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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