Achieves All Time Record Revenue of $94 Million
Informatica Corporation, a leading provider of data integration software, today announced financial results for the second quarter ended June 30, 2007.
Revenues for the second quarter of 2007 were $94.3 million, up 17 percent from the $80.8 million recorded in the second quarter of 2006. License revenues for the second quarter were $41.8 million, up 14 percent from the $36.9 million recorded in the second quarter of 2006. Net income for the second quarter, calculated in accordance with U.S. generally accepted accounting principles (GAAP), was $10.5 million or $0.11 per diluted share, up more than 37 percent from net income of $7.6 million or $0.08 per diluted share in the second quarter of 2006. For the three months ending June 30, 2007, earnings per diluted share is calculated on an “if converted” basis, including the add-back of $1.1 million of interest and convertible notes issuance cost amortization, net of income taxes.
Non-GAAP net income for the second quarter of 2007 was $15.6 million or $0.16 per diluted share, up more than 14 percent from $12.9 million or $0.14 per diluted share in the second quarter of 2006. Non-GAAP net income excludes charges related to purchased in-process research and development, equity-based compensation, facilities restructurings and the amortization of acquired technology and intangible assets. A reconciliation of GAAP operating results and non-GAAP results is included below.
For the six-month period ending June 30, 2007, revenues were $181.4 million, an increase of 18 percent from the $153.9 million recorded for the first six months of 2006. License revenues for the first six months of 2007 were $79.4 million, up 14 percent from $69.7 million in the first six months of 2006. GAAP net income for the first six months of 2007 was $19.6 million or $0.21 per diluted share, up over 50 percent versus $12.9 million or $0.14 per diluted share in the first six months of 2006. Non-GAAP net income for the first six months of 2007 was $30.0 million or $0.31 per diluted share, up over 19 percent versus $24.2 million or $0.26 per diluted share in the first six months of 2006. For the six months ending June 30, 2007, earnings per diluted share is calculated on an “if converted” basis, including the add-back of $2.2 million of interest and convertible notes issuance cost amortization, net of income taxes.
“We are pleased with the record second quarter results in all major international regions,” said Sohaib Abbasi, chairman and CEO of Informatica. “The latest product releases clearly contributed to our record second quarter license results. Additionally, with the new OEM agreements signed last quarter, we further strengthened our partner ecosystem.”
Significant milestones achieved since April 2007 include:
• Signed repeat business with 210 customers. Customers continue to derive considerable value from their investments in Informatica solutions. Repeat customers included Achmea Group, Alltel Communications, City of Calgary IT Services, First American Corporation, Groupe Pernod Ricard, L'Oréal USA, Norwich Union Life Services, Pennsylvania Department of Public Welfare, SAP AG, and Wachovia Securities.
• Added 66 new customers. Informatica increased its customer base this quarter to 2,856 companies. New customers include Caixa Econômica Federal, Del Monte, National Association of Insurance Commissioners, Piraeus Bank, Pacific-Antai Life Insurance Company, Tickets.com, United Overseas Bank Limited, and Université Laval.
• Established OEM relationship with SAP. SAP will embed Informatica’s PowerCenter, PowerExchange and Metadata Manager software into SAP® performance management and analytic applications and the SAP NetWeaver® platform for master data management and business intelligence.
• Recognized as a "Leader" in the Gartner Data Quality Tools Magic Quadrant. Informatica placed in the "leaders" quadrant, progressing from the “visionary” quadrant in just 14 months. The rapid progress is recognition of the market’s increasing adoption of Informatica’s data quality and data profiling capabilities.
• Achieved Record Customer Satisfaction. Informatica achieved “best in class” performance scores in the annual TNS Custom Research customer satisfaction survey. This year, 90 percent of customer respondents indicated that they planned to repurchase Informatica software at the same or higher level than in the past. Reasons for the strong showing included Informatica’s product performance, ease of use, quality, functionality, pricing, support, partner ecosystem and Informatica’s platform-neutral architecture.
• Received Permanent Injunction Against Business Objects. Informatica was granted an injunction prohibiting Business Objects from shipping code that infringes on Informatica patents for the creation of context independent reusable transformations – a critical element of an enterprise-class data integration platform.
• Innovation Awards. Informatica hosted the ninth annual Informatica World Conference in Orlando, Florida. At the event, Air France/KLM Cargo, Boston Medical Center, Cadbury Schweppes, and the New York Police Department, were among the customers honored with Innovation Awards for their innovative application of Informatica Data Integration technologies to drive business advantage.