Informatica Corporation (NASDAQ: INFA), the world's number one independent provider of data integration software, today announced financial results for the third quarter ended September 30, 2009.
Revenues for the third quarter of 2009 were $123.4 million, up eight percent from the $113.8 million recorded in the third quarter of 2008. License revenues for the third quarter were $50.0 million, up nine percent from the $45.8 million recorded in the third quarter of 2008. Income from operations for the third quarter, calculated in accordance with U.S. generally accepted accounting principles (GAAP), was $22.3 million, up 26 percent from $17.7 million in the third quarter of 2008. GAAP net income for the third quarter was $16.2 million or $0.17 per diluted share, up 21 percent from $13.4 million or $0.14 per diluted share in the third quarter of 2008. For the three-month periods ended September 30, 2009 and September 30, 2008, earnings per diluted share was calculated on an "if converted" basis, including the add-back of $1.0 million and $1.1 million, respectively, of interest and convertible notes issuance cost amortisation, net of income taxes.
Non-GAAP income from operations for the third quarter of 2009 was $30.9 million, up 22 percent from $25.4 million in the third quarter of 2008. Non-GAAP net income for the third quarter of 2009 was $22.3 million or $0.22 per diluted share, up over 15 percent from $18.9 million or $0.19 per diluted share in the third quarter of 2008. Non-GAAP income from operations and non-GAAP net income exclude charges and tax benefits related to the amortisation of acquired technology and intangible assets, facilities restructurings, purchased in-process research and development, patent contingency accrual reversals and share-based payments.
For the nine-month period ended September 30, 2009, revenues were $349.8 million, up six percent from the $331.3 million recorded for the first nine months of 2008. License revenues for the first nine months of 2009 were $142.8 million, up three percent from $138.6 million in the first nine months of 2008. GAAP income from operations for the first nine months of 2009 was $54.4 million, up 22 percent from $44.7 million in the first nine months of 2008. GAAP net income for the first nine months of 2009 was $39.2 million or $0.41 per diluted share, up over seven percent from $36.1 million or $0.38 per diluted share in the first nine months of 2008. Non-GAAP income from operations for the first nine months of 2009 was $81.0 million, up 23 percent from $65.6 million in the first nine months of 2008. Non-GAAP net income for the first nine months of 2009 was $58.1 million or $0.59 per diluted share, up 13 percent from $51.3 million or $0.52 per diluted share in the first nine months of 2008. For the nine-month periods ended September 30, 2009 and September 30, 2008, earnings per diluted share is calculated on an "if converted" basis, including the add-back of $3.1 and $3.3 million, respectively, of interest and convertible notes issuance cost amortisation, net of income taxes.
"With our time-tested strategy and the team's proven operational discipline, Informatica has attained sustained record results over the past five years," said Sohaib Abbasi, chairman and CEO of Informatica. "In 2010, with improving macroeconomic conditions, Informatica is well positioned for strong growth through relentless innovation that delivers compelling business value to our customers."
Significant milestones achieved since July 2009 include:
• Signed repeat business with 237 customers. Customers continue to derive considerable value from their investments in Informatica solutions. Repeat customers included ACH Food Companies, Cincinnati Children's Hospital, CVS Pharmacy, Electronic Arts, ING Continental Europe, Ministerie van Defensie, Paramount Pictures and Vivo Celular.
• Added 64 new customers. Informatica increased its customer base this quarter to 3,857 companies. New customers include APS Healthcare, Cyfrowy Polsat, China Mobile Jiangsu, Hachette Book Group, HDFC Bank, Ruby Tuesday, University of Michigan and VMware.
• Acquired Agent Logic. The acquisition expands Informatica's addressable market with an additional high-growth, adjacent technology category - Complex Event Processing (CEP). The combination of CEP and data integration enables organisations to be more responsive, adaptable and agile.
• Expanded partnership with HP. Informatica and HP will deliver a new portfolio of integrated business intelligence solutions that help customers accelerate business decisions and optimise business performance by giving them access to more timely and accurate information.
• Partnered with Intel. Intel SOA Expressway will embed Informatica B2B Data Transformation for integrating and transforming data from legacy and proprietary formats to SWIFT and other payment networks, thus accelerating integration and messaging of financial industry information across disparate formats and systems.
• Earned top marks in Customer Loyalty in TNS Custom Research Data Integration Software survey. For the fourth consecutive year, Informatica earned top marks in Customer Loyalty in the 2009 Data Integration survey conducted by independent research firm TNS, a world leader in market insight and information.