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 âif convertedâ 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 âif convertedâ basis, including the add-back of $2.2 million of interest and convertible notes issuance cost amortization, net of income taxes.
âWe are pleased with the record second quarter results in all major international regions,â said Sohaib Abbasi, chairman and CEO of Informatica. âThe 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.â
Significant milestones achieved since April 2007 include:
â¢ 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'OrÃ©al USA, Norwich Union Life Services, Pennsylvania Department of Public Welfare, SAP AG, and Wachovia Securities.
â¢ Added 66 new customers. Informatica increased its customer base this quarter to 2,856 companies. New customers include Caixa EconÃ´mica Federal, Del Monte, National Association of Insurance Commissioners, Piraeus Bank, Pacific-Antai Life Insurance Company, Tickets.com, United Overseas Bank Limited, and UniversitÃ© Laval.
â¢ Established OEM relationship with SAP. SAP will embed Informaticaâs PowerCenter, PowerExchange and Metadata Manager software into SAPÂ® performance management and analytic applications and the SAP NetWeaverÂ® platform for master data management and business intelligence.
â¢ Recognized as a "Leader" in the Gartner Data Quality Tools Magic Quadrant. Informatica placed in the "leaders" quadrant, progressing from the âvisionaryâ quadrant in just 14 months. The rapid progress is recognition of the marketâs increasing adoption of Informaticaâs data quality and data profiling capabilities.
â¢ Achieved Record Customer Satisfaction. Informatica achieved âbest in classâ 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 Informaticaâs product performance, ease of use, quality, functionality, pricing, support, partner ecosystem and Informaticaâs platform-neutral architecture.
â¢ 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 â a critical element of an enterprise-class data integration platform.
â¢ 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.