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SGI Strengthens Foundation, Grows Core Products BusinessSGI Reports Fourth Quarter and Fiscal Year 2007 Results
SUNNYVALE, Calif., Aug. 30 /PRNewswire-FirstCall/ -- SGI (NASDAQ: SGIC) today announced financial results for the fourth quarter and fiscal year 2007 ended June 29, 2007.
Fiscal Year 2007 Highlights
Overall in fiscal 2007, SGI:
-- Grew its Core Products business by 27% over 2006, refreshing every
compute and storage product and introducing a new Xeon(R)-based cluster
product line that is achieving strong market penetration
-- Delivered and gained acceptance on, among others, a 2,560 processor
supercomputer at the Japan Marine Science and Technology Center and a
9,728 processor system at Leibniz Computing Centre (LRZ), one of the
world's most powerful computers, demonstrating that SGI remains the
leader in solving the toughest scientific computing challenges
-- Ended the year in a strong financial position and narrowed its net
operating loss to the lowest level in many years, establishing a
foundation upon which it will build for the future
-- Began the transition to a growth mode, including bringing on industry
leader Robert H. (Bo) Ewald as CEO
GAAP 2007 Results GAAP revenue for fiscal 2007 was $462.9 million, a decline of 10.8% from the prior fiscal year. Revenue for the fourth quarter was $122.3 million compared to $111.0 million in the third quarter, and $115.7 million in the fourth quarter of the prior year -- representing increases of 10% and 6%, respectively. The fiscal 2007 GAAP operating loss was $101.2 million, as compared to a loss of $126.6 million for the prior fiscal year. The fourth quarter 2007 GAAP operating loss was $24.8 million, compared to $19.9 million in the third quarter. GAAP operating expenses for fiscal 2007 were $235.3 million -- a decrease of $89.7 million, or 28%, year over year -- demonstrating the company's commitment to stabilizing its business following its successful financial reorganization in just over five months. GAAP operating expenses were $56.9 million for the fourth quarter of 2007, as compared to $56.6 million for the third quarter. Pro Forma 2007 Results Pro forma results facilitate comparison of the company's results of operations in previous fiscal years. Pro forma, meaning non-GAAP, revenue was $141.5 million in the fourth quarter of fiscal 2007, compared with $129.8 million in the third quarter of 2007 -- over 9% growth. Pro forma revenue excludes the impact of fresh start accounting and the deferral of the company's recognition of revenues for certain of the company's transactions where software is more than incidental to the overall solution. Pro forma gross margin for the fourth quarter, which is adjusted for similar items, was 35.2% compared with 43.6% in the third quarter. Pro forma operating expenses, which exclude restructuring and bankruptcy-related expenses, stock-based compensation expense and amortization of intangibles, were $53.2 million in the fourth and $52.5 million in the third quarter. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter, as defined in the company's debt agreements, was $2.8 million, compared with $10.2 million for the third quarter of fiscal 2007. "Our fourth quarter results demonstrated continued stability; we maintained our revenue levels and met our margin and expense objectives -- delivering on our operational plan," said Bo Ewald, SGI's Chief Executive Officer. "This stability establishes a foundation for growth as evidenced by the 27% growth of our core server and storage pro forma revenue year over year. We have been working with our customers to develop a clear, compelling strategy that helps solve some of their major challenges and opportunities. As we execute on our strategy, it will position us for growth and financial success." "The financial results for the fourth quarter and full year of fiscal 2007 are significantly improved," said Kathy Lanterman, SGI's Chief Financial Officer. "Financially our fiscal 2007 goals were to stabilize revenue and manage cash and expenses. We are pleased to have achieved these goals, particularly through the growth in our Core Products." In this press release, the company uses certain pro forma financial measures that are not calculated in accordance with GAAP, or non-GAAP financial measures. These measures are referred to as "pro forma" in this press release. Management believes that these non-GAAP financial measures are useful to investors because they facilitate period to period comparisons of SGI's performance and because they help investors view the company's results of operations through the eyes of management and the company's lenders. SGI's credit line covenants and management reporting