54 percent growth in earnings
Dubai, United Arab Emirates: Cognos Incorporated (Nasdaq: COGN; TSX: CSN), the world leader in business intelligence (BI) and performance management solutions, today announced financial results for its first quarter of fiscal year 2008, ended 31 May 2007.
Revenue for the first quarter was $236.7 million, compared with $217.0 million for the same period of last fiscal year, an increase of 9 percent. License revenue was $75.7 million, compared with $73.7 million a year ago (all figures in U.S. dollars and in accordance with U.S. GAAP unless otherwise stated).
Net income on a U.S. GAAP basis in the quarter was $22.4 million, compared with $14.5 million for the same period last fiscal year, an increase of 54 percent. Net income on a non-GAAP basis (excluding amortization of acquisition-related intangible assets and stock-based compensation expense) for the quarter was $29.2 million, compared with $19.8 million for the same period last fiscal year, an increase of 48 percent. Earnings per diluted share (EPS) on a U.S. GAAP basis for the quarter was $0.25, compared with $0.16 for the same period last fiscal year. EPS on a non-GAAP basis (excluding amortization of acquisition-related intangible assets and stock-based compensation expense) for the quarter was $0.32, compared with $0.22 in the first quarter of last fiscal year.
First quarter non-GAAP results differ from results measured under U.S. GAAP as they exclude $1.8 million of amortization of acquisition-related intangible assets and $7.5 million of stock-based compensation expense, before taxes. Compared to the GAAP results, this is an increase of $0.07 per share, in the aggregate, after the effect of taxes.
"I am pleased with our overall performance this quarter. We enter our second quarter, and the remainder of the year, with a strong product line-up and a healthy market opportunity," said Derek Morrison, Regional General Manager, Cognos. "We achieved over 50 percent growth in earnings. In our seasonally toughest quarter, Cognos 8 BI and our financial applications performed very well.
"Customer and partner commitment to Cognos is very strong, as demonstrated by the record attendance at our recent Cognos Forum user conference, to which our Gulf-based customers were invited. Our industry-leading product portfolio continues to expand with recent innovations such as Cognos 8 BI version 8.2, Cognos Now!, Cognos 8 Go! Mobile, and Cognos 8 Controller version 8.2. On the strength of our solid business fundamentals, industry-leading products and expanding sales capacity, I feel very confident about our opportunity for the remainder of fiscal year 2008."
Cognos' balance sheet remains strong. First quarter operating cash flow was $29.9 million. The company exited the quarter with $654.0 million in cash, cash equivalents, and short-term investments. Days sales outstanding for accounts receivable was 63 days in the quarter, compared with 58 days for the same period last year.
-Ends-
Note to Editors:
Full details of the Cognos First Quarter are available here: http://www.cognos.com/news/releases/2007/0621.html
About Cognos:
Cognos, the world leader in business intelligence and performance management solutions, provides world-class enterprise planning and BI software and services to help companies plan, understand and manage financial and operational performance. Cognos brings together technology, analytical applications, best practices, and a broad network of partners to give customers a complete performance system. The Cognos performance system is an open and adaptive solution that leverages an organization's ERP, packaged applications, and database investments. It gives customers the ability to answer the questions -- How are we doing? Why are we on or off track? What should we do about it? - and enables them to understand and monitor current performance while planning future business strategies. Cognos serves more than 23,000 customers in more than 135 countries, and its top 100 enterprise customers consistently outperform market indexes. Cognos performance management solutions and services are also available from more than 3,000 worldwide partners and resellers. For more information, visit the Cognos Web site at http://www.cognos.com/ae/index.html
Cognos and the Cognos logo are trademarks or registered trademarks of Cognos Incorporated in the United States and/or other countries. All other names are trademarks or registered trademarks of their respective companies.
© Press Release 2007
