ILOG Reports Second Quarter Results

ILOG Reports Second Quarter Results

PARIS, Jan. 25 /PRNewswire-FirstCall/ -- ILOG(R) (Nasdaq: ILOG; Euronext: ILO; ISIN: FR0004042364) today announced its 2005 second quarter results highlighted by 26% revenue growth and an increase in earnings per share compared to the second quarter last year. ILOG achieved revenues of $32.2 million and earnings per share of $0.12 for its second quarter ended December 31, 2004, compared with $25.6 million in revenues and earnings per share of $0.02 in the same quarter last year. "I am encouraged by the ongoing IT trends that favor our products, and by our increasing profitability," said Chairman and CEO, Pierre Haren.

ILOG also today announced a correction to its results for the first quarter of fiscal 2005 ended September 30, 2004 and published on October 26, 2004. This restatement is due to our untimely accrual of $529,000 in third party consulting costs that were incurred last quarter. While revenues for the quarter were unaffected by this error, the net income should have been reported as $2.0 million instead of $2.5 million, and the earnings per share $0.11 instead of $0.14. This compares with net income of $63,000 and earnings per share of $0.00 in the prior year's first quarter. This revision is explained in more detail in Appendix I. "Any financial restatement is a serious issue, and we do not take this problem lightly," said Haren.

With respect to the current quarter's performance, Haren said: "We again performed well in Europe, with a 45% growth year over year at constant currency rates. We are leveraging the improved IT investment climate in that part of the world, where new technologies like business rule management systems (BRMS) are gaining more traction. Our growth rate in the U.S. was 11%, led by mid-sized application license transactions. Overall, I am pleased that on a worldwide basis we delivered double-digit growth in all three of our product lines."

ILOG's BRMS license revenues grew 11%, mostly from sales in Europe, compared to the same quarter last year. Notably, the Company was able to grow deal sizes in Europe, where the number of deals in excess of $200,000 doubled compared with the second quarter of fiscal 2004. The increasing appeal of BRMS solutions in Europe was confirmed in the findings of a recent survey of European IT decision makers, conducted by IT research firm IDC on the BRMS market, which called the demand for decision automation within applications and processes "very high."

ILOG also continues to invest in the Company's BRMS products to maintain its technological edge, recently introducing Rules for .NET, the first BRMS to leverage the Microsoft .NET platform, including the first product to provide integration with Microsoft Office(R), Microsoft Visual Studio(R) .NET development tools and Microsoft SharePoint(R) collaboration services. In addition, the latest release of ILOG's flagship BRMS product, ILOG JRules 5.0, will be announced tomorrow.

Visualization license revenues grew 43% compared with last year's second quarter, due in part to a strong performance of the ILOG Direct sales division, and royalties from a large European telecom equipment vendor. Optimization license revenues grew 20% year over year, buoyed by a royalty payment from SAP and the widespread interest for ILOG's leading optimization products across all geographies and businesses.

Consulting worldwide was also a strong contributor to this quarter's positive results with 32% growth. "With the addition of 10 new hires, we enter the new quarter with a strengthened professional services organization that is well-positioned to continue to capitalize on the demand for our consulting services, particularly ILOG's business rule methodology, for business-critical applications," said Haren.

ILOG also recently invested in a custom solution jointly-developed with a user as well as a partner, providing real-time optimization to semiconductor manufacturing plants. The Company is optimistic that this product will become a new source of revenues in 2005.

Business Outlook

A solid pipeline combined with favorable IT trends for ILOG's products are encouraging signs as the Company enters its fiscal third quarter. As a result, ILOG management expects revenues between $30 million and $33 million and earnings per share between $0.00 and $0.11, compared to revenues of $28.3 million and earnings per share of $0.06 in the third quarter of fiscal 2004.

Conference Call

ILOG management will be hosting a conference call today at 10 a.m. Eastern Daylight Time or 4 p.m. European Daylight Time to discuss the contents of this release. To listen, please visit http://www.ilog.com/corporate/investor and utilize the WebCast link, or to participate, contact Cubitt Consulting. A replay of the call will be available later.

About ILOG

ILOG delivers software and services that empower customers to make better decisions faster and manage change and complexity. Over 2,000 global corporations and more than 400 leading software vendors rely on ILOG's market-leading business rule management system (BRMS), optimization and visualization software components, to achieve dramatic returns on investment, create market-defining products and services, and sharpen their competitive edge. The BRMS market share leader, ILOG was founded in 1987 and employs more than 600 people worldwide.

