Oracle's surprising 4Q release pleases investors

SAN FRANCISCO (AP) ? Oracle was so pleased with its latest quarter that it apparently couldn't wait to share the news.

In surprise move, the business software maker released its fiscal fourth-quarter results late Monday. The numbers weren't supposed to come out until Thursday.

Safra Catz, Oracle's chief financial officer, told analysts in a hastily scheduled conference call that the company didn't think investors would mind hearing about a solid quarter amid unsettling fears about how Europe's shaky economy might be affecting business conditions.

It was still a puzzling decision, given that the timing conflicted with a Los Angeles event that Microsoft Corp. held to unveil a tablet computer to compete against Apple Inc.'s iPad. The overlap kept some of the same securities analysts that follow Oracle tied up with the Microsoft announcement.

That meant Oracle's performance for the three months ending in May didn't get as much attention as it might have had the company stuck to its original schedule.

The quarter was highlighted by an 8 percent increase in net income that topped analysts' predictions. Oracle also posted a 7 percent gain in its sales of new software licenses that indicated there is still strong demand for technology that helps businesses automate their administrative tasks.

Oracle Corp. is viewed as a technology bellwether because it sells software and high-end computers to companies and government agencies throughout the world.

In another encouraging sign, Oracle committed to spending an additional $10 billion buying back its stock. That should help boost Oracle's future earnings by reducing the number of outstanding shares. Based on Monday's closing price Oracle's stock, the $10 billion would buy about 369 million, or 7 percent, of the company's roughly 5 billion outstanding shares. Oracle spent about $6 billion buying back 207 million shares in its past fiscal year.

Oracle shares gained 96 cents, or more than 3 percent, to $28.08 in Monday's extended trading. The stock had dropped 58 cents in Monday's regular trading session as investors reacted to the unconfirmed reports of several analysts who said they had been told by unnamed industry sources that Oracle was cutting its ties with Keith Block, its top North American sales executive for the past decade.

The company didn't address Block's status in Monday's quarterly release or ensuing conference call. Oracle didn't respond to request for comment about Block either. The executive's biography remained listed on Oracle's website late Monday.

Oracle earned $3.45 billion, or 69 cents per share, for the three months ending in May. That compared to income of $3.2 billion, or 62 cents per share, at the same time last year.

If not acquisition expenses and other costs, Oracle said it would have earned 82 cents per share. On that basis, Oracle exceeded the average estimate of 78 cents per share held among analysts surveyed by FactSet.

Revenue edged up 1 percent from last year to $10.9 billion, slightly higher than analyst projections.

If not for a stronger dollar, which hurt its results outside the U.S., Oracle said its revenue would have increase by 5 percent from the same time last year.

Software licensing revenue would have increased by 11 percent if currency exchange rates had remained at the same level as last year. Investors focus on sales of new software because the new licenses unleash a steady stream of future revenue from maintenance and software upgrades. Oracle expects its software licenses for the current quarter ending in August to range from a 1 percent decrease from the same time last year to a 9 percent increase.

Oracle is still struggling to diversify into hardware. Revenue from the sale of hardware products during the latest quarter declined 16 percent from the same time last year. The sagging hardware sales have raised questions about Oracle's decision to buy Sun Microsystems, a struggling maker of high-end computers, for $7.3 billion two years ago.

Catz and Oracle CEO Larry Ellison have predicted the Sun deal will pay off. Block, though, declared Sun as "dead, dead, dead" during an instant messaging exchange with another Oracle executive last year. The IMs recently surfaced in a California trial pitting Oracle against rival Hewlett-Packard Co. in a contract dispute.

Associated Press

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The top five policy arguments against Obamacare (Powerlineblog)

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'Savages' Clips Tease A Truly Terrifying Salma Hayek

The closer we get to the July 6 release date of "Savages," the more intrigued we get by its line-up of leading actors. Oliver Stone's latest stars Aaron Johnson, Taylor Kitsch, Blake Lively, Salma Hayek, Benicio Del Toro and John Travolta, and they all look like they're giving performances at the top of their game. [...]

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Does Your Writing Style Have a Fingerprint?

