Bottomline Technologies (NASDAQ: EPAY), a leading provider of collaborative payment and invoice automation solutions, today reported financial results for the second fiscal quarter ended December 31, 2007.
Revenues for the second quarter were $31.8 million, an increase of $2.2 million from the second quarter of last year. The growth in revenues included an increase in subscription and transaction revenues to $7.3 million in the second quarter from $6.8 million in the first quarter ended September 30, 2007.
Net loss for the second quarter was $0.7 million, or net loss per share of $0.03. During the second quarter, operating expenses of $19.5 million included acquisition-related amortization of intangible assets of $2.7 million and stock-based compensation expense of $2.1 million.
Excluding these acquisition-related and stock compensation items, non-GAAP net income for the second quarter was $4.1 million, representing a $1.7 million, or 71%, increase in non-GAAP net income from the second quarter of last year. Non-GAAP net income per share increased from $0.10 in the second quarter of last year to $0.17 in the second quarter.
Cash and short-term investments on hand as of December 31, 2007 were $71.2 million, an increase of $6.3 million from the September 30, 2007 balance. During the second quarter, the company spent $3.0 million on the repurchase of shares of its common stock.
“We are very pleased with our second quarter results,” said Rob Eberle, President and CEO of Bottomline Technologies. “The quarter’s strong financial performance was highlighted by record EBITDA and record non-GAAP net income, the result of our previously announced efforts to focus on our higher margin offerings. We saw healthy demand in the quarter across all of the geographies and customer sets we serve, with orders up 15% from the prior year. We continue to execute against the growth opportunities which we believe represent the highest value to our customers and greatest return to our stockholders.”
Revenues for the six months ended December 31, 2007 increased 15% to $63.2 million as compared with $54.9 million in the same period last year. Net loss for the six months ended December 31, 2007 was $1.5 million, or net loss per share of $0.06. Excluding acquisition-related amortization of intangible assets of approximately $5.3 million and stock compensation expense of $4.0 million, non-GAAP net income for the six months ended December 31, 2007 was $7.9 million, an increase of 87% from the six months ended December 31, 2006. Non-GAAP net income per share for the six months ended December 31, 2007 was $0.32 as compared with $0.18 per share in the same period last year.
• Organizations such as Atos Origin, Telefónica O2 Europe and Ridge Clearing & Outsourcing, a wholly-owned subsidiary of Broadridge Financial Solutions, selected Bottomline’s software and services for corporate payments.
• Chevron, Home Retail Group, Accu-Tech, a division of Anixter International, and a large Asia-Pacific financial institution increased their investments in Bottomline’s solutions for corporate payments and global cash management by expanding their deployments.
• New customers including Sumitomo Bank NA, Business Post Group plc, Hillwood Development, LaSalle Bristol Corporation, Virgin Mobile, and LifeScan and DePuy International, both Johnson & Johnson companies, selected Bottomline’s solutions for electronic invoice and transactional document processing.
• A leading international hospitality company signed a multi-year contract for Legal eXchange™, Bottomline’s Software as a Service (SaaS) for legal spend management.
Corporate and Product Highlights
• Ranked among the top 100 global technology providers to the banking and financial services industry for the second consecutive year by American Banker and Financial Insights in their annual FinTech 100 ranking.
• Named among the top 25 banking technology “Innovators” by Bank Technology News, and also received Financial-i magazine’s “Leaders in Innovation” award for 2007 in the category of Treasury & FX.
• Introduced new capabilities within Legal eXchange for global currency conversion and enhanced data collection to enable more sophisticated legal spend management and analysis.
• Bottomline’s document process automation solution was recognized as one of the “Top 50 Technologies” in manufacturing for 2008 by START-IT magazine.
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