Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message| ()  

Executives

Lisa Elkin – VP, Marketing, Communications and IR

Bob Paul – President and COO

Laura Fournier – EVP, CFO and Treasurer

Analysts

Walter Pritchard – Cowen and Company

David Rudow – Thrivent

Compuware Corporation (CPWR) F1Q10 (Qtr End 06/30/09) Earnings Call Transcript July 23, 2009 5:00 PM ET

Operator

Hello and welcome to the Compuware Corporation’s first quarter results teleconference. At the request of Compuware, this conference is being recorded for instant replay purposes. At this time, I’d like to turn the conference over to Ms. Lisa Elkin, Vice President of Communications and Investor Relations for Compuware Corporation. Ms. Elkin, you may begin.

Lisa Elkin

Thank you very much, Terry, and good afternoon, ladies and gentlemen. With me this afternoon are Bob Paul, President and Chief Operating Officer, and Laura Fournier, Executive Vice President and Chief Financial Officer.

Certain statements made during this conference call 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 conference call.

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. You should refer to and 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. For those of you who do not have a copy, I will begin by summarizing the press release. Bob and Laura will then provide details about the quarter and other Compuware business activities. We will then open the call to your questions.

Business service delivery strategy, application performance focus boost Compuware earnings per share to $0.21 in Q1. EPS, excluding restructuring costs, leap nearly 70% year-over-year to $0.22. Quality Solutions divestiture nets gain of $52.4 million. Software license fees of $40.5 million exceed analyst expectations.

Compuware today announced final financial results for its first quarter ended June 30, 2009. Compuware reports first quarter revenues of $214.4 million compared to $298.6 million in Q1 last year. First quarter earnings per share before restructuring charges were $0.22 compared to $0.13 in Q1 last year, based upon 242.5 million and 261.1 million shares outstanding, respectively. On a GAAP basis, earnings per share were $0.21 compared to $0.13 last year.

First quarter net income before restructuring charges was $52.7 million compared to $35.2 million in the same period last year. On a GAAP basis, Compuware delivered net income of $51.1 million in Q1 compared to net income of $34.7 million in the same quarter last year.

During the company's first quarter, software license fees were $40.5 million compared to $61.4 million in Q1 last year. Maintenance fees were $111.1 million in Q1 compared to $126.5 million in the first quarter last year. Revenue from professional services in the quarter was $62.7 million compared to $110.6 million in the same quarter last year.

I would now like to turn the call over to Bob. Bob?

Bob Paul

Thanks, Lisa. Compuware Q1 earnings grew 70% year-over-year supported by a number of factors. Obviously, the proceeds from the Quality Solutions divestiture contributed. More importantly, we also exceeded expectations on software license fees, while maintenance fees also outpaced even our internal stretch goals. This Q1 performance gives Compuware a strong growth platform for the remainder of the year. Completing the sale of our Quality Solutions business this quarter further focuses the organization around our core solutions.

Operating expenses are down dramatically year-over-year, even excluding the gain on the Quality sale. By tightening Compuware’s operating focus, the sale will improve our margins and growth in the long-term, while software license fees and maintenance revenues will obviously now appear year-over-year lower without the quality and testing products.

Our new partners organization has already started incrementally contributing to billings and revenue in Q1. I expect that contribution to grow, particularly as we announced new strategic partnerships in the coming weeks. These key licenses will have a positive impact in this current fiscal year. For the year, we continue to expect $0.60 to $0.70 in earnings per share, including significant growth in our software license fees for Vantage and Changepoint and slight growth in the larger mainframe business. And here is how we are doing it.

We are focused on leading the world in application performance. Applications from simple email to highly complex systems can generate billions in revenue as proxies of business processes. And if business processes fail, business stops. Performance means more than good intentions, more than project plans, and more than cool technology. Performance of the end user is the point at which IT delivers value to the business. Performance is also where every CIO and technology initiative get evaluated, because it’s what people see, feel and use to get work done.