and incentive plans are measured against certain of these non-GAAP financial measures. A reconciliation of the non-GAAP financial measures used in this press release to the company's GAAP results of operations, including an illustration of the impact of the company's fresh start accounting and the impact of the implementation of Statement of Accounting Position 97-2, "Software Revenue Recognition" (SOP 97-2) is attached to this press release and is also available at http://www.sgi.com/company_info/investors. Conference Call SGI will conduct a conference call today at 2 p.m. PT to provide additional details. The webcast is available at http://www.sgi.com/company_info/investors/webcast.html. The conference call can be accessed by dialing (877) 495-0297 or (706) 643-9931 for participants outside of North America, conference ID: 12134369. An audio replay of this call will be available after 5 p.m. PT today at (800) 642-1687 (passcode: 12134369) or (706) 645-9291 (passcode: 12134369) and will be available until October 1, 2007. All links to the archived webcast and audio replay are available through SGI's web site at http://www.sgi.com/company_info/investors/. SGI - Innovation for Results(TM) SGI (NASDAQ: SGIC) is a leader in high-performance computing. SGI delivers a complete range of high-performance server and storage solutions along with industry-leading professional services and support that enable its customers to overcome the challenges of complex data-intensive workflows and accelerate breakthrough discoveries, innovation and information transformation. SGI helps customers solve significant challenges whether it's enhancing the quality of life through drug research, designing and manufacturing safer and more efficient cars and airplanes, studying global climate, providing technologies for homeland security and defense, or helping enterprises manage large data. With offices worldwide, the company is headquartered in Sunnyvale, Calif., and can be found on the Web at sgi.com. (C) 2007 SGI. All rights reserved. SGI, Altix, the SGI cube and the SGI logo are registered trademarks of SGI in the United States and/or other countries worldwide. All other registered trademarks mentioned herein are the property of their respective owners. This press release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth herein, including the risks and uncertainties discussed under the caption "Factors That May Affect Results" and elsewhere in SGI's Form 10-K or Form 10-Q most recently filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. SGI disclaims any intent or obligation to update these forward-looking statements.
SILICON GRAPHICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share amounts, unaudited)
Successor Predecessor Successor
Company Company Company Predecessor Company
Three Three Nine Three Twelve
Months Months Months Months Months
Ended Ended Ended Ended Ended
June 29, June 30, June 29, Sept. 29, June 30,
2007 2006 2007 2006 2006
Product and other
revenue (1) $73,008 $44,793 $187,805 $45,229 $223,259
Product revenue from
related party (2) 1,250 3,339 8,706 15,377 28,836
Service revenue (1) 48,037 67,576 144,553 61,199 266,710
Total revenue 122,295 115,708 341,064 121,805 518,805
Costs and expenses:
Cost of product
and other
revenue (3) 61,114 36,217 162,362 42,710 177,328
Cost of service
revenue 29,034 34,314 91,446 32,265 143,105
Research and
development 14,870 18,220 44,040 16,007 83,677
Selling, general
and
administrative
(4) 41,697 42,903 125,320 42,359 211,731
Impairment of
goodwill - - - - 8,386
Other operating
expense, net (5) 358 (7,694) 3,601 3,926 21,155
Total costs
and expenses 147,073 123,960 426,769 137,267 645,382
Operating loss (24,778) (8,252) (85,705) (15,462) (126,577)
Interest expense (2,885) (4,118) (8,879) (7,688) (16,445)
Interest and other
income (expense),
net (6) (1,728) 502 (355) 11,391 1,008
Loss before
reorganization
items and income
taxes (29,391) (11,868) (94,939) (11,759) (142,014)
Reorganization items - (7,826) - 340,397 (7,826)
(Loss) income before
income taxes (29,391) (19,694) (94,939) 328,638 (149,840)
Income tax provision
(benefit) 7,537 682 8,703 2,382 (3,646)
Net (loss) income $(36,928) $(20,376) $(103,642) $326,256 $(146,194)
Net (loss) income
per common share:
Basic $(3.32) $(0.08) $(9.32) $1.20 $(0.54)
Diluted $(3.32) $(0.08) $(9.32) $0.77 $(0.54)
Weighted-average
shares used to
compute net (loss)
income per share:
Basic 11,125 271,563 11,125 271,563 269,367
Diluted 11,125 271,563 11,125 423,875 269,367
(1) For the three- and nine-month periods ended June 29, 2007 product and
other revenue and service revenue was negatively impacted by
$6 million and $30 million, respectively, resulting from the
fresh-start valuation of deferred revenue.