Forward-Looking Information

This release contains "forward-looking" information within the meaning of the United States Securities laws that involve risks and uncertainties that could cause actual results to differ materially from those in the forward- looking statements. Potential risks and uncertainties include, without limitation, the risk that our internal controls over financial reporting and efforts to improve these processes may not prevent all accounting errors or irregularities in the future, our perception of the traction of our BRMS offering as well as our ability to leverage the BPM trend and the future success of BRMS, current business conditions, the evolution, growth and profitability of the finance, government, supply chain, telecommunication, business process management and other software markets for the Company's products, the Company's end user and ISV strategies, the Company's revenue growth strategy relating to the jointly developed custom solution for the semiconductor manufacturing industry and the other vertical supply chain management products, the economic, political and currency risks associated with the Company's European, North American and Asian operations, the timing and seasonality of significant revenues, and those risks and uncertainties mentioned under "Risk Factors" in the Company's form 20-F for the year ended June 30, 2004, which is on file with the United States Securities and Exchange Commission.

ILOG S.A.
Consolidated Operating Statements (unaudited)

Three Months Ended
Dec 31 Dec 31 Dec 31
2004 2003 2004
(French GAAP)
(In thousands, except for per share data)
Revenues:
License fees $17,900 $14,717 euro 13,533
Maintenance 8,577 6,589 euro 6,613
Professional Services 5,703 4,306 euro 4,362
Total revenues 32,180 25,612 euro 24,508

Cost of revenues:
License fees 237 204 euro 182
Maintenance 962 884 euro 742
Professional Services 4,760 3,430 euro 3,650
Total cost of revenues 5,959 4,518 euro 4,574

Gross profit 26,221 21,094 euro 19,934

Operating expenses:
Marketing and selling 13,811 12,399 euro 10,624
Research and development 6,679 5,397 euro 5,152
General and administrative 3,483 2,882 euro 2,734
Total operating expenses 23,973 20,678 euro 18,510

Income from operations 2,248 416 euro 1,424
Net interest income (loss) and other 236 121 euro (11)
Net income before taxation 2,484 537 euro 1,413
Income taxes 272 199 euro 206
Net income after taxation $2,212 $338 euro 1,207

Earnings (loss) per share
- Basic $0.12 $0.02 euro 0.07
- Diluted $0.12 $0.02 euro 0.06

Share and share equivalents used in per
share calculations
- Basic 17,753 17,490 17,753
- Diluted 18,588 18,776 18,588

Six Months Ended
Dec 31 Dec 31 Dec 31
2004 2003 2004
(French GAAP)
(In thousands, except for per share data)
Revenues:
License fees $33,952 $27,505 euro 26,667
Maintenance 16,723 12,752 euro 13,279
Professional Services 10,641 7,968 euro 8,404
Total revenues 61,316 48,225 euro 48,350

Cost of revenues:
License fees 504 445 euro 400
Maintenance 1,843 1,696 euro 1,463
Professional Services 8,740 6,450 euro 6,906
Total cost of revenues 11,087 8,591 euro 8,769

Gross profit 50,229 39,634 euro 39,581

Operating expenses:
Marketing and selling 26,317 23,859 euro 20,857
Research and development 12,800 10,153 euro 10,139
General and administrative 6,881 5,197 euro 5,513
Total operating expenses 45,998 39,209 euro 36,509

Income from operations 4,231 425 euro 3,072
Net interest income (loss) and other 559 341 euro 274
Net income before taxation 4,790 766 euro 3,346
Income taxes 619 365 euro 490
Net income after taxation $4,171 $401 euro 2,856

Earnings (loss) per share
- Basic $0.24 $0.02 euro 0.16
- Diluted $0.23 $0.02 euro 0.15

Share and share equivalents used in per
share calculations
- Basic 17,709 17,379 17,709
- Diluted 18,442 18,377 18,442


ILOG S.A.
Condensed Consolidated Balance Sheets (unaudited)

Dec 31 June 30 Dec 31
2004 2004 2004
(French GAAP)
(In thousands)
Assets
Current assets:
Cash and cash equivalents $54,651 $52,220 euro 40,122
Accounts receivable 32,101 23,495 euro 23,568
Other receivables and prepaid
expenses 7,557 6,578 euro 5,227
Total current assets 94,309 82,293 euro 68,917