Is it possible that your writing style is identifiably unique? In the late 1800s, a Polish philosopher named Wincenty Lutos?awski imagined a ?future science of stylometry,? whereby the singular style of an author could be quite literally measured. In such a future, controversies over authorship would be resolved not by literary scholars but by statisticians, and data would provide the answer. Sounds like pie in the sky, right? But it turns out that Lutos?awski was right. Over the past 50 years, stylometrists have fashioned a promising way to identify authorial signatures using something called ?lexical glue.? Listen as Bob Garfield and I talk about how a bunch of seemingly inconspicuous words actually stand out.

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Could Corruption Be the Culprit for European Economic Meltdowns?

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Opposition cries for help as Syria forces pound Homs

Syria's opposition issued a cry for help on Sunday as regime forces pounded rebel bastions in Homs province and activists warned that hundreds of civilians were trapped with little food or water.

The opposition Syrian National Council (SNC), meeting in Istanbul, also demanded the deployment of armed peacekeepers a day after a UN observer mission said it was suspending operations because of the relentless bloodshed.

The mission chief, General Robert Mood, meanwhile, urged the warring parties to "allow women, children, the elderly and the injured to leave conflict zones, without any preconditions and ensure their safety."

"I call on the parties to take immediate action to ease the pain of Syrians trapped in the violence and the UN Supervision Mission in Syria (UNSMIS) stands ready to monitor their release, once the decision is taken," he said.

Violence cost at least another 37 lives on Sunday, taking the overall weekend death toll across the country to 108, according to the Britain-based Syrian Observatory for Human Rights.

Regime forces pounded rebel areas of the Old City of Homs and outlying towns, including Rastan and Talbisseh, in a bid to crush armed insurgents, the watchdog said, with deadly violence also reported in other parts of Syria.

A civilian was killed in the Homs city rebel bastion of Khalidiyeh, which was "being shelled and shot at by regime forces" while six others were killed in assaults on Rastan and Talbisseh, the Observatory said.

The situation in Rastan was also dire and most residents had fled to neighbouring villages, anti-regime activist Nidal al-Hakim told AFP via Skype.

Many people were "critically" wounded and there is a shortage of medication, while authorities have cut off electrical supplies and water from the besieged city, said Hakim.

"We couldn't bury our martyrs in the cemetery because... it is targeted by Assad's forces," he added.

Abu Bilal, another activist speaking from the Old City of Homs, said the regime assault on several parts of the central city was "suffocating."

"They are shelling us all the time. There's very little food and water, and we're running out of medication."

The Observatory has said that more than 1,000 families were stuck in the area, with dozens injured.

SNC chief Abdel Basset Sayda accused the regime of President Bashar al-Assad trying to commit new "atrocities" in Homs and Rastan. "The country is under a violent attack, especially Homs," Sayda told journalists in Istanbul.

SNC spokeswoman Bassma Kodmani said the situation in Homs city was growing increasingly desperate, citing food and water shortages.

Towns, including Rastan, "are living through tragic hours and days. We are calling for immediate humanitarian intervention in favour of the people of Syria", she said.

Earlier the SNC issued a statement urging the United Nations to pressure Assad's regime using Chapter VII of the UN charter, which allows measures to be imposed on a country under penalty of sanctions or force.

The opposition specifically demanded that observers tasked with monitoring a UN-backed ceasefire -- that has been flouted daily since going into effect on April 12 - be armed.

A YouTube video uploaded on Sunday by activists showed clouds of black and grey smoke rising over buildings in the Old City of Homs.

The thump of shelling and gunfire ripped through the silence of what appeared to be a ghost town.

Another video showed widespread destruction in the Homs district of Jourat al-Shiah, including deserted streets and a shelled building on fire.

"We don't have any milk for the children, nor water, nor electricity," a mother of two whose house was destroyed says on the video.

"We are not scared. We don't want weapons or money. We just want a way to get our children out of here," she says.

The authenticity of the videos could not immediately be verified.

Home to rebel hideouts, Homs has been under intermittent attack by regime forces ever since its district of Baba Amr was relentlessly pounded for a month before being retaken by the regime early March.

Sunday's dead also included a 17-year-old boy "who was thrown from a fifth floor apartment by security forces after they raided his home in the (Damascus province) town of Daraya," the Observatory said citing activists.

UNSMIS suspended its operations two months into its three-month mandate on Saturday, blaming the intensifying violence threatening the 300-strong force.

Mood said the observers "will not conduct patrols and will stay in their locations until further notice," citing the force's inability to carry out its duties.

More than 14,400 people have died in the 16-month uprising against the regime of President Bashar al-Assad, according to the watchdog.

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