TIBCO Software Inc. (Nasdaq: TIBX), a leading business integration and process management software company that enables real-time business, today announced results for its third fiscal quarter, which ended on September 3, 2006
Total revenue for the third quarter of fiscal 2006 was $120.4 million, and net income was $11.3 million, or $0.05 per diluted share. This compares to total revenue of $105.9 million and net income of $13.8 million, or $0.06 per diluted share, as reported for the third quarter of fiscal 2005. Net income includes employee stock-based compensation expense due to the newly adopted SFAS 123® of $3.5 million for the third quarter of fiscal 2006. Net income prior to fiscal 2006 did not include employee stock-based compensation expense related to SFAS 123®.
On a non-GAAP basis, net income for the third quarter of fiscal 2006 was $15.5 million or $0.07 per diluted share, compared with $10.2 million or $0.05 per diluted share for the third quarter of fiscal 2005. Non-GAAP operating income for the third quarter of fiscal 2006 was $19.8 million, resulting in non-GAAP operating margins of 16.4%. This compares to non-GAAP operating income of $15.1 million, or 14.3% in the third quarter of fiscal 2005. Non- GAAP results exclude stock-based compensation expense, amortization of acquired intangible assets, restructuring charges and gains on sales of certain equity investments, and assume a non-GAAP effective tax rate of 37% for fiscal 2006 and 38% for fiscal 2005.
"Our business grew at a healthy rate in the quarter, and we are seeing increased momentum across our business," said Vivek Ranadive, Chairman and CEO of TIBCO. "As we look ahead to Q4 and fiscal 2007, we will focus on expanding our customer base and deepening our presence and expertise in specific vertical markets."
Highlights for TIBCO's Third Quarter of Fiscal 2006
* TIBCO closed 11 license deals over $1 million and made significant sales to both new and existing customers, including Con-Way Transportation Services, Comcast Media Center, Alaska Airlines, State of Texas and Armstrong World Industries
* Solid performance across key verticals including Finance, Telecommunications, Government, Manufacturing, Healthcare and Consumer Packaged Goods
* Geographic year over year growth across all major regions
* Cash flow from operations for Q3 of $48.1 million; year-to-date cash flow from operations of $93.8 million, which represents more than all of fiscal 2005
* Broad demand across product platform with particular strength in core service-oriented architecture (SOA) offerings.