Tibco Software (NASDAQ:TIBX) today announced record results for its first quarter, which ended on March 2, 2008.
Total revenue for the first quarter of fiscal 2008 was $146.6 million and net income was $5.5 million, or $0.03 per diluted share. This compares to total revenue of $125.7 million and net income of $10.4 million, or $0.05 per diluted share, as reported for the first quarter of fiscal 2007. Cash flow from operations was $60.2 million in the quarter compared with $42 million in the first quarter a year ago. This quarter's performance included results from Spotfire, Inc., which was acquired in the third quarter of fiscal 2007. Overall, TIBCO's results for total revenue, operating margin and earnings per share were at the upper end of or exceeded previously provided guidance.
On a non-GAAP basis, net income for the first quarter of fiscal 2008 was $14.1 million or $0.07 per diluted share, compared with $15.2 million or $0.07 per diluted share for the first quarter of fiscal 2007. Non-GAAP operating income for the first quarter of fiscal 2008 was $18.9 million, resulting in a non-GAAP operating margin of 13%. This compares to non-GAAP operating income of $19.4 million, resulting in a non-GAAP operating margin of 15% in the first quarter of fiscal 2007. Non-GAAP results exclude stock-based compensation expense and amortization of acquired intangible assets, and assume a non-GAAP effective tax rate of 34% for fiscal 2008 and 37% for fiscal 2007.
"TIBCO delivered a healthy start to our fiscal year with our Q1 results," said Vivek Ranadive, TIBCO's chairman and chief executive officer. "Our innovative technology offerings are seeing increased demand, especially in light of the growing adoption of SOA and infrastructure software."
First Quarter Fiscal 2008 Highlights
- Total revenue rose 17% year over year to $146.6 million.
- License revenue rose 11% year over year to $57.8 million.
- Services and maintenance revenue rose 21% year over year to $88.8 million.
- Cash flow from operations rose 43% from a year ago to $60.2 million.
- Total deferred revenue rosee rose 41% from a year ago to $149.4 million.
- The number of license deals over $100,000 rose 16% from a year ago to 87, with 14 deals over $1 million.
- TIBCO expanded its business with leading companies in Q1 such as AT&T Mobility, Alberta Electric Systems Operator, Deutsche Bank AG, Emirates Bank, Fannie Mae, Infinity Property & Casualty Co., Kuwait Middle East Financial Investment Company, LexisNexis, Live Nation, National Australia Bank, Pioneer Investments and Reliance Communications.
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