Tibco Q3 profits fall 59%

Source: Tibco Software

Tibco Software today announced results for its third quarter, which ended on September 2, 2007. Although it increased revenue over last year's Q3, the company claims expenses related to the acquisition of Spotfire Holdings led to the fall in profit. Ealier this month it downgraded earnings estimates, citing weak business in its financial and government verticals.

Total revenue for the third quarter of fiscal 2007 was $135.1 million and net income was $4.6 million, or $0.02 per diluted share. This compares to total revenue of $120.4 million and net income of $11.3 million, or $0.05 per diluted share, as reported for the third quarter of fiscal 2006. A major factor in the change in profitability in the third quarter of fiscal 2007 was an increase in expense due to the acquisition of Spotfire Holdings, which was completed at the start of the quarter.

On a non-GAAP basis, net income for the third quarter of fiscal 2007 was $12.1 million or $0.06 per diluted share, compared with $15.5 million or $0.07 per diluted share for the third quarter of fiscal 2006.

"Although Q3 results weren't in line with what we projected, I remain confident in the strength of our technology and our ability to achieve profitable growth as we close out the year and for the long-term," said Vivek Ranadive, TIBCO's chairman and chief executive officer.

Third Quarter Fiscal 2007 Highlights
  • Closed 89 deals over $100k including 12 deals over $1 million;
  • Deferred revenue increased 35% year over year;
  • Added 65 new customers;
  • Repurchased 10 million shares;
  • Successfully completed the acquisition of Spotfire Holdings, Inc.; and
  • Made significant sales to both new and existing customers, including The Aged Care Standards and Accreditation Agency Ltd., BNP Paribas, CLSA Limited, The Carphone Warehouse, LexisNexis, Mahindra and Mahindra Limited, Nielsen Media Research, SERPRO S.A., the State of California Administrative Office of the Courts, and The University of Melbourne.


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