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Company Press Release
PeopleSoft Reports Financial Results for the Year and Quarter Ended December 31, 1999
License Revenues Up 45% Sequentially in Fourth Quarter
PLEASANTON, Calif.--(BUSINESS WIRE)--Feb. 1, 2000--PeopleSoft, Inc. (Nasdaq:PSFT - news) announced today the financial results for the quarter and year ended December 31, 1999. Revenues, net income and net income per share for the fourth quarter of 1999 from recurring operations were $372.3 million, $11.1 million and $0.04, respectively. This compares with revenues, net income and net income per share from recurring operations of $411.3 million, $42.3 million and $0.15, respectively, for the fourth quarter of 1998. Including non-recurring items, net loss and net loss per share for the fourth quarter of 1999 were $(5.6) million, and $(0.02), respectively.

Revenues, net income and net income per share for the year ended December 31, 1999 from recurring operations were $1,429.1 million, $21.0 million and $0.08, respectively. This compares with revenues, net income and net income per share from recurring operations of $1,474.8 million, $164.1 million, and $0.58, respectively, in 1998. Including non-recurring items, net loss and net loss per share for the year ended December 31, 1999 were $(177.8) million and $(0.67), respectively.

Revenues from license fees for the quarter ended December 31, 1999 for the combined company increased 45% over the combined license revenues of the previous quarter. Fourth quarter license revenues for the enterprise software business grew 37% from the previous quarter while license revenues for the customer relationship management (CRM) business grew 68% from the previous quarter. Revenues from services for the fourth quarter of 1999 decreased 1% from the previous quarter. Revenues from the combined company's international operations for the fourth quarter of 1999 increased by 40% to $102.3 million or 27% of total revenues, compared to $73.3 million or 21% of total revenues for the third quarter of 1999.

``The fourth quarter marked a much anticipated return in customer demand for PeopleSoft and our industry,'' said Craig Conway, president and chief executive officer. ``With the growth in licensing activity, the addition of a functionally rich CRM product suite, and the release of our new, pure HTML PeopleSoft Internet Architecture, PeopleSoft has become a stronger competitor in a rapidly improving industry.''

The results for all periods presented include the results of The Vantive Corporation, which merged with PeopleSoft in the fourth quarter of 1999 in a transaction accounted for as a pooling of interests. Recurring operations for the fourth quarter of 1999 exclude charges of $64.3 million incurred in connection with the merger and write-off of certain assets and gains of $51.3 million from the sale of equity investments, and for the year exclude charges of $185.1 million incurred in connection with the first quarter of 1999 spin-off of Momentum Business Applications, Inc. and reductions in work force. The fourth quarter of 1998 recurring operations exclude the write-off of in-process research and development costs of $13.9 million incurred principally in connection with the acquisition of Intrepid Systems, Inc., and for the year exclude acquisition expenses incurred by Vantive of approximately $11 million.

Quarterly Highlights

The following highlights were announced or occurred since PeopleSoft's last earnings release:


--   Vantive Acquisition. PeopleSoft completed its acquisition of The
    Vantive Corporation, a leading vendor of CRM solutions. The
    acquisition of Vantive makes PeopleSoft the only enterprise
    software company offering a full suite of CRM products which are
    integrated with PeopleSoft and other major back-office
    applications. Organizations can now turn to PeopleSoft for an
    industry-leading, functionally rich, stand-alone CRM solution, or
    take full advantage of PeopleSoft's integrated suite of CRM and
    Enterprise Resource Planning (ERP) applications, and eBusiness
    intelligence applications.

--   Vantive eBusiness Applications for CRM. Less than one month after
    completing its acquisition of The Vantive Corp., PeopleSoft
    shipped the first true Internet-architected CRM solutions with
    the Vantive eBusiness applications for CRM. Vantive eSales
    provides access through any standard Web browser to the
    award-winning Vantive Enterprise CRM solution, driving
    opportunities for revenue growth, increased sales productivity
    and profitable customer relationships. Also available, Vantive's
    Internet-architected service solutions empower users to initiate,
    track and resolve product issues via a pure-browser interface,
    enabling customers to reduce response time and increase customer
    loyalty and retention.