(2) Represents product sales to SGI Japan, a related party for which we
own a 10% interest at June 29, 2007 and owned a 21% interest at March
31, 2006.
(3) For the three- and nine-month periods ended June 29, 2007, cost of
product and other revenue includes non-cash costs of $5 million and
$19 million, respectively, for the amortization of fresh-start
inventory valuation adjustments and $2 million and $5 million,
respectively, associated with the amortization of intangibles.
(4) For the three- and nine-month periods ended June 29, 2007, selling
general and administrative expense includes non-cash costs of $2
million and $6 million, respectively, associated with the amortization
of intangibles.
(5) Represents charges for estimated restructuring costs, related
accretion expense, and asset impairments in each of the three-month
periods ended June 29, 2007, September 29, 2006 and June 30, 2006, the
nine-month period ended June 29, 2007 and in the twelve-month period
ended June 30, 2006. The three- and nine-month periods ended March 30,
2007 also includes $0.2 million and $2 million, respectively, in
bankruptcy-related items incurred post-emergence.
(6) The three-month period ended September 29, 2006 includes a pre-tax
gain of approximately $10 million on the sale of a portion of our
investment in SGI Japan.
SILICON GRAPHICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Successor Predecessor
Company Company
June 29, June 30,
2007 (1) 2006 (2)
ASSETS (unaudited)
Current assets:
Cash and cash equivalents $69,887 $54,673
Short-term marketable investments 223 203
Short-term restricted investments 6,763 32,539
Accounts receivable, net 47,643 58,417
Inventories 54,354 49,997
Prepaid expenses and other current
assets 55,729 65,180
Total current assets 234,599 261,009
Restricted investments 302 15,959
Net property and equipment 43,392 27,873
Goodwill - 4,515
Other intangibles 71,264 -
Other assets 59,501 70,702
$409,058 $380,058
LIABILITIES AND STOCKHOLDERS' DEFICIT
Liabilities not subject to
compromise:
Current liabilities:
Accounts payable $14,387 $8,951
Accrued compensation 35,382 29,224
Income taxes payable 2,209 1,596
Other current liabilities 44,021 46,548
Customer obligations 1,809 2,844
Current portion of long-term debt 261 103,124
Current portion of deferred
revenue 84,798 124,379
Total current liabilities 182,867 316,666
Long-term debt 85,000 397
Long-term deferred revenue 32,362 45,538
Other liabilities 24,370 27,681
Total liabilities not subject
to compromise 324,599 390,282
Liabilities subject to compromise - 320,230
Total liabilities 324,599 710,512
Total stockholders' equity (deficit) 84,459 (330,454)
$409,058 $380,058
- -
- -
(1) The condensed consolidated balance sheet at June 29, 2007 include
the effects of the 2006 Plan of reorganization. The balances will not
be comparable to historical periods. For a full understanding of the
Fresh Start accounting effect on the Company's financials please refer
to the full Form 10Q for the second quarter of fiscal 2007.
(2) The condensed consolidated balance sheet at June 30, 2006 has
been derived from the audited consolidated financial statements at
