Indus International Inc. (NASDAQ: IINT), a leading Service Delivery
Management (SDM) solution provider, today announced its results of
operations for its third quarter ended December 31, 2005. The
Company reported its fifth consecutive quarter of profitability
with total revenues for the third quarter of $34.7 million, an
increase of 3 percent when compared to $33.7 million in the same
quarter last year. Software license revenues totaled $8.1 million,
an increase of 15 percent compared to the $7.0 million in software
license revenues during the same period a year ago. Net income for
the third quarter of fiscal 2006 increased 14 percent to $2.9
million, or $0.05 per fully diluted share, from $2.6 million, or
$0.04 per fully diluted share in the same quarter last year. The
cash balance as of December 31, 2005, was $39.3 million, an
increase of $0.8 million from September 30, 2005. Adjusted net
income for the third quarter of fiscal 2006, which excludes
restructuring and settlement expenses, was $3.0 million, or $0.05
per fully diluted share, compared to $1.6 million, or $0.03 per
fully diluted share, in the third quarter of last year. A
reconciliation of adjusted net income is included with the
financial statements that are part of this press release. Key
Quarterly Financial and Business Highlights: -- Adjusted net income
increased 89 percent, or $1.4 million, to $3.0 million for the
quarter ended December 31, 2005, from $1.6 million in the third
quarter of last year. -- Adjusted EPS increased to $0.05 per
diluted share for the quarter ended December 31, 2005, from $0.03
per diluted share. -- Cash increased $0.8 million from September
30, 2005, to $39.3 million, and increased $5.4 million in the nine
months ended December 31, 2005. -- The Company signed a
multimillion-dollar contract with an existing customer which
standardized its nuclear fleet on Indus, replacing competing
products in several plants. -- A significant contract was signed
with a new utility customer in the Central European region, which
the Company has identified as a key growth area. -- The Company
continued to expand solutions with existing customers, including
Georgia Pacific, NexInnovations, PAKS, Platte River, Progress
Energy and Southern Company, among others. -- The Company achieved
31-percent growth in license revenue over the previous quarter and
15-percent growth over the same quarter last year. -- Gross margin
increased to 62 percent of revenues in the third quarter of fiscal
2006, compared to 59 percent of revenues for the previous quarter
and the same quarter last year. -- The Company achieved 7-percent
growth in year-over-year recurring revenue, demonstrating steady
customer loyalty. Executive Commentary "I am proud of what Indus
has accomplished as we continue to execute in a focused manner on
the strategy we set three years ago," said Indus President and CEO
Greg Dukat. "This strategy is bearing fruit as evidenced by growing
market share within our traditional markets as well as new market
segments. Our successful execution and growing opportunities in
these areas validates that we are providing the right solutions to
the right markets at the right time and are well-positioned for
sustained leadership in our target markets." Indus Chief Financial
Officer Pat Henn added, "I'm extremely pleased with our performance
this quarter in growing license revenues and recurring revenues,
while improving our margins in professional services, which helped
lead to continued growth in our cash balance. We remain focused on
improving profitability and cash flows from operations, and this
quarter is another example of success." Business Outlook For our
fiscal year ending on March 31, 2006, we currently project adjusted
net income, which excludes restructuring charges and benefits, to
fall within a range of $0.12 and $0.18 per fully diluted share. A
reconciliation of adjusted net income (loss) is included as part of
this press release. These projections assume no significant changes
to the current general economic environment and the capital
spending environments within our markets over the course of the
year. Investor Call As previously announced, Indus will conduct an
investor conference call to discuss the Company's results and other
matters related to the Company at 11:00 a.m. EST today. Investors
may access the conference call over the Internet via the Company's
Website (investor.indus.com), or via telephone by dialing
800-938-0653 (International callers dial 973-321-1100). Those
listening via the Internet should go to the site 15 minutes early
to register, download and install any necessary audio software. For
those who cannot listen to the live broadcast, a replay will be
available through February 10, 2006, by dialing 877-519-4471
(international callers dial 973-341-3080) and entering conference
ID #6893575; or by going to the Company's Website
(Investor.Indus.com). Like most companies, Indus will be taking
live questions from securities analysts and institutional portfolio
managers, but the complete call is open to all interested parties
on a listen-only basis. Furthermore, individual investors may
submit questions at any time prior to and during the call by
sending an email to investorqa@indus.com. About Indus International
Indus is a leading Service Delivery Management (SDM) solution
provider, helping clients in a broad array of industries optimize
the management of their customers, workforce, spare parts
inventory, tools and documentation in order to maximize performance
and customer satisfaction while achieving significant cost savings.
