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Cognos Reports Record Fourth Quarter and Full Year Results

Cognos Incorporated announced financial results for its fourth quarter and full fiscal year 2007, ended February 28, 2007. Revenue for the fourth quarter was $284.5 million, compared with $253.1 million for the same period of last fiscal year, an increase of 12 percent. License revenue was $130.5 million, compared with $117.9 million a year ago, an increase of 11 percent.

Net income on a U.S. GAAP basis in the quarter was $60.9 million, compared with $39.3 million for the same period last fiscal year, an increase of 55 percent. Net income on a non-GAAP basis (excluding amortization of acquisition-related intangible assets and stock-based compensation expense) for the quarter was $66.9 million, compared with $45.2 million for the same period last fiscal year, an increase of 48 percent. Earnings per diluted share (EPS) on a U.S. GAAP basis for the quarter was $0.67, compared with $0.43 for the same period last fiscal year. EPS on a non-GAAP basis (excluding mortization of acquisition-related intangible assets and stock-based compensation expense) for the quarter was $0.74, compared with $0.49 in the fourth quarter of last fiscal year.

Revenue for the full fiscal year 2007 was $979.3 million, compared with $877.5 million for the previous fiscal year, an increase of 12 percent. License revenue for the full fiscal year was $376.2 million, compared with $343.2 million one year ago, an increase of 10 percent. Net income on a U.S. GAAP basis for fiscal year 2007 was $115.7 million, compared with the prior year’s net income of $108.6 million, an increase of 7 percent. Net income on a non-GAAP basis (excluding amortization of acquisition-related intangible assets, stock-based compensation expense and restructuring charges) for fiscal year 2007 was $159.9 million, compared with net income of $129.6 million a year ago, an increase of 23 percent. EPS on a U.S. GAAP basis for the fiscal year 2007 was $1.28, compared with $1.17 last fiscal year. EPS on a non-GAAP basis (excluding amortization of acquisition-related intangible assets, stock-based compensation expense and restructuring charges) for the fiscal year 2007 was $1.77, compared with $1.40 last fiscal year.

Fourth quarter non-GAAP results differ from results measured under U.S. GAAP as they exclude $1.8 million of amortization of acquisition-related intangible assets and $6.6 million of stock-based compensation expense, before taxes. Compared to the GAAP results, this is an increase of $0.07 per share, in the aggregate, after the effect of taxes. Non-GAAP results for the full fiscal year 2007 differ from results measured under U.S. GAAP as they exclude $6.9 million of amortization of acquisition-related intangible assets, $24.6 million of stock-based compensation expense and $26.7 million of restructuring charges, before taxes. Compared to the GAAP results, this is an increase of $0.49 per share, in the aggregate, after the effect of taxes. A reconciliation of U.S. GAAP to non-GAAP results is included at the end of this press release.

 [March 30, 2007]


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