	113			$	-			$	1,871

																						Covisint				Unallocated
																		Professional				Application				Expenses
Nine Months Ended:		APM				Changepoint				Mainframe				Uniface				Services				Services				& Eliminations				Total
December 31, 2013
Software license fees		$	86,028			$	6,173			$	29,503			$	6,106				-				-				-			$	127,810
Maintenance fees			74,192				12,513				191,499				22,424				-				-				-				300,628
Subscription fees			61,045				2,124				-				-				-				-				-				63,169
Professional services fees			22,165				9,936				141				3,171			$	107,643				-				(1,266	)			141,790
Application services fees			-				-				-				-				-			$	72,735				-				72,735
Total revenues			243,430				30,746				221,143				31,701				107,643				72,735				(1,266	)			706,132
Total operating expenses			218,930				29,845				54,696				15,363				88,007				89,107				146,626				642,574
Income (loss) from operations		$	24,500			$	901			$	166,447			$	16,338			$	19,636			$	(16,372	)		$	(147,892	)		$	63,558
Contribution margin %			10.1	%			2.9	%			75.3	%			51.5	%			18.2	%			(22.5	%)							9.0	%
Operating expenses include:
Stock awards compensation		$	5,360			$	9			$	409			$	16			$	196			$	14,271			$	12,265			$	32,526
Amortization of purchased software		$	6,467			$	-			$	-			$	-			$	-			$	282			$	-			$	6,749
Amortization of other acquired intangible assets		$	5,128			$	-			$	-			$	-			$	-			$	272			$	-			$	5,400
December 31, 2012
Software license fees		$	74,237			$	5,545			$	43,566			$	7,151				-				-				-			$	130,499
Maintenance fees			66,544				12,321				205,972				22,650				-				-				-				307,487
Subscription fees			59,526				1,977				-				-				-				-				-				61,503
Professional services fees			23,003				9,898				1,640				3,684			$	101,930				-				-				140,155
Application services fees			-				-				-				-				-			$	64,981				-				64,981
Total revenues			223,310				29,741				251,178				33,485				101,930				64,981				-				704,625
Operating expenses			226,928				31,392				67,856				15,279				85,322				59,731			$	144,731				631,239
Income (loss) from operations		$	(3,618	)		$	(1,651	)		$	183,322			$	18,206			$	16,608			$	5,250			$	(144,731	)		$	73,386
Contribution margin %			(1.6	%)			(5.6	%)			73.0	%			54.4	%			16.3	%			8.1	%							10.4	%
Operating expenses include:
Stock awards compensation		$	3,834			$	42			$	2,118			$	42			$	160			$	1,105			$	13,362			$	20,663
Amortization of purchased software		$	6,755			$	-			$	-			$	-			$	-			$	444			$	-			$	7,199
Amortization of other acquired intangible assets		$	5,435			$	-			$	-			$	-			$	-			$	338			$	-			$	5,773

		THREE MONTHS ENDED								NINE MONTHS ENDED
		DECEMBER 31,								DECEMBER 31,
		2013				2012				2013				2012
NET INCOME		$	25,022			$	25,340			$	51,329			$	46,402
STOCK COMPENSATION (EXCL. RESTRUCTURING & IMPACT OF NON-CONTROLLING INTEREST)			6,021				5,484				27,652				20,663
AMORTIZATION OF PURCHASED SOFTWARE, (EXCL. IMPACT OF NON-CONTROLLING INTEREST)			1,970				2,420				6,729				7,199
AMORTIZATION OF ACQUIRED INTANGIBLES (EXCL. IMPACT OF NON-CONTROLLING INTEREST)			1,789				1,871				5,383				5,773
RESTRUCTURING EXPENSES (EXCL. IMPACT OF NON-CONTROLLING INTEREST)			3,681				-				9,026				-
ADVISORY FEES			7,305				146				10,438				146
TOTAL ADJUSTMENTS			20,766				9,921				59,228				33,781
INCOME TAX EFFECT OF ADJUSTMENTS			(7,745	)			(3,002	)			(21,652	)			(10,533	)
NON-GAAP NET INCOME		$	38,043			$	32,259			$	88,905			$	69,650
DILUTED EARNINGS PER SHARE - GAAP		$	0.11			$	0.12			$	0.23			$	0.21
STOCK COMPENSATION (EXCL. RESTRUCTURING & IMPACT OF NON-CONTROLLING INTEREST)			0.03				0.03				0.13				0.09
AMORTIZATION OF PURCHASED SOFTWARE, (EXCL. IMPACT OF NON-CONTROLLING INTEREST)			0.01				0.01				0.03				0.03
AMORTIZATION OF ACQUIRED INTANGIBLES (EXCL. IMPACT OF NON-CONTROLLING INTEREST)			0.01				0.01				0.02				0.03
RESTRUCTURING EXPENSES (EXCL. IMPACT OF NON-CONTROLLING INTEREST)			0.02				-				0.04				-
ADVISORY FEES			0.03				-				0.05				-
TOTAL ADJUSTMENTS			0.09				0.05				0.27				0.15
INCOME TAX EFFECT OF ADJUSTMENTS			(0.03	)			(0.01	)			(0.10	)			(0.05	)
NON-GAAP DILUTED EPS		$	0.17			$	0.15			$	0.40			$	0.32
DILUTED SHARES OUTSTANDING			221,561				216,872				220,676				219,471

		THREE MONTHS ENDED												NINE MONTHS ENDED
		DECEMBER 31,								VARIANCE %				DECEMBER 31,								VARIANCE %
		2013				2012								2013				2012
OPERATING EXPENSES (GAAP)		$	220.6			$	218.2				1.1	%		$	642.6			$	631.2				1.8	%
Less:
Advisory fees			7.3				0.1								10.4				0.1
Restructuring expenses			3.7				-								9.1				-
Stock compensation related to Covisint IPO performance options			3.4				-								13.0
NON-GAAP OPERATING EXPENSES		$	206.2			$	218.1				-5.5	%		$	610.1			$	631.1				-3.3	%

 

 

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