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33, rue des Bains
Geneva
CH

Bottomline Technologies EMEA Head Office Office

115 Chatham Street
Reading
Berkshire
GB

Bottomline Technologies - London Office Office

10 Aldersgate Street
London
GB

Telephone

603.436.0700

Contact

Billy Balfour
[email protected]
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Bottomline Technologies Reports Third Quarter Results

Bottomline Technologies (NASDAQ: EPAY), a leading provider of collaborative payment, invoice and document automation solutions, today reported financial results for the third quarter ended March 31, 2009.

Revenues for the third quarter were $33.3 million, an increase of $1.3 million from the third quarter of last year. Revenues for the third quarter were impacted by $3.6 million on a year over year basis as a result of declines in foreign exchange rates. Year over year revenue growth on a consistent currency basis was 15%.

Gross margin for the third quarter was $18.9 million, an increase of $1.4 million from the third quarter of last year. Net loss for the third quarter was $2.0 million, or net loss per share of $0.08. Excluding acquisition-related amortization of intangible assets of $3.6 million and stock-based compensation expense of $1.9 million, core net income for the third quarter was $3.5 million, or core earnings per share of $0.15.

“We had a strong quarter evidencing the value of our product set, execution of our team and strength of our business model,” said Rob Eberle, President and CEO of Bottomline Technologies. “The strategic highlight of the quarter was our selection by one of the world’s largest financial institutions representing an important endorsement of our technology and a significant contractual relationship. From an operating perspective we continue to execute, delivering a strong step up in profit with EBITDA, excluding stock compensation expense, increasing 25% from the prior quarter and core operating income up 32% from the prior quarter. We continue to generate meaningful cash and ended the quarter with cash and investments of $41 million, up over $6 million from the prior quarter. Perhaps most telling, we recorded orders of $44.2 million in the quarter despite the continuing challenges of the economic environment. With our signed backlog and continued customer focus, we expect to report increasing profit levels in Q4 and beyond.”

Revenues for the nine months ended March 31, 2009 increased $7.9 million to $103.1 million as compared with $95.2 million in the same period last year. Revenues for the nine month period were impacted by $7.7 million on a year over year basis as a result of declines in foreign exchange rates. Year over year revenue growth for the nine month period on a consistent currency basis was 16%. Net loss for the nine months ended March 31, 2009 was $8.7 million, or net loss per share of $0.36. Excluding acquisition-related amortization of intangible assets of approximately $12.0 million and stock compensation expense of $6.3 million, core net income for the nine months ended March 31, 2009 was $9.6 million, or core earnings per share of $0.40.