For the quarter ended December 31, 2013, the company generated total revenue of
For the six months ended December 31, 2013, total revenue of
According to
Operating Results
"For the quarter and first six months ended
License revenue for the second quarter decreased to
For the six months ended December 31, 2013, license revenue decreased 5% to
Cost of sales for the second quarter increased 8% to
Cost of sales for the six months ended December 31, 2013 increased 8%, to
Gross margin on license revenue for the second quarter of fiscal 2014 was 93% compared to 91% in the second quarter of fiscal 2013. For the six months ended December 31, 2013 gross margin on license was 90% compared to 91% for the six months ended December 31, 2012. The changes in license gross margin are the result of fluctuations in the sales mix of products delivered.
Support and service gross margin was 42% in the second quarter of both fiscal 2014 and fiscal 2013. The support and service gross margin was 43% for the six month periods ending December 31, 2013 compared to 42% in the same period last year. Hardware gross margins decreased for the second quarter to 29% from 31% for the same quarter last year. Year-to-date hardware gross margins remained consistent at 27% for the six month periods in both this fiscal year and last fiscal year.
Operating expenses decreased 21% in the second quarter of fiscal 2014 compared to the same quarter a year ago primarily due to the prior year expenses related to the flooding at our
According to
(In Thousands, Except Per Share Data) |
Three Months Ended |
||||||||||||||||
GAAP |
Non-GAAP* |
Non-GAAP* |
Adjusted |
||||||||||||||
|
|
|
|
Quarterly |
|||||||||||||
2013 |
|
2013 |
2012 |
Variance* |
|||||||||||||
Gross Profit |
132,818 |
— |
132,818 |
122,237 |
9 |
% |
|||||||||||
Operating Expenses |
49,345 |
2,900 |
52,245 |
49,123 |
6 |
% |
|||||||||||
Operating Income |
83,473 |
(2,900) |
80,573 |
73,114 |
10 |
% |
|||||||||||
Interest Income (Expense) |
(138) |
— |
(138) |
(1,071) |
(87) |
% |
|||||||||||
Income Before Income Taxes |
83,335 |
(2,900) |
80,435 |
72,043 |
12 |
% |
|||||||||||
Provision for Income Taxes |
29,353 |
(1,021) |
28,332 |
22,745 |
25 |
% |
|||||||||||
Net Income |
$ |
53,982 |
$ |
(1,879) |
$ |
52,103 |
$ |
49,298 |
6 |
% |
|||||||
Diluted weighted average shares outstanding |
85,986 |
85,986 |
85,986 |
86,639 |
|||||||||||||
Diluted earnings per share |
$ |
0.63 |
$ |
(0.02) |
$ |
0.61 |
$ |
0.57 |
|||||||||
For the six months ended December 31, 2013, operating expenses decreased 9% to
Operating income increased 40% to
Operating income increased 27% to
For the second quarter of fiscal 2014, the bank systems and services segment revenue increased 10% to
For the six months ended December 31, 2013, the bank systems and services segment revenue increased 10% to
Balance Sheet,
At December 31, 2013, cash and cash equivalents decreased to
Backlog increased 11% at December 31, 2013 to
Cash provided by operations totaled
Six Months Ended |
|||||||
2013 |
2012 |
||||||
Net income |
$ |
103,770 |
$ |
82,981 |
|||
Non-cash expenses |
60,479 |
56,202 |
|||||
Change in receivables |
94,694 |
89,193 |
|||||
Change in deferred revenue |
(104,293) |
(99,881) |
|||||
Change in other assets and liabilities |
(23,334) |
(9,327) |
|||||
Net cash provided by operating activities |
$ |
131,316 |
$ |
119,168 |
Cash used in investing activities for fiscal 2014 of
During fiscal 2014, net cash used in financing activities for the current fiscal year is
