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Financial News Details

Oracle Q1 Results

September 13, 2001

REDWOOD SHORES, Calif. 13-SEP-2001 06:00 AM In the aftermath of Tuesday's terrorist attack on the United States, Oracle Corporation is announcing its Q1 quarterly results without comment or elaboration. Oracle has seven people missing in the World Trade Center, and one person lost on United Flight 93. Our heart goes out to all of the families who have lost loved ones. We pray more survivors will be found.

Our efforts and energies are now focused on helping the agencies of our government - relief, law enforcement, intelligence and military - respond to this national emergency. Our people, computers and facilities are being retasked to help these agencies reestablish systems that have been interrupted by the attack.

Oracle recorded first quarter income of $511 million on revenue of $2.2 billion. Earnings per share increased to 9 cents compared with 8 cents in Q1 last year. Operating margins increased from 29% last year to 33% this year. All other numbers are attached. We will issue another press release and hold a conference call when the markets reopen.

                              ORACLE CORPORATION


                    CONSOLIDATED STATEMENTS OF OPERATIONS
                   ($ in thousands, except per share data)
                                 (unaudited)

                                                         Three Months Ended
                                                             August 31,


                                                         2001          2000
    REVENUES
      Licenses and other                               $731,432      $807,238
      Services                                        1,510,613     1,454,637

        Total Revenues                                2,242,045     2,261,875


    OPERATING EXPENSES
      Sales and marketing                               535,481       572,964
      Cost of services                                  609,873       673,878
      Research and development                          253,299       251,027
      General and administrative                         97,614       105,965

        Total Operating Expenses                      1,496,267     1,603,834

    OPERATING INCOME                                    745,778       658,041


      Net investment gains (losses) related to equity
       securities                                        (3,301)       15,433
      Other income, net                                  43,134       102,769

    INCOME BEFORE TAXES                                 785,611       776,243

      Provision for income taxes                        274,964       275,566

    NET INCOME                                         $510,647      $500,677


    EARNINGS PER SHARE (A)
      Basic                                               $0.09         $0.09
      Diluted                                             $0.09         $0.08

    SHARES OUTSTANDING (A)
      Basic                                           5,579,811     5,604,058
      Diluted                                         5,780,020     5,932,870

    (A) All earnings per share and shares outstanding amounts for the three
        month period ended August 31, 2000, have been adjusted retroactively

        to reflect a 2:1 stock split during the quarter ended November 30,
        2000.


                              ORACLE CORPORATION

                    CONDENSED CONSOLIDATED BALANCE SHEETS
                               ($ in thousands)

                                                    August 31,       May 31,
                                                       2001           2001
                                                   (unaudited)

    ASSETS

    Current Assets
      Cash and short term investments               $6,051,431     $5,887,661
      Trade receivables, net                         1,759,789      2,432,131
      Prepaid and refundable income taxes              451,170        272,742
      Other current assets                             314,904        370,616

        Total Current Assets                         8,577,294      8,963,150

    Long-term cash investments                         285,544             --
    Property and equipment, net                      1,026,713        974,751
    Prepaid taxes                                      396,631        376,030

    Other assets                                       899,758        716,229

    TOTAL ASSETS                                   $11,185,940    $11,030,160


    LIABILITIES AND STOCKHOLDERS' EQUITY

    Current Liabilities
      Notes payable, including current maturities       $3,527         $2,849
      Accounts payable                                 236,782        270,112
      Income taxes                                   1,077,340        767,087
      Customer advances and unearned revenues        1,367,240      1,213,529
      Other current liabilities                      1,381,831      1,663,042


        Total Current Liabilities                    4,066,720      3,916,619

    Long-term debt                                     300,872        300,847
    Deferred income taxes                              403,057        327,788
    Other Long-term liabilities                        195,968        207,135
    Stockholders' equity                             6,219,323      6,277,771

    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY     $11,185,940    $11,030,160

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