Unfortunately, most companies don’t even know when they have performance problems. Even when they do, increasingly complex technology environments make it nearly impossible to quickly discover the cost. This is a large, growing and strategic problem. Independent analyst firm Forrester Research predicts the performance management market will reach $18.5 billion in the coming years. And Compuware has technical and revenue leadership positions in most of these fast-growing segments.

And here is how we are different. Compuware is the only company that can identify application performance problems from a single end-to-end view based upon the perspective of the end user where the value is delivered. From mainframe to mobile devices, Compuware provides a unified dashboard so that our customers can see the problems, find the problems and fix the problems.

We then immediately prioritize the problem by quantifying the value-based impact of the business. It’s compelling issue, a big growing market, and we have a competitive advantage. This is Compuware’s primary growth engine. Due to Compuware’s increasing level of focus in this category, you can expect to see incremental improvement in sales productivity, driven by provocative and bold campaigns in the coming quarters.

The mainframe remains strategic to the world’s largest organization. So we continue to increase our R&D investments in our market-leading capacities. We face competitors who are still giving away inferior product. We are winning by selling value and by delivering cost reductions in every single account. Some of our mainframe components also drive application performance solutions and are part of our latest Vantage 11 release. This is a very healthy business and it provides the cash for investments and are core distributed and cloud computing solutions.

Changepoint and Covisint, both have great potential for future expansion. Covisint is closer to break our growth in large part due to healthcare information technology’s critical role in reforming the healthcare system. Beginning in late 2009, the federal stimulus package will pour over $19 billion in the health information technology. In a recent meeting we had with the National Coordinator for Health Information Technology, Dr. David Blumenthal, confirmed that Covisint’s capacities are best positioned to both drive and benefit from this revolution in healthcare. And our customers couldn’t agree more.

In June, the American Medical Association announced that Covisint would its digital solutions for 240,000 member physicians and the broader healthcare community. Rolling out in October, the platform will simplify the sharing of medical information, benefiting parties across to healthcare continuum. For the first quarter on a year-over-year basis, Covisint’s healthcare billings increased 45%. The organization has delivered a positive contribution margin for three straight quarters.

I’m pleased also with the professional services transformation, but disappointed in the contribution margins delivered in this quarter. As discussed previously, we have fixed the bad customer agreements, but commensurate expense reductions took longer than expected.

Also due to prior period’s lower product sales, our Solution Delivery Group had a lower utilization than expected. Both of these factors have been addressed, and we have a much healthier run rate that will lead to substantial improvements in our professional services margins. So, an easy way to look at this is that we are about a quarter behind where we wanted to be in our overall goals for the professional services business, but we have the heavy lifting [ph] behind us.

The progress we have made in business alignment and product portfolio has positioned the company well for growth. Now our primary focus has turned to execution. In one example, as discussed in prior calls, we have implemented the global sales management system. On top of that, we now measure sales activity levels and pipeline progression in concert with leadership training and best practices. So all of our sales professionals know what it takes to be successful and what their leadership expects of them.

Additionally, we are building on our successful sales training event by conducting weekly ongoing education around solution selling, objection handling and other field best practices. Compuware delivered a great start to the year in Q1. We will build on this success because we have a strong cash generating business, a dynamic differentiated growth engine, and emerging technologies for long-term expansion in relevant growing markets we can dominate. We achieve these milestones in the toughest of the economic conditions and feel very optimistic about the future. Laura?

Laura Fournier

Thanks, Bob. As you can see, we are extremely optimistic about the future of our company and about our prospects for not just succeeding, but excelling. The pieces are in place. And as Bob said, now it’s all about execution. One area in which we’ve been executing at a tremendously high level is expense management. Building on our $180 million of expense reductions last fiscal year, we were able to continue to reduce expenses in Q1. Additionally, we believe there is still opportunity for further optimization without negatively impacting our ability to execute.

While in the subject of expenses, I would like to point out why there was an increase in general and administrative expenses from Q4 to Q1. The sequential jump in G&A was due to one-time credits and currency benefits that occurred in Q4, not because of increase in G&A expenses in Q1. In other words, G&A expenses normalized in Q1.

