Bottomline Technologies (NASDAQ: EPAY), a leading provider of collaborative payment and invoice automation solutions, today reported financial results for the fourth quarter and fiscal year ended June 30, 2007.
Revenues for the fourth quarter were $32.3 million, a 25% increase from revenues of $26.0 million in the fourth quarter of last year. The growth in revenues was highlighted by a 45% increase in software license revenues to $4.1 million in the current quarter from $2.8 million in the fourth quarter last year.
Net loss for the fourth quarter was $1.6 million, or net loss per share of $0.07. During the fourth quarter, operating expenses of $20.2 million included acquisition-related amortization of intangible assets of $2.8 million and stock-based compensation expense of $2.1 million. Excluding these acquisition-related and stock compensation items, non-GAAP net income for the fourth quarter was $3.2 million, equating to non-GAAP net income per share of $0.14.
"Bottomline had a strong fourth quarter," said Rob Eberle, President and CEO of Bottomline Technologies. "Record revenues for the quarter were driven in particular by our more complex payments solutions for banks and supported on a broader basis by our corporate payments, invoice and document solutions. During the quarter, we signed a significant multi-year contract with a major property and casualty insurer for our Legal eXchange service, which contributed to the second highest order quarter in our history and record backlog. Over the next several quarters, we plan to accelerate our development plan for the Bottomline Business eXchange to better serve our customers with the full benefits and efficiencies of a true Software as a Service (SaaS) offering."
Revenues for the fiscal year ended June 30, 2007 were $118.3 million as compared with $101.7 million in the prior year, representing a 16% increase. Net loss for the fiscal year ended June 30, 2007 was $7.0 million, or net loss per share of $0.30.
During the fiscal year ended June 30, 2007, the company incurred acquisition-related amortization of intangible assets of approximately $9.3 million and stock-based compensation expense of $7.9 million. Exclluding these items, non-GAAP net income for the fiscal year ended June 30, 2007 was $10.2 million, or non-GAAP net income per share of $0.43.
- Organizations such as RR Donnelley & Sons, Procter & Gamble, New York City Employees Retirement System, Xango, SonyBMG and Carphone Warehouse, Europe's leading independent retailer of mobile phones and services, expanded existing deployments of Bottomline's payments, invoice and document automation platforms.
- New customers such as Coca Cola Bottling Company Puerto Rico, Bob's Stores, Miles Kimball Company and Pernod Ricard chose Bottomline's payments and document process automation platforms.
- One of North America's top 20 property & casualty insurers signed a multi-year contract for Legal eXchange, Bottomline's legal spend management solution.
Corporate and Product Highlights:
- Bottomline's Web-based global cash management solution was ranked best-in-class for international payments capabilities and user interface flexibility by research advisory firm Aite Group.
- Bottomline was named among the top technology providers to the insurance industry by Insurance Networking News and Financial Insights as part of their annual InsureTopTech ranking.
- Garen Staglin was elected to the Board of Directors. Mr. Staglin, who previously served on the board and executive team of First Data Corporation, is a senior advisor to FT Ventures LP and an active board member of ExL Services, Solera, Inc. and Global Document Solutions. He has also served as CEO and Chairman of Safelite Auto Glass and as Group President of ADP Automotive Claims Services.
- The Board of Directors authorized the repurchase of up to $10 million of the company's common stock for use in connection with Bottomline's stock plans and for other corporate purposes.
- Expanded functionality was introduced for Bottomline's document process automation platform, including new capabilities for proof of delivery and advanced archiving of electronic invoices, purchase orders and checks.
- Top legal and insurance claims executives from a number of the nation's leading property & casualty insurers met at Bottomline's annual Legal Spend Management Customer Advisory Board.