Property and equipment - net and
other assets 8,278 5,464 euro 6,019

Total assets $102,587 $87,757 euro 74,936

Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable and accrued
expenses $22,534 $19,247 euro 16,426
Current debt 497 480 euro 365
Deferred revenue 18,304 17,973 euro 13,442
Total current liabilities 41,335 37,700 euro 30,233

Long-term portion of debt 315 319 euro 231
Total liabilities 41,650 38,019 euro 30,464

Shareholders' equity:
Paid-in capital 33,973 82,139 euro 38,341
Accumulated deficit and cumulative
translation adjustment 26,964 (32,401) euro 6,131
Total shareholders' equity 60,937 49,738 euro 44,472

Total liabilities and
shareholders' equity $102,587 $87,757 euro 74,936


ILOG S.A.
Condensed Consolidated Statements of Cash Flow (unaudited)

Six Months Ended
Dec 31 Dec 31 Dec 31
2004 2003 2004
(French GAAP)
(In thousands)
Cash flow from operating activities:

Net Income $4,171 $401 euro 2,856
Depreciation and amortization 1,508 1,930 euro 1,190
Unrealized gain on derivative
instruments (232) (109) euro --
Change in working capital (5,706) (2,716) euro (4,516)
Net cash used for operating
activities (259) (494) euro (470)

Cash flows from investing activities:
Acquisition of fixed assets and
business (3,425) (602) euro (2,732)
Net cash used for investing
activities (3,425) (602) euro (2,732)

Cash flows from financing activities:
Repayment of loans and capital lease
obligations (306) (316) euro (238)
Cash proceeds from issuance of shares 1,548 2,848 euro 1,216
Net cash provided by financing
activities 1,242 2,532 euro 978

Impact of exchange rate changes on
cash and cash equivalents 4,873 4,141 euro (615)

Net increase (decrease) in cash and
cash equivalents 2,431 5,577 euro (2,839)
Cash and cash equivalents, beginning
of period 52,220 39,879 euro 42,961
Cash and cash equivalents, end of
period $54,651 $45,456 euro 40,122


Discussion of Income Statement for the Quarter Ended December 31, 2004

Revenues and Gross Margin


Revenues in the quarter increased to $32.2 million from $25.6 million, or by 26%, compared to the same quarter in the previous year. Expressed at prior year constant currency rates, revenues increased by 21%.

Revenues by region were as follows:

Three Months Ended
Dec 31 Dec 31 Change
2004 2003 As Reported Constant $

North America $15,816 $14,263 11% 11%
Europe 13,813 8,704 59% 45%
Asia 2,551 2,645 -4% -7%
Total revenues $32,180 $25,612 26% 21%




The growth in North America is primarily due to an increase in maintenance revenues combined with a slight increase of the license and consulting revenues driven by the manufacturing and the telecommunications sectors. Revenues in North America include the recent settlement of our lawsuit with Aspen Technologies, Inc. which represented the payment of their contractual obligation in the amount of $0.825 million. European revenues significantly increased by 59%, or by 45% when expressed at prior year constant currency rates.

License fee revenues increased by 22%, to $17.9 million from $14.7 million in the prior year's quarter. This increase in license revenue is the result of a combined double digit growth of our three product lines, with the business rules product line increase of 11% over the same quarter last year, representing 39% of license revenues in the quarter. The optimization and visualization product lines also grew by 20% and 43%, representing 33% and 28%, respectively, of license revenues in the quarter. ISV revenues in the quarter represented approximately 33% of license revenues compared to 36% in the same quarter for the prior year.

Maintenance revenue increased by 30%. This increase is the result of the growing installed base of ILOG customers. Professional services revenue increased by 32%, driven by the higher consulting activity experienced especially in Europe. The margin for our professional services decreased from 20% to 17% due to the additional hires to strengthen the professional services organization. As a consequence of the professional services margin trend, overall gross margin for the quarter decreased to 81% compared with 82% for the same period in the preceding year.

Operating Expenses

The 16% increase in operating expenses over the prior year is primarily due to the strengthening euro against the dollar, affecting approximately 55% of the Company's expenses, which are denominated in euros. The euro has been 9% higher against the dollar compared to the same quarter last year. Additional headcount and annual salary adjustments also contributed to this increase. On December 31, 2004, the Company had approximately 636 employees compared to 610 a year earlier.