With that said, our overall expense reductions combined with our operational momentum will drive significant margin expansion and EPS growth in the coming quarters, especially as the global economy strengthens. And make no mistake, the economic climate is still very tough. We are more than holding our own and we feel very good about our position.

Our maintenance numbers, which continue to hold steady, are an accurate indicator of the real value our solutions deliver. While distributed maintenance is growing, a large portion of our maintenance revenue continues to come from our mainframe business, a segment that has been under attack for several years. We are not going anywhere and we are not changing our strategy here. As it was from the beginning, we will continue to provide the best mainframe solutions in the world and deliver unchallenged value to our customers. That’s what we do and that’s why we continue to win.

For your models, I would like to remind you that our maintenance revenue includes amounts related to the divested QA products. In the first quarter, we had two months of QA maintenance totaling about $4.9 million. Last fiscal year, QA maintenance was $34 million. Obviously, this QA maintenance would no longer be in our maintenance numbers.

In terms of cash, our operating cash flow for the first quarter was $75 million. Looking forward, please keep in mind that operating cash flow for the second quarter is traditionally low in comparison to our other quarters and will be further impacted by the tax payment associated with the gain from our sale to QA business. We have to put that tax payment in operating cash.

But with that said, however, we continue to expect operating cash to come in at a strong $200 million for the year. Our position regarding cash usage remains unchanged. We will continue to look for opportunities for the strategic use of our cash, but will remain cautious until we believe the economy has come around. And our position regarding the stock buyback remains the same. In the first quarter, we purchased approximately 4.3 million shares for approximately $32.3 million. We will continue to evaluate business and economic conditions and buy stock would it make sense.

I also want to mention here how excited we are that Quicken Loans will occupy four floors of our headquarters. Quicken is a tremendous company and one we are extremely proud with which to be associated, plus the $2 million a year doesn’t hurt either. There is a lot to be excited about here.

We have taken the steps to align and streamline our business in order to leverage our strength and optimize our operations. We feel very good about what we’ve done and where we’re headed. Our upside is tremendous. As the operational improvements we have made take firmer root and the economy climbs out of its hole, we will see meaningful growth in all of our most important categories, including license, maintenance, earnings and margins. Lisa?

Lisa Elkin

Ladies and gentlemen, we will now be happy to take your questions.

Question-and-Answer Session

Operator

Thank you. (Operator instructions) And our first question comes from Cowen and Company’s Walter Pritchard. Please go ahead.

Walter Pritchard – Cowen and Company

Hi. Laura, just we are little confused on the expenses. It sounds like there was a number of moving pieces here. First of all, we noted the gain from the divestiture, which is – which I’ve assumed that that’s all done. And if we look at sort of the run rate of the operating expenses, I mean, we’ve got the three lines there. You are talking about G&A. With $40 million, there was a credit in there. What’s the normalized run rate on that G&A expense?

Laura Fournier

G&A, we should be right around $40 million a quarter because, if you look at the March 31st quarter, we were at about $29 million and it was down from the $40 million because of those credits and because currency had such a big impact there on – currency from transactions in some of the foreign countries. So that was an abnormally low number, and now we are at the $40 million run rate basically.

Walter Pritchard – Cowen and Company

And so – but just – I mean, we look at basically – I mean, it looks like OpEx is not actually down very much year-over-year despite quite a bit of cost-cutting that’s been going on as well as the divestiture of a business in sort of scaling out of pro serve. I guess I was just looking at the Q4 numbers as sort of more of an indicative run rate, and I’m a bit surprised why it’s not lower than a year ago. Could you just help us understand that?

Laura Fournier

The June 30th – the first quarter numbers are much lower than our year-ago numbers. And if – I think in just – probably driven by the professional services, it’s very clear. But we are continuing overall to chip down at those numbers. Remember too that the QA expenses are in these – in the first quarter. We still had above $9 million to $10 million of QA expense in the numbers for Q1. So you won’t see that going forward either.

