Informatica Corporation (NASDAQ: INFA), a leading provider of data integration software, today announced financial results for the first quarter ended March 31, 2007.
Revenues for the first quarter of 2007 were $87.1 million, up 19 percent from the $73.1 million recorded in the first quarter of 2006. License revenues for the first quarter were $37.6 million, up 15 percent from the $32.8 million recorded in the first quarter of 2006. Net income for the first quarter, calculated in accordance with U.S. generally accepted accounting principles (GAAP), was $9.1 million or $0.10 per diluted share, up more than 65 percent from net income of $5.3 million or $0.06 per diluted share in the first quarter of 2006. For the three months ending March 31, 2007, earnings per diluted share is calculated on an âif convertedâ basis, including the add-back of $1.1 million of interest and convertible notes issuance cost amortization, net of income taxes.
Non-GAAP net income for the first quarter of 2007 was $14.4 million or $0.15 per diluted share, up more than 25 percent from $11.3 million or $0.12 per diluted share in the first quarter of 2006. Non-GAAP net income excludes charges related to purchased in-process research and development, equity-based compensation, facilities restructurings and the amortization of acquired technology and intangible assets. A reconciliation of GAAP operating results and non-GAAP results is included below.
âOur customersâ top-ranked business imperatives are driving greater demand for our technology across more types of data integration and data quality projects,â said Sohaib Abbasi, chairman and CEO of Informatica. âThe growing adoption of our latest product releases is fueling license growth, and our expanding partnerships are further strengthening our competitive position. Overall, the first quarter was a strong beginning to 2007.â
Significant milestones achieved since January 2007 include:
â¢ Signed repeat business with 176 customers. Customers continue to derive considerable value from their investments in Informatica solutions. Repeat customers included Bank of America, Blue Cross Blue Shield of Massachusetts, Electronic Arts, Grupo Elektra S.A. de C.V, Level 3 Communications, New York Police Department, Toyota Motor Credit Corp, and TXU Business Services.
â¢ Added 41 new customers. Informatica increased its customer base this quarter to 2,790 companies. New customers include Centene Corporation, Cephalon, Collect America, eHarmony.com, Rajeev Gandhi Memorial College of Engineering, Taiwan Futures Exchange, Vente-privee.com, and Xiamen Local Taxation Bureau.
â¢ Won a $25 million judgment. Informatica received a favorable verdict in its patent infringement lawsuit against Business Objects. The jury found that the two Informatica patents are valid and that Business Objects willfully infringed on both patents. The finding of willfulness allows the judge to increase the damages by up to three times, and to award attorneysâ fees. Informatica has now requested an injunction against further sales of the infringing features of the software in question. Although an appeal by Business Objects is expected, Informatica will continue to vigorously defend its intellectual property rights.
â¢ Announced the expansion of Informatica VelocitySM to address data quality, legacy data migration and data governance as integral aspects of enterprise data integration, underscoring the corporate commitment to providing customers with access to best practices-based implementation frameworks.
â¢ Introduced Informatica On Demand Data Replicator, its first and the industryâs only multi-tenant, on-demand service for cross-enterprise data integration, which can be quickly configured and used by business users using only a browser.