Indus customer, asset and workforce management software products,
professional services and hosted service offerings improve our
clients' profitability by reducing costs, increasing capacity and
competitiveness, improving service to their customers, facilitating
billing for services and ensuring regulatory compliance. Indus
solutions have been purchased by more than 400 companies in more
than 40 countries, representing diverse industries -- including
manufacturing, utilities, telecommunications, government,
education, transportation, facilities and property management, high
tech, consumer packaged goods and more. For more information, visit
our Website at http://www.indus.com. Safe Harbor Statement under
the Private Securities Litigation Reform Act of 1995 This press
release contains statements, estimates or projections that are not
historical in nature and that may constitute "forward-looking
statements" as defined under U.S. federal securities laws. These
statements include, but are not limited to, estimated operating
results for the year ending March 31, 2006, and sustaining
leadership in our target markets. These statements, which speak
only as of the date given, are subject to certain risks and
uncertainties that could cause actual results to differ materially
from our Company's historical experience and our expectations or
projections. These risks include, but are not limited to, projected
growth in the emerging service delivery management market, market
acceptance of our service delivery management strategy, current
market conditions for our products and services, our ability to
achieve growth in our asset management and customer management
offerings, market acceptance and the success of our new products
and enhancements and upgrades to our existing products, the success
of our product development strategy, our competitive position, the
ability to establish and retain partnership arrangements, our
ability to develop our indirect sales channels, changes in our
executive management team, uncertainty relating to and the
management of personnel changes, the ability to realize the
anticipated benefits of our restructurings, timely development and
introduction of new products, releases and product enhancements,
current economic conditions, heightened security and war or
terrorist acts in countries of the world that affect our business,
and other risks identified from time-to-time in the Company's SEC
filings. Investors are advised to consult the Company's filings
with the SEC, including its 2005 Annual Report on Form 10-K and the
Form 10-Q for the quarter ended December 31, 2005, anticipated to
be filed with the SEC on or before February 9, 2006, for a further
discussion of these and other risks. The information presented in
this press release includes financial measures using accounting
principles generally accepted in the U.S. ("GAAP") and using
adjustments to GAAP. In particular, we have shown certain GAAP
measures adjusted to eliminate restructuring and settlement
expenses as well as subsequent revisions of the estimates used in
the determination of such charges which relate to excess lease
costs for vacated space and severance costs in the periods shown
and discussed herein. We have presented such non-GAAP financial
measures because we believe that they allow management to view
trends and changes in operating performance excluding the effects
of certain items, they are helpful for a period-to-period
comparison of our results and are frequently used by securities
analysts, investors and other interested parties, in addition to
and not in lieu of GAAP results, to compare the performance of
companies. Indus is a registered trademark of Indus International
Inc. Other company and product names may be trademarks of the
respective companies with which they are associated. -0- *T INDUS
INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In
Thousands) December 31, March 31, 2005 2005 ------------
----------- ASSETS (Unaudited) Current assets: Cash and cash
equivalents $ 33,205 $ 27,779 Restricted cash 769 194 Billed
accounts receivable, net 25,258 17,225 Unbilled accounts receivable
4,329 12,240 Other current assets 3,197 3,672 --------- ---------
Total current assets 66,758 61,110 Property and equipment, net
27,698 30,755 Capitalized software, net 4,074 5,014 Goodwill 7,442
7,442 Acquired intangible assets, net 9,428 10,536 Restricted cash,
noncurrent 5,293 5,821 Other assets 229 427 --------- ---------
Total assets $ 120,922 $ 121,105 ========= ========= LIABILITIES
AND STOCKHOLDERS' EQUITY Current liabilities: Notes payable $ 767 $
767 Accounts payable 4,432 4,208 Accrued liabilities 19,506 19,213
