Bottomline Technologies (NASDAQ: EPAY), a leading provider of collaborative payment, invoice and document automation solutions, today reported financial results for the third fiscal quarter ended March 31, 2008.
Revenues for the third quarter were $32.0 million, an increase of $0.9 million from the third quarter of last year. The growth in revenues included an increase in subscription and transaction revenues to $7.2 million in the third quarter from $6.8 million in the third quarter of last year.
Net loss for the third quarter was $0.3 million, or net loss per share of $0.01. During the third quarter, operating expenses of $18.6 million included amortization of intangible assets of $2.6 million, acquisition-related expenses of $0.1 million and stock-based compensation expense of $2.4 million.
Excluding these acquisition-related and stock compensation items, non-GAAP net income for the third quarter was $4.8 million, representing a $2.0 million, or 71%, increase in non-GAAP net income from the third quarter of last year. Non-GAAP net income per share for the third quarter was $0.20 as compared with $0.12 in the same period last year.
Cash and short-term investments on hand as of March 31, 2008 were $76.9 million, an increase of $5.7 million from the December 31, 2007 balance. The cash and short-term investments at March 31, 2008 include cash that subsequently was used for the acquisition of Optio Software in April. During the third quarter, the company spent $1.9 million on the repurchase of shares of its common stock.
“Bottomline had a good third quarter as evidenced by our strong financial performance,” said Rob Eberle, President and CEO of Bottomline Technologies. “EBITDA increased by 75% year over year as we achieved record EBITDA and non-GAAP net income. We continue to drive our operating plan forward and in doing so are demonstrating the earnings leverage of our business model. In addition, we identified and executed on several strategic opportunities during the quarter, which will drive future growth, profitability, and shareholder value. The quarter’s performance, along with the success of these growth initiatives, gives us confidence in the future of the business and the value being created for shareholders.”
Revenues for the nine months ended March 31, 2008 increased 11% to $95.2 million as compared with $86.0 million in the same period last year. Net loss for the nine months ended March 31, 2008 was $1.8 million, or net loss per share of $0.08. Excluding amortization of intangible assets of $8.0 million, acquisition-related expenses of $0.1 million and stock compensation expense of $6.4 million, non-GAAP net income for the nine months ended March 31, 2008 was $12.6 million, an increase of 81% from the nine months ended March 31, 2007. Non-GAAP net income per share for the nine months ended March 31, 2008 was $0.52 as compared with $0.29 per share in the same period last year.
• Signed significant multi-year contracts for Bottomline’s legal spend management solution, Legal eXchange™, with Charter Communications, John Hancock Life Insurance Company, Ophthalmic Mutual Insurance Company (OMIC) and MDAdvantage.
• Expanded the Bank of America relationship through a new agreement to further enhance global treasury services with additional functionality for international payments and cash management.
• ABM Industries, ADT Fire & Security, ARAMARK, County of San Mateo (CA), Craftmade International, The College Board, Day & Zimmermann, The Dish Network, E.ON UK, Johnson & Johnson Vision Care and Western Asset Management expanded their existing deployments of Bottomline solutions for corporate payments and transactional document automation.
• Leading companies chose Bottomline to enhance the capabilities of their Oracle® JD Edwards and Microsoft Dynamics™ business applications with document process automation solutions, including American Civil Constructors, Associated Brands, A.W. Chesterton Company, Classic Residence by Hyatt, Sciele Pharma and Sterling Bancorp.
Corporate and Product Highlights
• Announced the acquisition of Optio Software for $44.9 million. The acquisition, which further extends Bottomline’s leadership position as a provider of advanced capabilities for transactional document automation, adds a significant customer base as well as a strong vertical presence in the healthcare industry.
• Received a top ranking in Global Finance magazine’s Best Treasury and Cash Management Banks and Providers 2008, marking the fourth consecutive year in which Bottomline has been awarded top honors in the Best Accounts Payable Services category.
• Recognized by Celent for its role in enabling Fifth Third Bank to enhance the efficiency and security of its wire initiation processes. In a recent research report, Celent identified Fifth Third as a ‘Model Bank’ for its best-practice use of technology to automate wire transfer initiation processes.
• Announced a global partnership with Tectura Corporation, the world’s largest Microsoft Dynamics solutions provider, enabling the company to resell Bottomline’s document process automation solutions to organizations that have standardized on the Microsoft Dynamics AX platform.
• Hosted Bottomline’s annual Executive Forum & Customer Summit, bringing together senior-level corporate finance and banking executives, and industry analysts to discuss the convergence of global cash management opportunities and technology innovation.
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