Compuware Corporation (Nasdaq:CPWR), the technology performance company, today provided an update on a number of initiatives underway to continue to build a stronger Compuware, position the Company for growth, and boost shareholder value. It also announced that it has extended the deadline for submitting nominees for election to its Board of Directors until January 10, 2014. The Company said that it still intends to hold its 2013 annual meeting in the first quarter of 2014.
“Over the past few weeks we have been engaging in a dialogue with our major shareholders about enhancing our Board,” said Bob Paul, CEO and President of Compuware. “We have identified a number of excellent independent director candidates and will be finalizing our slate in the coming weeks. We continue to be firmly committed to enhancing our competitive position by delivering business critical technology solutions to our customers and creating shareholder value as we have done over the past year as we pursued our clearly articulated transformation initiatives.”
In 2013, Compuware has:
- Announced strong second quarter 2013 results, with non-GAAP EPS of 13 cents per share, up 62.5 percent year-over-year and GAAP EPS of 7 cents per share, up 40 percent year-over-year (see press release for the 2Q 2013 for a reconciliation between non-GAAP and GAAP results).
- In 2Q 2013, posted double-digit total revenue and license growth in the APM business unit while dramatically improving APM’s contribution margin by 195 percent .
- Made significant progress towards stabilizing the mainframe business.
- Completed the IPO of Covisint -- Covisint’s second quarter fiscal 2014 revenue increased 19% year-over-year.
- Launched a two-year cost reduction plan to cut general and administrative and shared services expenses by $80 to $100 million – engaged Alix Partners to assist in this process and is on track to eliminate $40-$45 million of these costs this fiscal year.
- Announced and began paying an annual dividend of 50 cents per share.
- Made a number of changes to its leadership team, including the naming of a new CFO of Compuware (Joe Angileri) and Covisint (Enrico Digirolamo).
Paul noted “The current Board, along with management, has been successfully executing the transformation process we started earlier this year. We are excited about the opportunities available to Compuware and its shareholders as we pursue our focused plan of action.”