835729--5/18/2009--BMC_SOFTWARE

related topics

{product, market, service}

{system, service, information}

{condition, economic, financial}

{cost, operation, labor}

{operation, international, foreign}

{property, intellectual, protect}

{product, candidate, development}

{debt, indebtedness, cash}

{personnel, key, retain}

{control, financial, internal}

{tax, income, asset}

{interest, director, officer}

{regulation, change, law}

Economic conditions and uncertainty could adversely affect our operating results. We may announce lower than expected revenue, bookings, earnings or operating cash flows. We may have difficulty achieving our cash flow from operations goals. Competition from large, powerful multi-line and small, agile single-line competitors could have a negative impact on our business and financial results. Industry consolidation could affect prices or demand for our products. Our products must remain compatible with ever-changing operating and database environments. Future product development is dependent upon access to and reliability of third-party software products. Future product development is dependent on adequate research and development resources. Growing market acceptance of open source software could cause a decline in our revenue and operating margins. Discovery of errors in our software could adversely affect our earnings. Failure to maintain our existing distribution channels and develop additional channels could adversely affect our revenue. Changes to our sales organization may have unintended effects. Risks related to business combinations. Changes in tax law, changes in our effective tax rates or unanticipated exposure to additional income tax liabilities could affect our profitability and financial condition. Enforcement of our intellectual property rights. Third parties may claim that our software products or services infringe on their intellectual property rights, exposing us to litigation that, regardless of merit, may be costly to defend. Risks related to global operations. We face exposure to foreign currency exchange rates. Recent upgrades and modifications to major portions of our enterprise resource planning and other key software applications could cause unexpected problems to occur and disruption to the management of our business. Material weaknesses in our internal control and financial reporting environment may impact the accuracy, completeness and timeliness of our external financial reporting. We may lose key personnel, may not be able to hire enough qualified personnel or fail to integrate replacement personnel. There are risks associated with our outstanding indebtedness. Computer hackers may damage our systems, services and products; breaches of data protection could impact our business.

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835729--5/18/2009--BMC_SOFTWARE_INC