Walter Pritchard – Cowen and Company

So if we take the Q1 OpEx, we take out $9 million or so, that’s the run rate of expenses going forward?

Laura Fournier

If you take out the gain and the restructuring costs –

Walter Pritchard – Cowen and Company

Right. Got it. Okay. And then just as it relates to – on the mainframe side, the competitive landscape, just trying to get a sense of when do you think you reach a point where it’s stable there, where it’s no longer a headwind in terms of the kind of maintenance run rate that you’re looking at?

Bob Paul

Boy, well – I mean, the maintenance fees so far have actually been ahead of our plan and ahead of most of the expectations that we’ve seen on the street. We are seeing from a mainframe perspective, it’s – it is very tough competition out there. We continue to hold our own relative to a lot of the mainframe renewals. And so we are excited about that. We are still expecting a slight increase in the performance of that business moving forward. So – and there are some programs as well as some of the newer things that we’d put into the solution through the increased R&D that we think will improve that performance moving forward. But we are not planning right now on seeing any changes in the market relative to competition and the run rates.

Walter Pritchard – Cowen and Company

And then just as it relates to the pro serve business, I guess I’m surprised to see the – I heard your commentary about the solutions part of the pro serve business being a bit weak because of product sales. But in terms of the cost of pro serve back up over 100%, is that all due to the solutions side of it or is there other contributing factors outside of the solutions –?

Bob Paul

There are two primary factors. Some of it obviously was a solution piece. And then there is – the expense reduction took a little bit longer than we expected to. So we did incur those expenses, quite a bit of those expenses in this quarter. All those issues have been resolved moving forward. And our run rate now is a lot healthier than it has been in this past quarter and we are expecting, with some degree of strength here, a lot better margins in Q2.

Walter Pritchard – Cowen and Company

And when you say the expense moves took a bit longer, is that just – I mean, it sounds like you got out of contracts and you had a bench and you took too long to take people out, or is it more complicated?

Bob Paul

There is a lot associated with that business as it relates to the expenses, and it just – it has its own course both in here and in Europe. And it just took longer than we have anticipated when we set the financial model.

Walter Pritchard – Cowen and Company

Got it. So I mean, in terms of looking for something like a 15% contribution margin later in the year, is that still on track?

Bob Paul

Absolutely on track.

Walter Pritchard – Cowen and Company

Okay. I mean, is that still Q4 do you think or does that happen sooner or –?

Bob Paul

My goal with this team is to achieve that in Q3. We’ll know through a significant, we think, improvement in Q2 that we’ll be well on our way there.

Walter Pritchard – Cowen and Company

And then just last question here, just on the M&A front, it sounds like you actually did use a reasonable amount of cash to buy back stock. Should we expect to see that kind of buyback in the future, or do you think, from an M&A perspective, you still need to hold on to some cash potentially to do acquisitions?

Laura Fournier

I think our cash balance right now is such that we will continue to buy back stock in this next quarter.

Walter Pritchard – Cowen and Company

(inaudible) at the pace? Sorry, at the same pace?

Laura Fournier

Yes, at the same right now.

Walter Pritchard – Cowen and Company

Okay, great. That’s all I had. Thanks.

Bob Paul

Thanks, Walter.

Operator

Thank you. (Operator instructions) And now we’ll turn to the line from Thrivent, David Rudow. Please go ahead.

David Rudow – Thrivent

Hey, good afternoon, everyone.

Bob Paul

Hey, David.

David Rudow – Thrivent

Back to the services, what are your expectations for the full year then for gross margins on services?

Bob Paul

Boy, we haven’t – I haven’t modeled it including Q1. But moving forward, I would hope that we could achieve close to 15% in the remaining three quarters.

David Rudow – Thrivent

In the remaining quarters, and pull down from whatever you saw in Q1?

Bob Paul

Correct.

David Rudow – Thrivent

Okay, okay. Got it. And then on the taxes, what are your expectations on tax payments that will come out of cash?