--   Significant CRM Win. ABN AMRO Bank of the Netherlands, the
    world's sixth-largest bank, has selected PeopleSoft's integrated
    CRM solution to center the bank's business operations around its
    customers. ABN AMRO will provide more than 22,000 employees with
    access to PeopleSoft's CRM solutions in the bank's first phase of
    deployment, enabling a 360-degree view of customers for improved
    customer service. The ABN AMRO project is believed to be the
    largest CRM deployment to date in the software industry.

--   PeopleSoft Internet Architecture. PeopleSoft shipped the
    PeopleSoft Internet Architecture, the first pure HTML
    server-centric development platform delivered by a major
    enterprise application company. Representing a paradigm shift in
    PeopleSoft technology, this platform enables the rapid
    development, deployment, customization and cost effective
    management of PeopleSoft's next generation of eBusiness
    applications, and allows business-to-business (B2B) transactions
    and collaboration via the Internet using XML, the emerging
    standard for enabling interoperability over the Internet.

--   Enterprise Performance Management 8. PeopleSoft shipped
    Enterprise Performance Management 8, the first PeopleSoft
    applications based on the PeopleSoft Internet Architecture. The
    industry's most comprehensive and integrated suite of eBusiness
    intelligence applications, Enterprise Performance Management is
    entirely accessible over the Internet through a standard browser
    enabling customers to harness internal data from transactional
    applications as well as external data from the Internet. The
    integrated suite, the second generation of PeopleSoft Enterprise
    Performance Management has become PeopleSoft's fourth largest
    product suite.

--   eBusiness Applications. PeopleSoft announced several key
    milestones for its eBusiness applications including an e-commerce
    portal for the apparel industry, the integration of PeopleSoft
    Order Management with the Commerce One MarketSite, and the
    implementation of PeopleSoft eProcurement by Pepsi-Cola General
    Bottlers in just nine weeks. PeopleSoft eBusiness applications
    streamline and aggregate purchasing across an enterprise thereby
    reducing supply chain costs and facilitating B2B and
    business-to-consumer (B2C) transactions over the Internet.

--   Education and Government. PeopleSoft shipped PeopleSoft Financial
    Management for Education and Government Release 7.5. With this
    release, educational institutions and government agencies can
    benefit from enhanced reporting and analysis tools and expanded
    Internet functionality. The new release also includes PeopleSoft
    Grants, a comprehensive application for higher education
    institutions to more effectively manage sponsored research
    projects throughout the entire grants life cycle. In addition,
    this release was certified on the Joint Financial Management
    Improvement Program (JFMIP) Core Financial System Software
    Qualification Test for the U.S. Federal government in September
    1999.


About PeopleSoft

PeopleSoft (Nasdaq:PSFT - news) is a world leader in enterprise application software. PeopleSoft provides eBusiness applications for customer relationship management, human resource management, financials, and supply chain, along with a range of industry-specific solutions. For more than 4,000 customers, PeopleSoft applications offer greater flexibility, rapid implementation, scalability across multiple databases and operating systems, and lower cost of ownership. Customers include some of the largest multi-national organizations in the world, as well as small- and medium-size businesses. In addition to software, PeopleSoft offers PeopleSoft Advantage Customer Service, a comprehensive consulting, education and technical support program. Headquartered in Pleasanton, California, PeopleSoft (www.peoplesoft.com) employs 7,000 people and had 1999 revenues of $1.4 billion.

Note to Editors: PeopleSoft, the PeopleSoft logo, PeopleTools, and Vantive are registered trademarks. All other company and product names may be trademarks of their respective owners.

