Tibco net income up in Q1; shuffles field ops management

Source: Tibco Software

TIBCO Software Inc. (NASDAQ:TIBX) today announced results for its first quarter, which ended on March 4, 2007.

Total revenue for the first quarter of fiscal 2007 was $125.7 million and net income was $10.4 million, or $0.05 per diluted share. This compares to total revenue of $114.6 million and net income of $5.6 million, or $0.03 per diluted share, as reported for the first quarter of fiscal 2006.

On a non-GAAP basis, net income for the first quarter of fiscal 2007 was $15.2 million or $0.07 per diluted share, compared with $12.6 million or $0.06 per diluted share for the first quarter of fiscal 2006. Non-GAAP operating income for the first quarter of fiscal 2007 was $19.4 million, resulting in a non-GAAP operating margin of 15.4%. This compares to non-GAAP operating income of $16.8 million, or 14.7% in the first quarter of fiscal 2006.

"TIBCO delivered a strong start to our fiscal year with our Q1 results, especially in terms of cash flow and profitability," said Vivek Ranadive, TIBCO's chairman and chief executive officer. "Demand for our software infrastructure platform continues to be driven by core business needs within companies and by the maturation of technology trends in SOA, BPM and predictive business."

First Quarter Fiscal 2007 Highlights
  • TIBCO closed 75 deals over $100k including 13 deals over $1 million in Q1;
  • Cash flow from operations was approximately $42 million; and
  • TIBCO added 48 new customers in Q1 and made significant sales to both new and existing customers, including Banco Espirito Santo, BNP Paribas, Cingular Wireless, Electronic Arts, Enel SpA, OfficeMax, Oversea-Chinese Banking Corporation, RMB Private Bank, Symantec Corporation, Telkom and Wells Fargo & Company.

Seperately, TIBCO Software Inc. (NASDAQ:TIBX) today announced that Murat Sonmez, who currently serves as TIBCO's executive vice president of Strategic Markets, will assume the role of executive vice president, Global Field Operations. After four years of serving in this position, Christopher Larsen is stepping down.

In addition, TIBCO has appointed new heads for International and European Field Operations. Robin Gilthorpe, currently senior vice president of Europe, Middle East and Africa (EMEA), has been promoted to an expanded role as head of International Field Operations, while Fabio Pulidori, currently regional vice president of Southern Europe, has been promoted to senior vice president, EMEA. All appointments are effective immediately with plans in place to ensure a smooth transition.

"Chris has made a significant contribution to TIBCO over the past four years, and I wish him well in his future endeavors," said Vivek Ranadive. "I'm excited to have Murat Sonmez, a seasoned TIBCO executive, assume the leadership role for our global field organization. In addition, I'm pleased to announce expanded roles for both Robin and Fabio. Each of these sales leaders has a proven track record of success at TIBCO."

Mr. Sonmez has been with TIBCO and its predecessor company for more than 10 years. His most recent role as executive vice president, Strategic Markets, included responsibility for TIBCO's global financial services and telecommunications business. Previous management positions also include chief marketing officer and general manager of EMEA Operations.

Prior to his new position, Mr. Gilthorpe was responsible for TIBCO's client-related delivery and sales activities across EMEA. Under his leadership, TIBCO experienced a substantial increase in revenue and profitability across the region. Mr. Gilthorpe's previous management positions include senior vice president of TIBCO Financial Services. Mr. Pulidori has been with TIBCO for more than eight years, most recently as regional vice president of Southern Europe, and has held, at various times, specific responsibility for field operations in Italy, France, Iberia, the Middle East, and North Africa. Under his leadership, TIBCO has established and expanded a strong base of operations across the region.

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