ACI downgrades guidance as sales stall
10 February 2014 | 1646 views | 0
ACI Worldwide, Inc. (ACIW), a leading international provider of electronic payment and banking systems, today announced preliminary unaudited financial results for the fourth quarter ended December 31, 2013.
The expected results presented are based on preliminary data and are not final until the financial reporting process is complete. Full year non-GAAP revenues are now expected to be in a range of $865 million to $870 million, below our prior forecast of $883 million to $905 million. Full year non-GAAP operating income is now expected to be in a range of $150 million to $155 million, below our prior forecast of $165 million to $175 million. Full year adjusted EBITDA is now expected to be $235 million to $240 million, below our prior forecast of $257 million to $267 million. This revised guidance does not impact our expectations for 2014 as discussed at our recent investor day.
"ACI was unable to finalize several contracts we had expected to close in the quarter," stated Phil Heasley, President and CEO, ACI Worldwide. "While we are disappointed with the timing, we made the disciplined decision to defer certain contracts until 2014 to position ACI for better economic terms. Some of these contracts were consummated subsequent to quarter end and we continue to be in discussions with all others. Additionally, we had expected approximately $7 million of income to be recorded in the fourth quarter that now must be recorded to the acquisition-related balance sheet, thus reducing operating income. Overall, we are increasingly optimistic that our structural efforts in 2013 have positioned us well for 2014 and beyond. We look forward to providing additional color when we provide final results and detailed 2014 guidance later this month."
ACI plans to report final financial results for the fourth quarter 2013 on February 27, 2014.