Laura Fournier

For the QA divestiture on the gain, we have to pay those taxes in Q2. And even though on our cash flow statement the gain is actually in investing activities, we have to show the tax payment out of operating activities, one of the little FASB things that I’ll never understand. So that will impact our cash flow from operations in Q2, and it’s about $14 million.

David Rudow – Thrivent

$14 million that will stay [ph] in Q2. Okay, okay. If we are looking at expenses by sales, marketing, R&D and G&A, what should be the run rate or approximate run rate in Q2 looking forward if we’re going to take $9 million or $10 million out, whatever it is for the QA business?

Laura Fournier

Okay. Most of that $9 million is going to come out of – well, it will be spread across services for the SDG, or the services delivery group, technology, and sales and marketing, with most of it coming out of sales and marketing. There is a little bit of G&A in the QA group, but very little. But there will be further reductions as we go through this year. They are not going to be dramatic large cuts, but we are continuing to and work away at those expenses and there will be (inaudible). But I would get this point, I think G&A right around the $40 million run rate is where it will be for the next quarter.

David Rudow – Thrivent

And sales and marketing may be take down 50 – $50 million?

Laura Fournier

$51 million.

David Rudow – Thrivent

$51 million? And R&D probably down, what, $1 million from – maybe $20 million there?

Laura Fournier

That works.

David Rudow – Thrivent

And services will be what –?

Laura Fournier

Another $1 million maybe.

David Rudow – Thrivent

Okay. Okay, perfect. The AMA deal, Bob, when do we start seeing revenues flow from that?

Bob Paul

You’ll start to see revenues in October, and it starts out fairly – it starts out small, but then continues to grow from there. The revenue is commensurate with the adoption of the physicians. And the goals that we have right now is early spring to have close to, well, 80,000 physicians on board through that program, and it will continue from there.

David Rudow – Thrivent

And what – your estimate, if you look at a year or two after deployment when this thing is running at a reasonable level, what could revenues – what could revenue contribution be from AMA?

Bob Paul

If we achieve 100% of the physician adoption in the next one to two years, right, which is a big assumption because that’s a pretty lofty goal, you would expect to see approximately $24 million in incremental revenue on an annualized basis.

David Rudow – Thrivent

Okay, okay.

Bob Paul

So we, I think, would be – we would measure success there between 70% and 80% over the duration, which will lead to, you know, whatever that number is. I’m guessing $18 million to $20 million incremental revenues.

David Rudow – Thrivent

Okay.

Bob Paul

And even after full adoption, you then have a whole set of physicians that would access the service that are not members and like all subscription services, you can continue to add on capacities on top of that platform from there.

David Rudow – Thrivent

Okay. And then back to QA and its impact on the revenue side, is – the details that you gave on the – all the different product lines, should we just take out QA altogether? I mean, what is QA’s impact on Q2’s revenues?

Bob Paul

Yes, I would take out one piece of the mainframe that would stick around. But I would – for the model, I would take out whatever is in the QA bucket moving forward for Q2 and beyond.

David Rudow – Thrivent

And within that line item, you have File-AID too?

Laura Fournier

File-AID client server and optimal (inaudible) those in that line that we would – we retain those products.

David Rudow – Thrivent

Okay, okay.

Bob Paul

That’s the piece that we were talking about.

David Rudow – Thrivent

And so what is – what do you think that number is? But I know that [ph] maintenance was $9 million, but was there something else in the quarter too on the license side?

Laura Fournier

We had two months of license fees on that as well as we were able to pick up some deferred license fees. QA license in Q1 was about $8.8 million.

David Rudow – Thrivent

Okay. And that was in license fees, right?

Laura Fournier

Right.

David Rudow – Thrivent

Okay, okay. And what was the impact on the balance sheet then for deferred? What came out from QA?

Laura Fournier

License fees, QA had about $6.5 million that would have come out. Maintenance – I don’t have that number, but I could get it for you.

David Rudow – Thrivent

Yes, okay, okay. Got it. And –

Laura Fournier

We’ve been able to take the benefit of the license fees. The benefit of the maintenance fees goes to the buyer.