This release contains projections or other forward-looking statements regarding future events or the future financial performance of the Company that involve risks and uncertainties. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. The specific forward-looking statements relate to such matters as competitive landscape; new product development status; position in the Internet sector; and future growth. Please refer to the Company's annual report to shareholders (Form 10-K) and subsequent filings on Form 10-Q for more information on the risk factors that could cause actual results to differ.

                          PEOPLESOFT, INC.
            CONDENSED CONSOLIDATED FINANCIAL INFORMATION
                (In thousands, except per share data)
                             (Unaudited)

                           THREE MONTHS ENDED         YEAR ENDED
                               December 31,           December 31,
                              1998      1999         1998      1999
Revenues:
  License fees            $ 169,515 $  95,285    $ 664,277 $ 339,676
  Services                  241,781   264,198      810,491 1,061,838
  Development and
   other services                 -    12,793            -    27,632

     Total revenues         411,296   372,276    1,474,768 1,429,146

Costs and expenses:
  Cost of license fees       13,142    10,131       44,418    42,578
  Cost of services          135,313   142,133      465,670   564,404
  Cost of development
   services                       -    11,608            -    25,107
  Sales and marketing       111,947    94,666      407,023   391,572
  Product development        69,611    81,410      237,970   297,212
  General and
   administrative            17,661    24,169       73,828    97,387
  Restructuring and
   other charges             15,120    64,320       24,795    73,050
  Contribution to
   Momentum Business
   Applications                   -         -            -   176,409

     Total costs and
      expenses              362,794   428,437    1,253,704 1,667,719

Operating income (loss)       48,502   (56,161)     221,064  (238,573)
Other income, interest
expense and other             5,962    55,797       20,778    72,175

Income (loss) before
income taxes                 54,464      (364)     241,842  (166,398)
Provision for income
taxes                        27,250     5,201      101,904    11,367

Net income (loss)          $  27,214 $  (5,565)   $ 139,938 $(177,765)

Basic income (loss)
per share                 $    0.11 $   (0.02)   $    0.56 $   (0.67)

Shares used in basic per
share computation           254,857   269,170      249,807   263,914

Diluted income (loss)
per share                 $    0.10 $   (0.02)   $    0.50 $   (0.67)

Shares used in diluted
per share computation       274,930   269,170      281,059   263,914


                                        DECEMBER 31,     DECEMBER 31,
                                               1998             1999
ASSETS
Current assets:
    Cash and cash equivalents              $531,722         $414,019
    Short term investments                  249,416          290,122
    Accounts receivable, net                427,268          331,104
    Investments available for sale                -          260,664
    Deferred income taxes                    59,812                -
    Other current assets                     49,995           63,467

       Total current assets               1,318,213        1,359,376

Property and equipment, at cost              348,527          359,549
Less accumulated depreciation
and amortization                           (139,228)        (187,056)
                                          ----------       ----------
                                            209,299          172,493

Investments                                   31,616           67,852
Deferred income taxes                          7,814           18,774
Software developed or acquired,
less accumulated amortization                37,393           27,286
Other assets                                  19,190           42,097
                                           --------         --------
                                         $1,623,525       $1,687,878

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
    Accounts payable and
     accrued liabilities                   $132,521       $  148,989
    Accrued compensation and
     related expenses                       116,825          130,245
    Income taxes payable                     22,587           19,055
    Deferred income taxes                         -           23,945
    Deferred revenue                        442,131          429,929

       Total current liabilities            714,064          752,163

Long term debt                                69,000           69,000
Long term deferred maintenance                89,393           88,046
Other long term liabilities                   18,732           14,050

Stockholders' equity:
    Common stock                              2,557            2,709
    Additional paid-in capital              396,037          538,643
    Dividend declared of
     Momentum Business
     Application shares                      78,622                -
    Accumulated other comprehensive
     (loss) income                           (2,614)         143,298
    Retained earnings                       257,734           79,969
                                          ---------        ---------
                                            732,336          764,619
                                          ---------        ---------
                                         $1,623,525       $1,687,878

Worldwide employee count                       7,632            6,929