that date.
SGI Pro forma Income Statement
Predecessor Company Successor Company
Pro Pro
GAAP Other Forma GAAP Other Forma
(Dollars in millions) 1Q07 Adjust 1Q07 2Q07 Adjust 2Q07
Product and Other Revenue 60.6 60.6 63.7 63.7
Prod Rev: Adj for
change in accounting
to 97-2 3.3 3.3 8.8 8.8
Fresh Start Valuation
Adjustment - 3.4 3.4
Service Revenue 61.2 61.2 44.0 44.0
Serv Rev: Adj for
change in accounting
to 97-2 1.8 1.8 1.7 1.7
Fresh Start Valuation
Adjustment - 12.5 12.5
Total Revenue 121.8 5.2 127.0 107.7 26.4 134.1
Cost of Product and Other
Revenue 42.7 42.7 59.9 59.9
Prod Cost: Adj for
change in accounting
to 97-2 2.1 2.1 5.3 5.3
Fresh Start -
Valuation Adjustment - 1.6 1.6
Fresh Start -
Amortization of
Intangibles - (2.0) (2.0)
Fresh Start -
Inventory Valuation
Amortization - (12.6) (12.6)
Fresh Start - PP&E
Depreciation
Adjustment - 0.1 0.1
Cost of Service Revenue 32.3 32.3 29.4 29.4
Service Cost: Adj for
change in accounting
to 97-2 0.7 0.7 1.0 1.0
Service Cost: Adj for
Fresh Start
Accounting - 0.3 0.3
Fresh Start - PP&E
Depreciation
Adjustment - 0.0 0.0
Stock-Based
Compensation 0.0 0.0 (0.0) (0.0)
Total Cost of Revenue 75.0 2.8 77.8 89.3 (6.3) 83.0
Gross Profit 46.8 2.4 49.2 18.4 32.7 51.1
Gross Margin 38.4% 45.6% 38.7% 17.1% 123.7% 38.1%
R&D 16.0 - 16.0 15.0 - 15.0
Fresh Start: In
Process R&D Write-Off - - (0.5) (0.5)
Fresh Start: PP&E
Depreciation
Adjustment - - 0.2 0.2
Stock-Based
Compensation 0.0 0.0 (0.1) (0.1)
16.0 0.0 16.0 15.0 (0.4) 14.6
Selling, General and
Administrative 42.4 - 42.4 41.6 - 41.6
Fresh Start -
Amortization of
Intangibles - (2.1) (2.1)
Fresh Start: PP&E
Depreciation - (0.6) (0.6)
Reorganization
Admin: Goodwill
impairment - -
Stock-Based
Compensation (0.1) (0.1) (0.1) (0.1)
Total SG&A Expense 42.4 (0.1) 42.2 41.6 (2.7) 38.9
Total Operating Expense
before Restructuring 58.4 (0.1) 58.2 56.6 (3.1) 53.5
Operating Income (Loss)
before Restructuring (11.5) (9.1) (38.2) (2.4)
Restructuring 3.9 - 3.9 1.2 - 1.2
Bankruptcy related expenses - - - 1.7 (1.7) -
Total Operating Expense 62.3 (0.1) 62.2 59.5 (4.8) 54.7
Operating Income (Loss) (15.5) 2.5 (13.0) (41.1) 37.5 (3.6)
Interest Expense & Interest
Income (7.1) (7.1) (2.2) (0.0) (2.3)
Cost of DIP Financing 3.7 3.7 - -
Other Income (Expense), Net
of Interest Income 10.8 10.8 0.3 0.3
Pre-tax gain - Sale of
portion of equity
investment (9.8) (9.8) - -
Reorganization Items 340.4 (340.4) 0.0 - -
Income (Loss) Before Income
Taxes 328.6 (344.0) (15.4) (43.0) 37.5 (5.5)
Provision for (Benefit
From) Income Taxes 2.4 2.4 0.7 0.7
Tax on sale of equity
investment noted
above (1.9) (1.9) - -
Net Loss 326.3 (342.2) (15.9) (43.7) 37.5 (6.2)
Depreciation for EBITDA $10.2 $(3.7) $6.5 $11.0 $(16.9) $6.6
Adjusted EBITDA (Operating
Inc/(Loss) less
Depreciation) $(2.6) $4.2
Successor Company Successor Company
Pro Pro
GAAP Other Forma GAAP Other Forma
(Dollars in millions) 3Q07 Adjust 3Q07 4Q07 Adjust 4Q07
Product and Other
Revenue 58.6 58.6 74.3 74.3
Prod Rev: Adj for
change in
accounting to 97-2 8.2 8.2 11.7 11.7
Fresh Start
Valuation
Adjustment 1.1 1.1 0.6 0.6
Service Revenue 52.5 52.5 48.0 48.0
Serv Rev: Adj for
