(OMAHA, Neb.— April 27, 2005)—Transaction Systems Architects, Inc. (Nasdaq: TSAI), today announced financial results for the quarter ended March 31, 2005. Financial results for the quarter include revenues of $75.6 million, operating income of $16.0 million, net income of $11.2 million, diluted earnings per share of $.29, and operating cash flow of $15.5 million.
"We are pleased with our strong second quarter financial results. Each business unit delivered solid, focused performance this quarter. We also extended our worldwide presence to seventy- nine countries and added thirteen new customers during the quarter," said Philip G. Heasley, President and CEO.
During the quarter, ACI Worldwide signed seven new customers and Insession Technologies added six. Customer highlights included ACI Worldwide signing its first BASE24-esä solution in the Asia-Pacific region, and two new BASE24â customers in Africa and the Middle East. Three new ACI Proactive Risk Managerä(PRM) customers were added in Canada, the Netherlands and Italy, which brings the Company’s PRM customer count to over eighty-five. ACI Worldwide licensed nineteen capacity upgrades. Insession Technologies, through its distributor relationship with GoldenGateä, signed two new customers to its data movement and replication solution. IntraNet Worldwide signed two key services contracts and licensed one capacity upgrade during the quarter.
The Americas’ revenues were $42.7 million, as compared to $41.2 million for the second quarter of fiscal 2004. The Americas’ revenues consisted of U.S. revenues of $29.4 million and Americas’ international revenues of $13.3 million, as compared to $31.5 million and $9.7 million, respectively, for the same period last year. Revenues for the Europe/Middle East/Africa region were $25.1 million, as compared to $25.7 million for the second quarter of fiscal 2004. Asia-Pacific’s revenues were $7.8 million, as compared to $9.6 million for the second quarter of 2004. International revenues were $46.2 million, or 61 percent of total revenues, as compared to $45.0 million, or 59 percent of total revenues, for the second quarter of fiscal 2004.
Revenues were comprised of software license fees of $43.0 million, maintenance fees of $22.6 million, and services of $10.0 million. Monthly license fees of $18.3, all maintenance fees of $22.6 million and $2.3 million of services (facilities management fees) represent recurring revenue.
Operating income was $16.0 million, with an operating margin of 21 percent. This compared to operating income of $14.1 million, with an operating margin of 18 percent in the second quarter of fiscal 2004. Operating cash flow was $15.5 million compared to operating cash flow of $10.4 million in the second quarter of fiscal 2004, an increase of 48 percent. Net income was $11.2 million, or $.29 per diluted share, compared to $8.0 million, or $.21 per diluted share in the second quarter of fiscal 2004, increases of 40 percent and 38 percent, respectively.
As of March 31, 2005, year-to-date revenues totaled $156.2 million, as compared to $150.5 million for the same six-month period in fiscal 2004, an increase of 4 percent. Operating income was $38.1 million as compared to $29.6 million for the same period last year, an increase of 29 percent. Net income was $24.1 million, or $.62 per diluted share, compared to $18.0 million, or $.48 per diluted share, an increase of 34 percent and 29 percent, respectively.
As of March 31, 2005, the Company’s backlog was $230.6 million, as compared to $233.1 million for the same period in fiscal 2004. The recurring portion of backlog, which includes monthly license fees, maintenance fees and facilities management fees, amounted to $166.7 million. The non-recurring portion of backlog, which totaled $63.9 million, includes other software license fees and services.
Operating cash flow was $30.5 million compared to operating cash flow of $21.5 million for the same period last year, an increase of 42 percent. During the quarter the Company repurchased approximately 351,000 shares of its common stock for $8.0 million, at an average price of $22.89 per share. Total shares outstanding were 38.1 million as of March 31, 2005. The Company’s cash, cash equivalents and marketable securities as of March 31, 2005, were $195.9 million.
"We believe we are well-positioned with our global presence, strong financial position and market-leading solutions and services," Heasley continued. "We look forward to continued growth of our franchise during the second half of fiscal 2005."
The Company has revised its revenue estimate for fiscal 2005 from a range of $285 million to $308 million to a range of $296 million to $312 million. The Company has revised its diluted EPS estimate from a range of $.86 to $1.00 to a range of $.97 to $1.12. This guidance assumes an annual effective tax rate of 37%.
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