Bottomline Technologies cuts Q3 losses

Source: Bottomline Technologies

Bottomline Technologies (NASDAQ: EPAY), a leading provider of collaborative payment, invoice and document automation solutions, today reported financial results for the third fiscal quarter ended March 31, 2008.

Revenues for the third quarter were $32.0 million, an increase of $0.9 million from the third quarter of last year. The growth in revenues included an increase in subscription and transaction revenues to $7.2 million in the third quarter from $6.8 million in the third quarter of last year.

Net loss for the third quarter was $0.3 million, or net loss per share of $0.01. During the third quarter, operating expenses of $18.6 million included amortization of intangible assets of $2.6 million, acquisition-related expenses of $0.1 million and stock-based compensation expense of $2.4 million.

Excluding these acquisition-related and stock compensation items, non-GAAP net income for the third quarter was $4.8 million, representing a $2.0 million, or 71%, increase in non-GAAP net income from the third quarter of last year. Non-GAAP net income per share for the third quarter was $0.20 as compared with $0.12 in the same period last year.

Cash and short-term investments on hand as of March 31, 2008 were $76.9 million, an increase of $5.7 million from the December 31, 2007 balance. The cash and short-term investments at March 31, 2008 include cash that subsequently was used for the acquisition of Optio Software in April. During the third quarter, the company spent $1.9 million on the repurchase of shares of its common stock.

"Bottomline had a good third quarter as evidenced by our strong financial performance," said Rob Eberle, President and CEO of Bottomline Technologies.
"EBITDA increased by 75% year over year as we achieved record EBITDA and non-GAAP net income. We continue to drive our operating plan forward and in doing so are demonstrating the earnings leverage of our business model. In addition, we identified and executed on several strategic opportunities during the quarter, which will drive future growth, profitability, and shareholder value. The quarter's performance, along with the success of these growth initiatives, gives us confidence in the future the future of the business and the value being created for shareholders."

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