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Thursday, February 24, 2011

SalesForce.com Reports Q4 GAAP Operating Loss (Financial Charts, Review) *Revenues continue upwards* CRM

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SalesForce.com (CRM) reported FY Q4 2011 financial results on Thursday, February 24, 2011


SalesForce.com (CRM) Reports Q4 GAAP Operating Loss

SalesForce.com (CRM) reported FY Q4 2011 financial results on Thursday, February 24 after the market closed. SalesForce.com financial performance charts for FY Q4 2011 and prior quarters have been posted, along with commentary, on the SalesForce.com Financial Performance page. The charts are:

SalesForce.com Performance by the Quarters
Earnings per Share, Operating Cash Flow per Share
Total Revenues, Operating Income, and Net Income
Gross Margin, Operating Margin, and Net Margin
Return on Assets
Total Revenues and Earnings per Share Growth Rates

SalesForce.com Summary Fiscal Q4 (GAAP) Revenues continue increasing as return on assets decrease. Cash flow per share is a record $1.18, which is encouraging. The most recent quarter was unimpressive but future quarters should improve. No matter, the CRM stock price will most likely continue upwards defying the current and past questionable financial performance. CRM trades at a 200+ price/earnings ratio and fundamentals have not been a hindrance to this high flying stock. For a technology sector stock, CRM continues significantly underperforming. Perhaps these are the normal fundamentals inherent in a cloud computing provider. The stock price is priced for a stellar future performance that does not appear to be on the horizon.

SalesForce.com Income Statement Fiscal Q4 (GAAP) SalesForce.com (CRM) reported total revenues of $456.9M, net income of $10.9M, and earnings per share of $0.08. From the prior fiscal quarter Q3 2010, total revenues were up +6.5%, net income down -51.4%, and earnings per share down -46.7%. From the prior year fiscal Q4 2010, these were up +29.0%, down -51.5%, and down -50.0%, respectively. Gross, operating, and net margins were down, to 79.79%, 0.09%, and 2.38%, respectively. For the prior fiscal quarter Q3, these were 80.86%, 8.19%, and 5.21%, respectively. Cash flow from operations the bright spot at $1.18 per share.

SalesForce.com Balance Sheet Fiscal Q4 (GAAP) SalesForce.com's (CRM) total assets increased +12.8% QoQ to a record $3.09B from the prior quarter of $2.74B. The capital to assets ratio (total stockholders' equity divided by total assets) is a strong 41%, but down from previous quarters and a multi-year low. The current ratio (current assets divided by total assets) is a liquid 34.8%, but lower than in past quarters and does not include $910.6M in noncurrent marketable securities. SalesForce.com (CRM) is liquid with strong capital. The return on assets peaked in QE October 2009 at 5.13% and has declined each quarter since to the current 2.59% in QE January 2011. The $1.4B+ in cash, cash equivalents, and marketable securities (current and noncurrent), which are 45.5% of the total assets of $3.09B, is pulling down the Return on Assets, along with a lower gross profit margin.


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