Business Objects revises Q3 results after court ruling
Business Objects (NASDAQ:BOBJ) (Paris:BOB), the world's leading provider of business intelligence (BI) solutions, today announced that the court hearing the Informatica patent litigation had recently ruled that Informatica is not entitled to enhanced damages and entered judgment for damages in the amount of approximately $12.1 million.
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Due to this subsequent event, the Company's US GAAP net income and earnings per share for the third quarter of fiscal 2007 have increased from the results reported on October 24, 2007.
Based on the damages awarded by the court and anticipated interest of approximately $2.9 million, the Company reduced its litigation reserve to $15 million from $25 million in the third quarter of fiscal 2007. Including this adjustment, net income on a US GAAP basis for the third quarter of fiscal 2007 was $12 million, or $0.13 per diluted share. The Company's financial statements for the third quarter of fiscal 2007 reflect these changes and were filed concurrently with this press release on form 10-Q with the Securities and Exchange Commission.