Marketing and selling expenses for the quarter increased by 11% over the same period in the prior year, due to the stronger euro and some reseller costs. Research and development expenses increased by 24% for the quarter over the same period in the prior year primarily due to a stronger euro and additional headcount. For the same reasons, general and administrative expenses increased by 21% for the quarter over the same period in the prior year.

Income Taxes

Income tax expense for the quarter amounted to $0.3 million compared to $0.2 million in the prior year. This income tax expense is mainly due to the profitability of the Company's activities in Europe and Asia.

Discussion of Income Statement for the Six
Months Ended December 31, 2004

Revenues and Gross Margin


Revenues in the six-month period increased to $61.3 million from $48.2 million, or by 27%, compared to the same period in the previous year. Expressed at prior year constant currency rates, revenues increased by 23%.

Revenues by region were as follows:

Six Months Ended
Dec 31 Dec 31 Change
2004 2003 As Reported Constant $

North America $32,241 $26,668 21% 21%
Europe 23,993 16,298 47% 35%
Asia 5,082 5,259 -3% -7%
Total revenues $61,316 $48,225 27% 23%




The growth in North America is primarily driven by an increase in license and consulting revenues derived from new business as well as maintenance revenue. European revenues significantly increased by 47%, or by 35% when expressed at prior year constant currency rates.

License fee revenues increased by 23%, to $34.0 million from $27.5 million in the prior year six-month period, benefiting from a 38% license revenue growth of the business rules product line and from 10% and 21% revenue growth of the optimization and visualization product lines, respectively.

Maintenance revenues increased by 31%, to $16.7 million from $12.8 million. This increase is the result of the growing installed base of ILOG customers. Professional services revenues increased by 34%, to $10.6 million from $8.0 million, driven by the U.S. during the first quarter and Europe during the second quarter. The professional services margin decreased from 19% to 18% due to the additional headcount in the professional services organization. Overall gross margin for the six-month period remained level at 82% compared to the same period in the preceding year.

Operating Expenses

Operating expenses generally increased by 17% over the prior year mainly due to a 9% strengthening of the euro against the dollar, since more than 55% of the Company's expenses are denominated in euros. During the past year there were also modest staffing increases and annual salary adjustments.

Marketing and selling expenses for the six-month period increased by 10% over the same period in the prior year, reflecting the above factors. Research and development expenses, and general and administrative expenses for the six- month period increased by 26% and 32%, respectively, reflecting the above factors and some additional expenses for subcontracting activities to cover for professional service fees.

Income Taxes

During the six-month period, income tax expense amounted to $0.6 million compared to $0.4 million in the prior year. This income tax expense is mainly due to the profitability of the Company's activity in Germany and Asia.

Balance Sheet and Cash Flow Discussion

Cash on December 31, 2004 increased to $54.7 million from $52.2 million on June 30, 2004, primarily from the impact of the conversion of cash mainly denominated in euros. The cash also benefited from a $1.5 million proceed from the issuance of shares under the Company's employee share purchase plans and the exercise of stock options. Out of cash on hand, $3.4 million has been invested, primarily in the JLOOX acquisition which occurred in the first quarter of fiscal 2005, as well as some software licenses and a minor investment in a third party software company. The JLOOX acquisition will be temporarily classified as goodwill until such time as the final allocation of acquired asset and liabilities is determined. Accounts receivable as of December 31, 2004 were approximately 83 days sales outstanding as compared to the 82 days at June 30, 2004, and 92 days at the end of September 2004, due to a continued focus on collections and credit control.

Shareholders' equity on December 31, 2004, increased to $60.9 million from $49.7 million on June 30, 2004, reflecting the profit for the six month period, the impact of the stronger euro on the cumulative currency translation adjustment and the issuance of shares under the Company's employee share purchase plans and the exercise of stock options. On December 31, 2004, the Company had 17,811,925 shares issued and outstanding, compared to 17,625,699 on June 30, 2004, primarily reflecting the issuance in the six month period of more than 80,000 shares under the Company's employee share purchase plans and the exercise of 100,000 of stock options previously granted to the employees.

Accounting Principles

The Company's financial statements in U.S. dollars are prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). Figures presented in euros are prepared in accordance with accounting principles generally accepted in France.

Where constant exchange rates are referred to in the above discussion, current period results for entities reporting in currencies other than U.S. dollars are converted into U.S. dollars at the prior year's exchange rates, rather than the exchange rates for the current period. This information is provided in order to assess how the underlying business performed before taking into account currency exchange fluctuations.