Deferred revenue 32,171 33,239 --------- --------- Total current
liabilities 56,876 57,427 Income taxes payable 2,813 3,137 Mortgage
and other liabilities 14,245 20,128 Stockholders' equity: Common
stock 59 58 Additional paid-in capital 162,488 165,280 Treasury
stock, at cost - (4,681) Deferred compensation (513) - Accumulated
deficit (115,204) (121,322) Accumulated other comprehensive income
158 1,078 --------- --------- Total stockholders' equity 46,988
40,413 --------- --------- Total liabilities and stockholders'
equity $ 120,922 $ 121,105 ========= ========= *T -0- *T INDUS
INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In
Thousands, except per share data) (Unaudited) Three Months Ended
Nine Months Ended December 31, December 31, -------------------
------------------ 2005 2004 2005 2004 ------- ------- --------
-------- (As (As restated) restated) (1) (1) Revenue: Software
license fees $ 8,075 $ 7,041 $ 20,867 $ 23,016 Services: Support,
outsourcing and hosting 15,189 14,153 44,253 44,267 Consulting,
training and other 11,480 12,477 36,103 37,506 ------- -------
-------- -------- Total revenue 34,744 33,671 101,223 104,789
------- ------- -------- -------- Cost of revenue: Software license
fees 496 598 1,474 3,248 Services: Support, outsourcing and hosting
3,578 3,875 10,613 13,297 Consulting, training and other 9,047
9,449 27,966 29,402 ------- ------- -------- -------- Total cost of
revenue 13,121 13,922 40,053 45,947 ------- ------- --------
-------- Gross margin 21,623 19,749 61,170 58,842 ------- -------
-------- -------- Operating expenses: Research and development
7,403 7,179 22,616 23,246 Sales and marketing 7,533 7,483 20,948
22,429 General and administrative 4,066 3,717 11,814 11,063
Restructuring and settlement expenses 45 (991) 129 10,548 -------
------- -------- -------- Total operating expenses 19,047 17,388
55,507 67,286 ------- ------- -------- -------- Operating income
(loss) 2,576 2,361 5,663 (8,444) Other income (expense), net 247 60
383 (53) ------- ------- -------- -------- Pre-tax income (loss)
2,823 2,421 6,046 (8,497) Provision (benefit) for income taxes
(101) (141) (72) 80 ------------------------------------- Net
income (loss) $ 2,924 $ 2,562 $ 6,118 $ (8,577) ======= =======
======== ======== Net income (loss) per share: Basic $ 0.05 $ 0.04
$ 0.11 $ (0.15) ======= ======= ======== ======== Diluted $ 0.05 $
0.04 $ 0.10 $ (0.15) ======= ======= ======== ======== Shares used
in computing per share data: Basic 58,025 57,285 57,800 57,195
Diluted 60,519 57,897 59,658 57,195 (1) As reported on May 10,
2005, the Company restated previously issued financial statements
dating back to the fiscal year ended December 31, 2000 to reflect a
correction in its accounting practices for leases and leasehold
improvements. INDUS INTERNATIONAL, INC. RECONCILIATION OF ADJUSTED
NET INCOME (LOSS) (In Thousands, except per share data) (Unaudited)
Three Months Ended Nine Months Ended December 31, December 31,
-------------------- ------------------- 2005 2004 2005 2004
-------- ------- ------- ------- (As (As restated) restated) (1)
(1) Reconciliation of adjusted net income (loss) (a): Net income
(loss) $ 2,924 $ 2,562 $ 6,118 $(8,577) Restructuring and
settlement expenses 45 (991) 129 10,548 Income tax effect - - - -
-------- ------- ------- ------- Adjusted net income(a) $ 2,969 $
1,571 $ 6,247 $ 1,971 ======== ======= ======= ======= Adjusted net
income per diluted share(a) $ 0.05 $ 0.03 $ 0.10 $ 0.03 ========
======= ======= ======= (1) As reported on May 10, 2005, the
Company restated previously issued financial statements dating back
to the fiscal year ended December 31, 2000 to reflect a correction
in its accounting practices for leases and leasehold improvements.
(a) The information presented above includes financial measures
using accounting principles generally accepted in the U.S. ("GAAP")
and using adjustments to GAAP. In particular, we have shown certain
GAAP measures adjusted to eliminate restructuring and settlement
expenses, as well as subsequent revisions of the estimates used in
the determination of such expenses, relating to excess lease costs
for vacated office space, severance costs and contract settlement
costs. We have presented such non-GAAP financial measures because
we believe that they allow management to view trends and changes in
operating performance excluding the effects of certain items, they
are helpful for a period-to- period comparison of our results and
are frequently used by securities analysts, investors and other
interested parties, in addition to and not in lieu of GAAP results,
to compare the performance of companies. *T
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