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Interim Management Statement

Date : 05/02/2012 @ 2:00AM
Source : UK Regulatory (RNS & others)
Stock : Kofax (KFX)
Quote : 468.5  -1.5 (-0.32%) @ 11:35AM
Kofax share price Chart

Interim Management Statement

TIDMKFX

RNS Number : 5364C

Kofax PLC

02 May 2012

For Immediate Release

Contacts:

Rebecca Mack

Investor Relations Manager

+1 949-783-1292

rebecca.mack@kofax.com

FTI Consulting

James Melville-Ross

Sophie McMillan

+44 (0) 20 7831 3113

kofaxuk@fticonsulting.com

The Blueshirt Group

Stacie Bosinoff

+1 415-217-5868

stacie@blueshirtgroup.com

KOFAX ANNOUNCES FINANCIAL RESULTS FOR THE QUARTER

AND NINE MONTHS ENDED MARCH 31, 2012

Company Reaffirms Outlook for FY12

IRVINE, CA, MAY 2, 2012 -- Kofax plc (LSE: KFX), a leading provider of capture enabled business process management (BPM) solutions, today announced its unaudited financial results for the quarter and nine months ended March 31, 2012.

The Company realized lower than expected software license revenues during the quarter ended March 31, 2012 in its core capture software business as the result of an unusual number of delayed orders at quarter end. Based on its fiscal year to date results and outlook for the quarter ending June 30, 2012, for fiscal year 2012 Kofax continues to expect high single digit total revenue growth on an as reported basis - including acquisitions to date and assuming current exchange rates, low single digit total revenue growth in U.S. dollars on a constant currency basis and an Adjusted EBITA of at least the $40.2 million reported in fiscal year 2011.

Financial Results:

-- Total revenues for the quarter grew 4.5% to $58.7 million (Prior Year: $56.2 million) but declined 5.8% in organic constant currency (OCC), and for the nine months 4.9% to $187.2 million (Prior Year: $178.4 million) or -1.7% in OCC

-- Software license revenues for the quarter declined 15.3% to $21.9 million (Prior Year: $25.9 million) or -23.5% in OCC, and for the nine months 7.4% to $79.5 million (Prior Year: $85.8 million) or -13.4% in OCC

-- Adjusted EBITA for the quarter declined 43.9% to $3.0 million (Prior Year: $5.3 million) or a 5.1% margin (Prior Year: 9.4%), and for the nine months declined 23.0% to $22.4 million (Prior Year: $29.1 million), or a 12.0% margin (Prior Year: 16.3%)

   --     Quarter end cash was $82.0 million (Prior Year: $84.3 million) 

Operating Highlights:

-- For the quarter closed three sales > $500,000, down from four in the prior year, and none > $1 million, down from one in the prior year, and for the nine months closed 12 sales > $500,000, up from 10 in the prior year, and two > $1 million, the same as in the prior year

-- Launched Kofax Mobile Capture, a patent pending solution that extends capture enabled BPM capabilities to smartphones and tablet computers

-- Launched Kofax DotImage Enterprise Edition, which enables internet browser based, portal applications with document scanning, viewing, annotating and processing capabilities

-- Conducted a highly successful Transform, our annual global customer and partner event in San Diego, CA with almost 600 attendees

A summary of Kofax's revenues and EBITA for the quarter and nine months ended March 31, 2012 and as compared to the prior year is as follows:

 
                                      Quarter                           Nine Months 
                         ---------------------------------  ---------------------------------- 
 Unaudited                                  Y/Y       In                        Y/Y       In 
                                $M         Change    OCC           $M          Change    OCC 
                         ---------------  -------  -------  ----------------  -------  ------- 
 Applications Software              15.3   -21.6%   -28.8%              59.2   -11.3%   -15.6% 
 OEM / POS Software                  6.6     3.9%    -7.4%              20.3     6.1%    -5.6% 
                         ---------------  -------  -------  ----------------  -------  ------- 
 Software Licenses                  21.9   -15.3%   -23.5%              79.5    -7.4%   -13.4% 
 Maintenance Services               28.1    16.2%    12.7%              85.1    15.2%    10.9% 
 Professional Services               8.7    41.6%    -3.8%              22.6    21.1%     2.5% 
                         ---------------  -------  -------  ----------------  -------  ------- 
 Total Revenues                     58.7     4.5%    -5.8%             187.2     4.9%    -1.7% 
 Adjusted EBITA                      3.0   -43.9%                       22.4   -23.0% 
 
  EBITA Margin                      5.1%   -46.3%                      12.0%   -26.6% 
-----------------------  ---------------  -------  -------  ----------------  -------  ------- 
 

For a definition of Adjusted EBITA please refer to Kofax's most recent Annual Report, which is available in the investor relations section of the Company's website.

Reynolds C. Bish, Chief Executive Officer, said: "During the third quarter our Singularity, Atalasoft, MarkView and OEM / POS revenues met or exceeded our expectations but we experienced an unusual number of delayed orders in our core capture business. We have not seen material changes in the competitive landscape or macroeconomic environment and, as a result, believe these delayed orders are attributable to less than adequate execution in our core capture business. We're taking actions to minimize the risk of this reoccurring in future quarters and should begin realizing the related benefits during the current and next several quarters. After a thorough review and based on our fiscal year to date results and outlook for the current quarter, for fiscal year 2012 we continue to expect high single digit total revenue growth on an as reported basis - including acquisitions to date and assuming current exchange rates, low single digit total revenue growth in U.S. dollars on a constant currency basis and an Adjusted EBITA of at least the $40.2 million reported in fiscal year 2011. This clearly implies a seasonally strong fourth quarter, which is very consistent with historical patterns."

Bish continued: "The integration of Singularity is proceeding as planned and we're rapidly building momentum in this part of our business. We've already enabled many of our direct sales staff and indirect channel partners to sell its products, this enablement process should be fully completed by the end of July. In addition, our recently introduced Kofax Mobile Capture product and "Point of Origination" strategy has generated an extremely high level of interest in our installed base of end user customers and indirect channel partners. As a result, we remain confident in our core capture business and are enthused about our future prospects."

Mr. Bish and Mr. Jamie Arnold will review the results and conduct a question and answer session via teleconference at 8:00 am UK time on May 2. This can be accessed using the telephone numbers below:

 
         Live Call          Replay               Access Code 
------  -----------------  -------------------  ------------ 
         +44 (0) 1452 555   +44 (0) 1452 55 00 
 U.K.     566                00                  70796232# 
------  -----------------  -------------------  ------------ 
 U.S.    1-866-966-9439     1-866-247-4222       70796232# 
------  -----------------  -------------------  ------------ 
 

The telephonic replay will be available by 1:00 pm UK time on May 2. A transcript and MP3 recording of the call will be available in the investor relations section of the Company website by Monday, May 7.

About Kofax

Kofax plc (LSE: KFX) is a leading provider of Capture Enabled BPM(TM) (business process management) solutions. These award winning solutions capture and streamline the flow of business critical information throughout an organization in a more accurate, timely and cost effective manner, enabling our customers to be more responsive to their constituents and gain competitive advantage. Kofax solutions provide a rapid return on investment to thousands of customers in banking, insurance, government, healthcare, business process outsourcing and other markets. Kofax delivers these solutions through its own sales and service organization, and a global network of more than 800 authorized partners in more than 70 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit kofax.com.

# # #

"Kofax" and "Capture Enabled BPM" are Kofax trademarks in the US, the EU and other regions. All other trademarks and registered trademarks are the property of their respective owners.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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