Bottomline Technologies (NASDAQ: EPAY), a leading provider of collaborative payment, invoice and document automation solutions, today reported financial results for the second quarter ended December 31, 2008.
Revenues for the second quarter were $34.3 million, an increase of $2.5 million from the second quarter of last year. Revenues for the second quarter were impacted by $3.3 million on a year over year basis as a result of declines in foreign exchange rates.
Gross margin for the second quarter was $19.0 million, an increase of $1.0 million from the second quarter of last year. Net loss for the second quarter was $2.9 million, or net loss per share of $0.12. During the second quarter, operating expenses of $22.0 million included acquisition-related amortization of intangible assets of $3.9 million and stock-based compensation expense of $2.2 million. Excluding these acquisition-related and stock compensation items, non-GAAP net income for the second quarter was $3.3 million, or non-GAAP net income per share of $0.14.
“Our business continues to execute and grow despite unprecedented challenges in the economy,” said Rob Eberle, President and CEO of Bottomline Technologies. “In the second quarter we recorded revenue of $34.3 million, which represents year over year growth of 18% on a consistent currency basis. Our other financial metrics were also strong with EBITDA increasing 19% from last quarter, non-GAAP EPS of $0.14 and cash and investments of $34.8 million which is up $4.4 million from the prior quarter. Of equal significance is order activity of $43.7 million in the quarter which evidences the continued broad-based demand for our offerings, and when combined with our significant backlog, positions us well for future success.”
Revenues for the six months ended December 31, 2008 increased 11% to $69.8 million as compared with $63.2 million in the same period last year. Net loss for the six months ended December 31, 2008 was $6.7 million, or net loss per share of $0.28. Excluding acquisition-related amortization of intangible assets of approximately $8.4 million and stock compensation expense of $4.4 million, non-GAAP net income for the six months ended December 31, 2008 was $6.1 million, or non-GAAP net income per share of $0.25.
Second Quarter Customer Highlights
• Signed a multi-year contract with Frank Winston Crum Insurance for Legal eXchange™, Bottomline’s Software as a Service (SaaS) solution for legal spend management.
• Added significant new customers, including AGA Medical Corporation, Chicago Bridge & Iron, Dermalogica, Golden State Foods, Mouchel, Peet’s Coffee & Tea, Stryker Spine, Timberland, Wells Fargo Insurance Services, WestJet and a leading international hospitality company which selected Bottomline solutions to increase the security, efficiency, visibility and control of transactional processes.
• Expanded existing deployments of Bottomline’s award-winning payments and document process automation solutions at Acme Brick, AT&T Mobility, Edwards Lifesciences, Esurance, Calpine, Ingersoll Rand, Hays Specialist Recruitment, the Ministry of Justice, Mizuno, Nassau County (New York), Related Companies and SG Hambros.
• Increased adoption of the company’s advanced capabilities for document process automation within the global Microsoft Dynamics® AX community with orders from companies such as CountryMark, Gundle/SLT Environmental and RMD Metal Products.
• Broadened its presence in the healthcare vertical among hospitals and healthcare providers as Abington Memorial Hospital, Southside Regional Medical Center, West Jefferson Medical Center and Wishard Health Services extended their use of Bottomline’s payment and medical forms automation solutions.
Second Quarter Strategic Highlights
• Announced the successful completion of a SAS 70 audit for Legal eXchange, representing an independent, third-party expert validation of the internal and external controls established by the company to operate its legal spend management solution.
• Ranked by American Banker and Financial Insights as one of the top 100 global technology providers to the banking and financial services industry in the annual FinTech 100 ranking.
• Extended its domain expertise within the ERP market by signing a partnership agreement with QAD, allowing Bottomline to offer its solutions for transactional document automation to thousands of QAD customers in North America.
• Bottomline’s Chief Technology Officer, Eric Campbell, was named one of the most influential people in the global financial services community as part of Global Finance magazine’s Who’s Who in International Treasury and Cash Management.
• Recognized as a 2008 ‘Best Company to Work For’ by Business NH Magazine.
Bottomline has presented supplemental non-GAAP financial measures and statements as part of this earnings release. The non-GAAP financial measures and statements exclude certain items, specifically amortization of intangible assets, stock-based compensation and acquisition-related expenses. The presentation of this non-GAAP financial information should not be considered in isolation from, or as a substitute for, the financial results presented in accordance with GAAP. Bottomline believes that these supplemental non-GAAP financial measures are useful to investors because they allow for an evaluation of the company with a focus on the performance of its core operations. Bottomline’s executive management team uses these same non-GAAP financial measures and statements internally to assess the ongoing performance of the company. Since this information is not a GAAP measurement of financial performance, there are material limitations to its usefulness on a stand-alone basis, including the lack of comparability of this presentation to the GAAP financial results of other companies.
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