change in
accounting to 97-2 2.2 2.2 2.0 2.0
Fresh Start
Valuation
Adjustment 7.2 7.2 4.8 4.8
Total Revenue 111.0 18.7 129.8 122.3 19.2 141.5
Cost of Product and
Other Revenue 41.3 41.3 61.1 61.1
Prod Cost: Adj for
change in
accounting to 97-2 2.5 2.5 8.0 8.0
Fresh Start -
Valuation
Adjustment 0.6 0.6 0.1 0.1
Fresh Start -
Amortization of
Intangibles (1.7) (1.7) (1.7) (1.7)
Fresh Start -
Inventory
Valuation
Amortization (4.3) (4.3) (5.2) (5.2)
Fresh Start - PP&E
Depreciation
Adjustment 0.1 0.1 0.1 0.1
Cost of Service Revenue 33.0 33.0 29.0 29.0
Service Cost: Adj
for change in
accounting to 97-2 1.1 1.1 0.2 0.2
Service Cost: Adj
for Fresh Start
Accounting 0.6 0.6 0.2 0.2
Fresh Start - PP&E
Depreciation
Adjustment 0.0 0.0 (0.0) (0.0)
Stock-Based
Compensation (0.0) (0.0) (0.1) (0.1)
Total Cost of Revenue 74.4 (1.2) 73.2 90.1 1.5 91.7
Gross Profit 36.7 19.9 56.6 32.1 17.7 49.8
Gross Margin 33.0% 106.3% 43.6% 26.3% 92.1% 35.2%
R&D 14.2 14.2 14.9 - 14.9
Fresh Start: In
Process R&D Write-
Off - - -
Fresh Start: PP&E
Depreciation
Adjustment 0.1 0.1 0.1 0.1
Stock-Based
Compensation (0.2) (0.2) (0.3) (0.3)
14.2 (0.1) 14.0 14.9 (0.2) 14.7
Selling, General and
Administrative 42.0 - 42.0 41.7 - 41.7
Fresh Start -
Amortization of
Intangibles (2.1) (2.1) (2.1) (2.1)
Fresh Start: PP&E
Depreciation (0.5) (0.5) (0.5) (0.5)
Reorganization
Admin: Goodwill
impairment - - -
Stock-Based
Compensation (0.9) (0.9) (0.6) (0.6)
Total SG&A Expense 42.0 (3.5) 38.5 41.7 (3.2) 38.5
Total Operating Expense
before Restructuring 56.2 (3.7) 52.5 56.6 (3.4) 53.2
Operating Income (Loss)
before Restructuring (19.5) 4.1 (24.4) (3.4)
Restructuring 0.2 - 0.2 0.2 - 0.2
Bankruptcy related
expenses 0.2 (0.2) - 0.2 (0.2) -
Total Operating Expense 56.6 (3.9) 52.7 56.9 (3.4) 53.4
Operating Income (Loss) (19.9) 23.8 3.9 (24.8) 21.0 (3.5)
Interest Expense &
Interest Income (2.3) (2.3) (2.3) (2.3)
Cost of DIP
Financing - - -
Other Income (Expense),
Net of Interest Income (0.4) (0.0) (0.4) (2.3) (2.3)
Pre-tax gain - Sale
of portion of
equity investment - - -
Reorganization Items - - -
Income (Loss) Before
Income Taxes (22.5) 23.8 1.2 (29.4) 21.0 (8.2)
Provision for (Benefit
From) Income Taxes 0.5 0.1 0.5 7.5 (4.7) 2.8
Tax on sale of
equity investment
noted above - - -
Net Loss (23.0) 23.7 0.7 (36.9) 25.7 (11.0)
Depreciation for EBITDA $10.4 $(4.3) $6.1 $10.5 $(4.4) $6.2
Adjusted EBITDA
(Operating Inc/(Loss)
less Depreciation) $10.2 $2.8
YTD Pro
YTD GAAP Other Forma
(Dollars in millions) FY07 YTD Adjust FY07 YTD
Product and Other Revenue 257.1 - 257.1
Prod Rev: Adj for change in
accounting to 97-2 - 32.0 32.0
Fresh Start Valuation Adjustment - 5.1 5.1
Service Revenue 205.8 - 205.8
Serv Rev: Adj for change in
accounting to 97-2 - 7.8 7.8
Fresh Start Valuation Adjustment - 24.5 24.5
Total Revenue 462.9 69.5 532.4
Cost of Product and Other Revenue 205.1 - 205.1
Prod Cost: Adj for change in
accounting to 97-2 - 17.9 17.9
Fresh Start - Valuation
Adjustment - 2.2 2.2
Fresh Start - Amortization of
Intangibles - (5.4) (5.4)
Fresh Start - Inventory
Valuation Amortization - (22.1) (22.1)
Fresh Start - PP&E Depreciation
