News & Press

SANTA BARBARA, CA —August 26, 2004 — Green Hills Software, Inc., the market leader in embedded software development tools and royalty-free real-time operating systems (RTOS), today announced record quarterly revenue and operating income for the second quarter ended June 30, 2004.

Revenue in the second quarter of 2004 was a record $18.3 million, an increase of 39% over second quarter of 2003. Operating income was a record $5.3 million, an increase of 71% over the prior year. Earnings were a record $0.15 per share, fully diluted, an increase of 67% over the same period in 2003.

For the first half of 2004, revenue increased 43% over the first half of 2003, to $33.9 million. First-half operating income grew 71% to $8.9 million. Earnings per share were $0.26, an increase of 73% over the first half of 2003.

"With a growth rate more than twice that of other companies in our industry, Green Hills Software is continuing to significantly increase its market share," commented Dan O'Dowd, founder and chief executive officer of Green Hills Software. "We have returned to the high growth rates that we enjoyed before the embedded recession. For Green Hills Software, the 'good old days' are back."

"Green Hills Software's financial success follows from its product and technology leadership," added David Chandler, vice president of Sales for Green Hills Software. "Our INTEGRITY RTOS has supported memory protection and has been royalty free since its introduction in 1996. Since 2001, our MULTI Integrated Development Environment has been the first and only IDE to support Linux, VxWorks and custom operating systems—in addition to our own. Only now are other companies in our industry beginning to follow our lead."

"Even as others seek to emulate our success, we continue to address a much larger market with a more competitive product," Chandler continued. "We offer the embedded software industry's best development tools, featuring support for more target processors and operating systems than anyone else. In addition, we offer the only complete development solution that includes both the best tools and best embedded and real-time operating systems, all co-developed for optimal integration."


Q2 Highlights

Other highlights of Green Hills Software's second quarter include:

• Revenue from software product licenses and subscriptions grew 50% over second quarter 2003, driven principally by growth in sales of the INTEGRITY RTOS.
• Revenue from hardware-assisted debugging devices—including the SuperTrace trace probe, Green Hills probe and Slingshot debug device—grew by 85% over second quarter 2003. This growth reflects the success of the new SuperTrace probe, released in the fourth quarter of 2003.
• Green Hills Software had continued success in its ongoing efforts to recruit senior industry sales managers and application engineers and stepped up its recruiting in light of its sustained high growth rate and elevated long-term outlook. During the quarter, the company established its first direct sales presence in Israel.
  

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