Press Release for French Shareholders

The entire restated results for the first quarter of 2005 as well as a translation of this press release are available in French on the ILOG website.

NOTE: ILOG is a registered trademark, and JLOOX is a trademark of ILOG. All other trademarks are the property of their respective owners.

APPENDIX I

First Quarter Results Correction


In the course of preparing the financial statements for its fiscal 2005 second quarter, ILOG identified invoices totaling $529,000 owed to unaffiliated third party consulting service providers that should have been, but were not, accrued as "Cost of Revenues - Services" in the fiscal 2005 first quarter ended September 30, 2004. ILOG believes this error arose due to the increase in consulting services revenues in recent quarters and a delay in implementing adequate accounting processes to track the associated increase in third party support for these services. ILOG does not believe that there are any other errors in the accounting for the referenced period.

The first fiscal quarter results, reviewed by the audit committee and the Board of Directors, were included in the Form 6-K furnished on October 26, 2004. ILOG is today providing the SEC with an amendment to this Form 6-K, to restate the results for the fiscal 2005 first quarter in order to correct the error described above. Accordingly, results concerning the fiscal 2005 first quarter provided by ILOG prior to the date of this press release should be disregarded.

The following summarizes the impact of this correction on net income:


Three Months Ended
Sept 30 Sept 30 Sept 30
2004 2003 2004
(French GAAP)
(In thousands, except for per share data)

Net income as originally reported $2,488 $63 euro 2,082
Adjustments:
Third party costs as additional
cost of services (529) -- euro (433)
Net income as adjusted $1,959 $63 euro 1,649

Basic earning per share:
As originally reported $0.14 $0.00 euro 0.12
Increase (decrease) (0.03) -- euro (0.03)

Basic earning per share as
adjusted $0.11 $0.00 euro 0.09

Diluted earning per share:
As originally reported $0.14 $0.00 euro 0.11
Increase (decrease) (0.03) -- euro (0.02)

Diluted earning per share
as adjusted $0.11 $0.00 euro 0.09




The Company believes that it has taken appropriate action to correct its internal controls regarding the timely identification and accrual of third party service provider payables. More generally, the Company is also documenting the financial statement closing process to add additional procedures and controls regarding the accounting for the consulting activities that has grown significantly in the last quarters. This ongoing work is expected to help us improve the reliability of our financial information.

ILOG S.A.
Consolidated Operating Statements (unaudited)
ILOG S.A.

Three Months Ended
Sept 30, 2004 Sept 30
As reported As restated 2003
(In thousands, except for per share data)
Revenues:
License fees $16,052 $16,052 $12,789
Services 13,084 13,084 9,825
Total revenues 29,136 29,136 22,614

Cost of revenues:
License fees 267 267 241
Services 4,331 4,860 3,832
Total cost of revenues 4,598 5,127 4,073

Gross profit 24,538 24,009 18,541

Operating expenses:
Marketing and selling 12,506 12,506 11,460
Research and development 6,121 6,121 4,755
General and administrative 3,397 3,397 2,316
Total operating expenses 22,024 22,024 18,531

Income from operations 2,514 1,985 10
Net interest income and other 323 323 219
Net income before taxation 2,837 2,308 229
Income taxes 349 349 166
Net income after taxation $2,488 $1,959 $63

Earnings (loss) per share
- Basic $0.14 $0.11 $0.00
- Diluted $0.14 $0.11 $0.00

Share and share equivalents used in
per share calculations
- Basic 17,664 17,664 17,268
- Diluted 18,321 18,321 17,964

Three Months Ended
Sept 30, 2004
As reported As restated
(French GAAP)
(In thousands, except for per share data)
Revenues:
License fees euro 13,135 euro 13,135
Services euro 10,707 euro 10,707
Total revenues euro 23,842 euro 23,842

Cost of revenues:
License fees euro 218 euro 218
Services euro 3,544 euro 3,977
Total cost of revenues euro 3,762 euro 4,195

Gross profit euro 20,080 euro 19,647

Operating expenses:
Marketing and selling euro 10,233 euro 10,233
Research and development euro 4,987 euro 4,987
General and administrative euro 2,779 euro 2,779
Total operating expenses euro 17,999 euro 17,999