Adjustment - 0.3 0.3
Cost of Service Revenue 123.7 - 123.7
Service Cost: Adj for change in
accounting to 97-2 - 3.0 3.0
Service Cost: Adj for Fresh
Start Accounting - 1.1 1.1
Fresh Start - PP&E Depreciation
Adjustment - 0.0 0.0
Stock-Based Compensation - (0.1) (0.1)
Total Cost of Revenue 328.8 (3.1) 325.7
Gross Profit 134.1 72.6 206.7
Gross Margin 29.0% 104.5% 38.8%
R&D 60.0 - 60.0
Fresh Start: In Process R&D
Write-Off - (0.5) (0.5)
Fresh Start: PP&E Depreciation
Adjustment - 0.3 0.3
Stock-Based Compensation - (0.5) (0.5)
60.0 (0.7) 59.3
Selling, General and Administrative 167.7 - 167.7
Fresh Start - Amortization of
Intangibles - (6.2) (6.2)
Fresh Start: PP&E Depreciation - (1.6) (1.6)
Reorganization
Admin: Goodwill impairment - - -
Stock-Based Compensation - (1.7) (1.7)
Total SG&A Expense 167.7 (9.5) 158.2
Total Operating Expense before
Restructuring 227.7 (10.3) 217.5
Operating Income (Loss) before
Restructuring (93.6) (10.8)
Restructuring 5.4 - 5.4
Bankruptcy related expenses 2.1 (2.1) -
Total Operating Expense 235.3 (12.4) 222.9
Operating Income (Loss) (101.2) 85.0 (16.2)
Interest Expense & Interest Income (13.9) (0.0) (13.9)
Cost of DIP Financing - 3.7 3.7
Other Income (Expense), Net of
Interest Income 8.3 8.3
Pre-tax gain - Sale of portion
of equity investment - (9.8) (9.8)
Reorganization Items 340.4 (340.4) 0.0
Income (Loss) Before Income Taxes 233.7 (261.5) (27.8)
Provision for (Benefit From) Income
Taxes 11.1 (4.6) 6.4
Tax on sale of equity investment
noted above - (1.9) (1.9)
Net Loss 222.6 (255.0) (32.4)
GAAP GAAP Adjust Adjust
REVENUE BY SEGMENT (Pro Forma) FY06 FY07 FY06 FY07 FY06
Core Systems:
Server products 124.0 156.5 8.8 19.8 $132.8
Storage products 49.9 50.2 7.0 14.1 56.9
Total Core Systems 173.9 206.7 15.8 33.9 189.7
Legacy Systems:
Server products 73.8 47.2 13.6 2.6 87.4
Storage products 4.5 3.2 0.8 0.6 5.3
Total Legacy Systems 78.3 50.4 14.4 3.2 92.7
Total Products Revenue 252.3 257.1 30.1 37.1 282.4
48.6% 55.5% 51.3%
Global Services:
Support Services 214.1 160.3 0.9 24.8 215.0
Professional services and solutions 52.5 45.4 1.1 7.6 53.6
Total Global Services Revenue 266.6 205.8 2.0 32.4 268.5
51.4% 44.5% 48.7%
Total Revenue $518.8 $462.9 $32.1 $69.5 $550.9
REVENUE BY SEGMENT
(Pro Forma) 1Q07 2Q07 3Q07 4Q07 FY07 B/(W)
Core Systems:
Server products $37.2 $46.1 $38.6 $54.3 $176.3 $43.6
Storage products 14.3 15.1 14.7 20.2 64.3 7.4
Total Core Systems 51.6 61.2 53.4 74.5 240.6 51.0
Legacy Systems:
Server products 11.8 13.3 13.2 11.4 49.8 (37.6)
Storage products 0.5 1.4 1.2 0.7 3.8 (1.5)
Total Legacy Systems 12.4 14.7 14.5 12.1 53.6 (39.1)
Total Products
Revenue 63.9 75.9 67.9 86.6 294.3 11.9
50.3% 56.6% 52.3% 61.2% 55.3%
Global Services:
Support Services 48.5 47.5 44.2 44.8 185.1 (29.9)
Professional services and
solutions 14.5 10.7 17.7 10.1 53.0 (0.6)
Total Global
Services Revenue 63.0 58.3 61.9 54.9 238.1 (30.4)
49.7% 43.4% 47.7% 38.8% 44.7%
Total Revenue $127.0 $134.1 $129.8 $141.5 $532.4 $(18.6)
MEDIA CONTACT
Lisa Pistacchio
pistacchio@sgi.com
650.933.5683
SGI PR HOTLINE
650.933.7777
Website: http://www.sgi.com/ |
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