Bottomline Technologies (NASDAQ: EPAY), a leading provider of collaborative payment, invoice and document automation solutions, today reported financial results for the first quarter ended September 30, 2011.
Revenues for the first quarter were $52.5 million, an increase of $10.4 million, or 25%, from the first quarter of last year. Subscriptions and transactions revenue increased 53% from the first quarter of last year to $17.6 million.
Gross margin for the first quarter was $29.2 million, an increase of $5.7 million from the first quarter of last year. Net income for the first quarter was $1.7 million, or net income per share of $0.05.
Core net income for the first quarter was $8.9 million. Core net income increased $0.4 million from the first quarter of last year. Core net income excludes acquisition-related expenses, including amortization of intangible assets, of $4.0 million and equity-based compensation of $3.2 million. Core earnings per share was $0.26.
"We are pleased to report another very good quarter highlighted by 25% revenue growth from the prior year," said Rob Eberle, President and CEO of Bottomline Technologies. "The results evidence the demand for our solutions and the strength of our business model. We have begun fiscal 2012 on a positive note and are well positioned for a strong future."
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