Income from operations euro 2,081 euro 1,648
Net interest income and other euro 286 euro 286
Net income before taxation euro 2,367 euro 1,934
Income taxes euro 285 euro 285
Net income after taxation euro 2,082 euro 1,649

Earnings (loss) per share
- Basic euro 0.12 euro 0.09
- Diluted euro 0.11 euro 0.09

Share and share equivalents used in
per share calculations
- Basic 17,664 17,664
- Diluted 18,321 18,321


ILOG S.A.
Condensed Consolidated Balance Sheets (unaudited)

Sept 30, 2004
As As June 30 Sept 30, 2004
reported restated 2004 As reported As restated
(French GAAP)
Assets (In thousands)
Current assets:
Cash and cash
equivalents $48,825 $48,825 $52,220 euro 39,346 euro 39,346
Accounts receivable 28,480 28,480 23,495 euro 22,951 euro 22,951
Other receivables
and prepaid
expenses 6,430 6,430 6,578 euro 5,356 euro 5,356
Total current
assets 83,735 83,735 82,293 euro 67,653 euro 67,653

Property and equipment
- net and other
assets 6,942 6,942 5,464 euro 5,594 euro 5,594

Total assets $90,677 $90,677 $87,757 euro 73,247 euro 73,247

Liabilities and
Shareholders' Equity
Current Liabilities:
Accounts payable
and accrued
expenses $19,946 $20,475 $19,247 euro 15,951 euro 16,377
Current debt 441 441 480 euro 355 euro 355
Deferred revenue 16,389 16,389 17,973 euro 13,210 euro 13,210
Total current
liabilities 36,776 37,305 37,700 euro 29,516 euro 29,942

Long-term portion of
debt 233 233 319 euro 188 euro 188
Total
liabilities 37,009 37,538 38,019 euro 29,704 euro 30,130

Shareholders' equity:
Paid-in capital 82,738 82,738 82,139 euro 75,879 euro 75,879
Accumulated
deficit and
cumulative
translation
adjustment (29,070) (29,599) (32,401) euro(32,336) euro(32,762)
Total
shareholders'
equity 53,668 53,139 49,738 euro 43,543 euro 43,117

Total liabilities
and shareholders'
equity $90,677 $90,677 $87,757 euro 73,247 euro 73,247


ILOG S.A.
Condensed Consolidated Statements of Cash Flow (unaudited)
(figures in italics are in euros and French GAAP)

Three Months Ended
Sept 30, 2004
As As Sept 30 Sept 30, 2004
reported restated 2003 As reported As restated
(French GAAP)

Cash flow from operating activities:
$2,488 $1,959 $63 euro 2,082 euro 1,649
Net Income
Depreciation and
amortization 815 815 929 euro 667 euro 667
Unrealized gain on
derivative
instruments 27 27 (127) euro -- euro --
Change in working
capital (5,759) (5,230) 2,857 euro(4,732) euro(4,299)
Net cash provided by
(used for) operating
activities (2,429) (2,429) 3,722 euro(1,983) euro(1,983)

Cash flows from
investing activities:
Acquisition of fixed
assets (2,193) (2,193) (299) euro(1,790) euro(1,790)
Net cash used for
investing activities (2,193) (2,193) (299) euro(1,790) euro(1,790)

Cash flows from
financing activities:
Repayment of loans and
capital lease
obligations (139) (139) (159) euro (114) euro (114)
Cash proceeds from
issuance of shares 573 573 2,289 euro 467 euro 467
Net cash provided by
financing activities 434 434 2,130 euro 353 euro 353

Impact of exchange rate
changes on cash and
cash equivalents 793 793 1,034 euro (195) euro (195)

Net increase (decrease)
in cash and cash
equivalents (3,395) (3,395) 6,587 euro(3,615) euro(3,615)
Cash and cash
equivalents, beginning
of period 52,220 52,220 39,879 euro 42,961 euro 42,961
Cash and cash
equivalents, end of
period $48,825 $48,825 $46,466 euro 39,346 euro 39,346



Source: ILOG

CONTACT: investors, Jerome Arnaud of ILOG, +1-650-567-8103 (USA), or
+33 1 49 08 35 16 (Paris), or jarnaud@ilog.com; or Bernard Compagnon of Cubitt
Consulting, +44 20 7367 5100 (London); or media, Susan Peters, of ILOG,
+1-650-567-8109 (USA), or speters@ilog.com

Web site: http://www.ilog.com/


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