About
* The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). The Company believes that the non-GAAP financial measures included in this press release allow management and investors to understand and compare the Company's earnings per share results in a more consistent manner for the three and six months ended
Statements made in this news release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company's financial results, are included in its
Condensed Consolidated Statements of Income (Unaudited) |
||||||||||||||||||||
(In Thousands, Except Per Share Data) |
Three Months Ended |
% Change |
Six Months Ended |
% Change |
||||||||||||||||
2013 |
2012 |
2013 |
2012 |
|||||||||||||||||
REVENUE |
||||||||||||||||||||
License |
$ |
12,893 |
$ |
13,210 |
(2)% |
$ |
24,671 |
$ |
26,074 |
(5)% |
||||||||||
Support and service |
274,276 |
250,310 |
10% |
543,820 |
494,895 |
10% |
||||||||||||||
Hardware |
15,356 |
15,174 |
1% |
29,694 |
28,727 |
3% |
||||||||||||||
Total |
302,525 |
278,694 |
9% |
598,185 |
549,696 |
9% |
||||||||||||||
COST OF SALES |
||||||||||||||||||||
Cost of license |
947 |
1,251 |
(24)% |
2,359 |
2,329 |
1% |
||||||||||||||
Cost of support and service |
157,893 |
144,683 |
9% |
312,477 |
288,101 |
8% |
||||||||||||||
Cost of hardware |
10,867 |
10,523 |
3% |
21,808 |
21,101 |
3% |
||||||||||||||
Total |
169,707 |
156,457 |
8% |
336,644 |
311,531 |
8% |
||||||||||||||
GROSS PROFIT |
132,818 |
122,237 |
9% |
261,541 |
238,165 |
10% |
||||||||||||||
Gross Profit Margin |
44 |
% |
44 |
% |
44 |
% |
43 |
% |
||||||||||||
OPERATING EXPENSES |
||||||||||||||||||||
Selling and marketing |
21,071 |
19,937 |
6% |
42,529 |
40,126 |
6% |
||||||||||||||
Research and development |
16,142 |
15,691 |
3% |
31,814 |
30,337 |
5% |
||||||||||||||
General and administrative |
12,132 |
27,181 |
(55)% |
26,382 |
40,759 |
(35)% |
||||||||||||||
Total |
49,345 |
62,809 |
(21)% |
100,725 |
111,222 |
(9)% |
||||||||||||||
OPERATING INCOME |
83,473 |
59,428 |
40% |
160,816 |
126,943 |
27% |
||||||||||||||
INTEREST INCOME (EXPENSE) |
||||||||||||||||||||
Interest income |
129 |
190 |
(32)% |
260 |
378 |
(31)% |
||||||||||||||
Interest expense |
(267) |
(1,261) |
(79)% |
(546) |
(2,602) |
(79)% |
||||||||||||||
Total |
(138) |
(1,071) |
(87)% |
(286) |
(2,224) |
(87)% |
||||||||||||||
INCOME BEFORE INCOME TAXES |
83,335 |
58,357 |
43% |
160,530 |
124,719 |
29% |
||||||||||||||
PROVISION FOR INCOME TAXES |
29,353 |
17,852 |
64% |
56,760 |
41,738 |
36% |
||||||||||||||
NET INCOME |
$ |
53,982 |
$ |
40,505 |
33% |
$ |
103,770 |
$ |
82,981 |
25% |
||||||||||
Diluted net income per share |
$ |
0.63 |
$ |
0.47 |
$ |
1.21 |
$ |
0.96 |
||||||||||||
Diluted weighted average shares outstanding |
85,986 |
86,639 |
85,920 |
86,622 |
||||||||||||||||
Consolidated Balance Sheet Highlights (Unaudited) |
||||||||||||||||||||
(In Thousands) |
December 31, |
% Change |
||||||||||||||||||
2013 |
2012 |
|||||||||||||||||||
Cash and cash equivalents |
$ |
155,501 |
$ |
192,854 |
(19) |
% |
||||||||||||||
Receivables |
136,369 |
129,462 |
5 |
% |
||||||||||||||||
Total assets |
1,582,144 |
1,569,508 |
1 |
% |
||||||||||||||||
Accounts payable and accrued expenses |
$ |
62,024 |
$ |
63,069 |
(2) |
% |
||||||||||||||
Current and long term debt |
9,678 |
129,303 |
(93) |
% |
||||||||||||||||
Deferred revenue |
200,304 |
196,119 |
2 |
% |
||||||||||||||||
Stockholders' Equity |
1,145,447 |
1,046,563 |
9 |
% |
SOURCE
News Provided by Acquire Media