Computer Associates 2006 Annual Report Download - page 48

representing a $200 million increase in the amount previously authorized for expenditure in fiscal year 2006 for
stock repurchases (the amended Fiscal 2006 Program). As part of the approval of the amended Fiscal 2006 Program,
the Board of Directors terminated the 1990 Program and resolved that the Board of Directors would henceforth
express its authorization to management to repurchase shares of Company stock only in dollars, and not in shares, as
had been the case under the 1990 Program.
In March 2006, CA announced that its Board of Directors had authorized a $600 million common stock repurchase
plan for its fiscal year 2007, beginning April 1, 2006. The plan called for quarterly common stock buybacks of
$150 million, which were to be made in the open market or in private transactions.
On June 26, 2006, the Board of Directors authorized a new $2 billion common stock repurchase plan for fiscal year
2007 which will replace the prior $600 million common stock repurchase plan.
Item 6. Selected Financial Data.
The information set forth below should be read in conjunction with Item 7, “Management’s Discussion and
Analysis of Financial Condition and Results of Operations”, included in this Form 10-K. The information presented
in the following tables has been adjusted to reflect the restatement of the Company’s financial results which is more
fully described in the “Explanatory Note — Restatements” immediately preceding Part I of this Form 10-K and in
Note 12, “Restatements”, in the Notes to the Consolidated Financial Statements.
2006 2005
(1)
2004
(1)
2003
(1)
2002
(1)
(restated) (restated) (restated) (restated)
Year Ended March 31,
(in millions, except per share amounts)
STATEMENT OF OPERATIONS DATA
Revenue ..................................... $3,796 $3,603 $3,332 $3,057 $ 2,910
Income (loss) from continuing operations
(2)
........... 156 26 (89) (372) (1,220)
Basic income (loss) from continuing operations per
share ..................................... 0.27 0.04 (0.15) (0.65) (2.11)
Diluted income (loss) from continuing operations per
share ..................................... 0.26 0.04 (0.15) (0.65) (2.11)
Dividends declared per common share .............. 0.16 0.08 0.08 0.08 0.08
2006 2005
(1)
2004
(1)
2003
(1)
2002
(1)
(restated) (restated) (restated) (restated)
March 31,
(in millions)
BALANCE SHEET AND OTHER DATA
Cash provided by continuing operating activities .... $ 1,380 $ 1,527 $ 1,279 $ 1,310 $ 1,241
Working (deficit) capital
(3)(4)
................... (729) 133 635 (327) 37
Total assets
(4)
.............................. 10,438 11,396 10,862 11,417 12,493
Deferred subscription value
(5)
................... 5,415 5,486 4,354 3,959 3,548
Long-term debt (less current maturities) ........... 1,810 1,810 2,298 2,298 3,334
Stockholders’ equity ......................... 4,680 5,042 4,919 4,567 4,763
(1) As disclosed under the “Explanatory Note — Restatements” immediately preceding Part I, Item 1 of this Form 10-K, the Company has
restated certain financial data for the fiscal years ended March 31, 2005, 2004, 2003, and 2002. The effects on revenue related to these
restatements were: for fiscal year 2005, an increase of $43 million and for fiscal year 2004, an increase of $12 million. The net effects on
income (loss) from continuing operations related to these restatements were: for fiscal year 2005, an increase of $28 million; for fiscal year
2004, a decrease of $8 million; for fiscal year 2003, a decrease of $32 million; and for fiscal year 2002, a decrease of $62 million. Refer to
Note 12, “Restatements”, in the Notes to the Consolidated Financial Statements for additional information.
(2) In fiscal year 2006, we incurred after-tax charges of approximately $54 million for restructuring and other costs and an after-tax benefit of
approximately $5 million relating to the gain on the divestiture of assets that were contributed during the formation of Ingres Corp. We also
incurred an after-tax charge of approximately $18 million for write-offs of in-process research and development costs due to our recent
acquisitions. In fiscal year 2005, we incurred an after-tax charge of approximately $144 million related to the shareholder litigation and
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