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Siebel delivers on revenue projections

Barney Beal

Siebel Systems Inc. saw its license revenue and net income rise sharply in the last quarter, in line with guidance the company provided previously.

In a conference call on Thursday, the San Mateo, Calif., company announced that its quarterly license revenue rose 13% over the same period last year, and net income was up 580% to $31.7 million. Earnings per share were at $0.06, up 500% over last year.

Siebel shares closed at $11.66 on the Nasdaq Thursday, down $0.19.

"We're pleased to have realized a strong Q1," said Tom Siebel, CEO. "This is a seasonally challenging quarter. It's very clear this IT recovery we're seeing is fragile. There's still geopolitical dislocation. There's quite a bit of uncertainty out there."

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In the first quarter, the company closed 229 deals for its hosted product, CRM OnDemand, the first full quarter it was available, including some deals with a large number of seats. Siebel sets itself apart from its hosted competitors by offering a hybrid form of CRM with capabilities for both hosting and on-premise, and by appealing to larger organizations, said David Schmaier, a Siebel executive vice president.

"We think that because of our presence in CRM and our ability to reach these [enterprise] customers, it will be significantly larger customers that will go with Siebel OnDemand," Schmaier said.

Competitively, Siebel goes up against SAP 9% of the time and PeopleSoft and Oracle 7% of the time, Siebel said, down slightly from last year.

Siebel offered guidance of $0.06 to $0.08 per share for the second quarter, which began April 1.


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