David Rudow – Thrivent

Exactly, yes. Do you think that that maintenance number was $10 million, $20 million?

Laura Fournier

Give me a minute, I’ll –

David Rudow – Thrivent

Okay. I’ll ask Bob another question.

Laura Fournier

(inaudible)

David Rudow – Thrivent

On the overall environment, Bob, have things gotten worse from what you are seeing, from what you saw in the March quarter?

Bob Paul

No. You know, I think things were pretty much the same as far as the selling environment. And in the last – I would say in the last month or two, we’ve seen to have some indicators of growing optimism and closures and things like that. So I’m hoping it’s not a blip, but we’re starting to get some positive signs from the field that whether it’s through better operational focus, better execution or market conditions, it’s hard to tell at this point. But we’re feeling pretty buoyant right now.

David Rudow – Thrivent

Okay. And one more cost question. How much within the sales and marketing was for the sales kickoff? Was it like $1 million to $2 million? Because that should not flow forward either.

Laura Fournier

Definitely. It was about $2.5 million.

David Rudow – Thrivent

$2.5 million for kickoff, okay.

Laura Fournier

I’m guessing right around $10 million to $12 million for that deferred maintenance. If it’s different, then I’ll let you know.

David Rudow – Thrivent

Got it, okay. So just to go back to sales and marketing kind of run rate for that –

Laura Fournier

The sales and market is the tough one because it also is impacted a lot by the bonuses and commissions, but – so as we go through the year, as license fees pick up and the annual bonuses, it should – it still going to be around plus $50 million.

David Rudow – Thrivent

Okay, okay. And if you looking [ph] as a percent of revenues, is it a little more than last year do you think? I think last year (inaudible) about 21%.

Laura Fournier

It won’t be more.

David Rudow – Thrivent

Okay, okay.

Laura Fournier

We’ve taken a lot of the fixed costs out. It will be the variable costs that will drive that number up.

David Rudow – Thrivent

Got it.

Laura Fournier

But (inaudible) revenue, we should be good.

David Rudow – Thrivent

Okay, all right. I think that’s it for me. Thank you very much for your time.

Laura Fournier

Thank you.

Bob Paul

Thanks, David.

Operator

Thank you. And ladies and gentlemen, that does conclude the question-and-answer portion of today’s conference. I would now like to turn the conference back over to Lisa Elkin. Excuse me, we do have one more question from Walter Pritchard of Cowen and Company. Please go ahead.

Walter Pritchard – Cowen and Company

Hi, Laura. I just had one question around the earnings – the earnings guidance you are looking for. Did you anticipate when you gave that guidance of divestiture gain or is that a number ex the divestiture gain? I understand that the divestiture gain is not in the cash flow, but the earnings, it’s in the reported number.

Laura Fournier

Well, definitely, we did plan on that.

Walter Pritchard – Cowen and Company

So reading [ph] about normalized earnings, we are looking at numbers [ph] about $0.14 lower?

Laura Fournier

The first quarter?

Walter Pritchard – Cowen and Company

No, no, no, just in – I'm just saying that if I look at fiscal year – if I look at the fiscal year ’10 earnings power of the company, I take out $0.14 to look out – I mean, the normalized number is $0.14, and when you gave your guidance, you anticipated the $0.16 to $0.17 include the $0.14?

Laura Fournier

Yes.

Walter Pritchard – Cowen and Company

Okay. All right. That’s all I had. Thank you.

Operator

Thank you. And now at this time, we will conclude the question-and-answer portion. I’d now like to turn it back over Lisa Elkin.

Lisa Elkin

At this time, ladies and gentlemen, we will adjourn this conference call. Thank you very much for your time and interest in Compuware, and we hope you have a pleasant evening.

Operator

Thank you. And ladies and gentlemen, that does conclude our conference for today. Thank you for your participation and for using AT&T Executive Teleconference service. You may now disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Compuware Corporation F1Q10 (Qtr End 06/30/09) Earnings Call Transcript
This Transcript
All Transcripts