FUNDTECH
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Fundtech Reports Financial Results for the First Quarter of 2007
-- Quarterly Revenues Grow 19% Year-over-Year to $23.2 Million -- GAAP EPS 3 Cents -- Non GAAP EPS 12 Cents -- Increasing 2007 guidance
Last Update: 12:01 AM ET May 7, 2007
JERSEY CITY, N.J., May 07, 2007 (BUSINESS WIRE) -- Fundtech Ltd. (FNDT : fundtech ltd ord
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Last: 15.25+0.15+0.99%
3:59pm 05/04/2007
FNDT15.25, +0.15, +1.0%) , a leading provider of global electronic payment, settlement and cash management solutions, today announced financial results for the first quarter ended March 31, 2007. Fundtech posted quarterly revenues of $23.2 million, a 19% increase year-over-year, compared to first quarter revenue of $19.4 million in 2006, and slightly higher compared to fourth quarter 2006 revenue of $23.1 million.
On a GAAP (Generally Accepted Accounting Principles) basis, the Company reported net income of $0.4 million or $0.03 per diluted share, for the first quarter of 2007 compared with net income of $0.2 million, or $0.01 per diluted share, in the first quarter of 2006, and net income of $1.6 million, or $0.10 per diluted share, in the fourth quarter of 2006.
Excluding stock-based compensation, amortization of intangibles and amortization of capitalized software costs, Fundtech's adjusted non-GAAP net income for the first quarter of 2007 was $1.9 million, or $0.12 per diluted share, compared with $1.4 million, or $0.09 per diluted share, in the first quarter of 2006 and $3.0 million, or $0.19 per diluted share, in the fourth quarter of 2006. (See Schedule A attached to this news release -- Reconciliation to GAAP).
"We started 2007 with a strong first quarter as organic revenues increased 16%, year- over- year and Non GAAP EPS exceeded our guidance," said CEO Reuven Ben Menachem. "While our Global PAYplus product is continuing to gain momentum as the premier Global payment system in the market, I am also very encouraged by the progress we are making with our CASHplus product which I believe is the best cash management system in the US market. Our comprehensive product offering will propel our future growth in 2007 and beyond."
Other operational highlights:
-- During the first quarter Fundtech closed 63 new deals and added 8 new bank customers;
-- During the first quarter Fundtech closed 9 new system sales: including 1 Global Liquidity Manager to a large European bank, 1 CLS system, 2 PAYplus USA, and 5 IGT plus at bbp.
-- During the first quarter Fundtech also closed 1 faster payment subsystem sale and 2 SEPA subsystems sales with exiting Global PAYplus customers.
Reconciliation of GAAP results to non-GAAP results
Fundtech provides adjusted non-GAAP operating results as a supplement to its GAAP financial results. The presentation of this information should not be considered in isolation to, or as a substitute for, the financial results presented in accordance with GAAP. Management believes that non-GAAP financial measures are useful to investors because they allow for an evaluation of the Company with a focus on the performance of its core operations. Fundtech's executive management team uses these same non-GAAP measures internally to assess the ongoing performance of the Company. Since this information is not a GAAP measurement of financial performance, there are material limitations to its usefulness on a stand-alone basis, including the lack of comparability of this presentation to the GAAP financial results of other companies.
Fundtech's non-GAAP results exclude stock-based compensation, amortization of intangibles and amortization of capitalized software costs.
A detailed reconciliation of GAAP net income to non-GAAP net income is included in the attached Schedule A, Reconciliation to GAAP.
Guidance
The financial guidance provided is current as of today only and the Company undertakes no obligation to update its estimates.
For the second quarter of 2007 we expect revenues of between $24.7 million and $25.2 million, GAAP earnings per diluted share of between $0.08 and $0.10 and adjusted non-GAAP earnings per diluted share, before all amortization expenses and stock compensation expenses, are expected to be in the range of $0.15 to $0.17.
For fiscal 2007 we are increasing our guidance from the guidance we provided in February 2007 for both revenues and earnings per share. We now expect revenues of between $99.0 million and $101.0 million, GAAP earnings per diluted share of between $0.37 and $0.43 and adjusted non-GAAP earnings per diluted share, before all amortization expenses and stock compensation expenses, are expected to be in the range of $0.63 to $0.70.
We estimate that for 2007 our income tax expenses will be approximately 1.3 million dollars while net interest income will be approximately 1.8 million dollars.
We estimate that amortization expenses for the second quarter of 2007 will be approximately $280,000 and that stock compensation expenses will be approximately $630,000.
We estimate that amortization expenses for 2007 will be approximately $1.8 million and that stock compensation expenses will be approximately $2.6 million.
The Company's guidance for the second quarter of 2007 and full-year 2007 assumes no change in the calculation of the Company's tax provision, which currently assumes a full valuation allowance against the Company's deferred tax assets.
Company to Host Conference Call
The senior management of Fundtech will host a conference call at 08:30 a.m. (ET) today, Monday, May 7, to discuss the Company's first-quarter as well as 2007 financial guidance, and to answer questions from the investment community.
To participate, please call (800)-599-9816 or 617-847-8705 and ask for the Fundtech Call.
A replay of the conference call will be available for playback from 10:30am (ET) May 7, until 11:59pm (ET) May 14. The replay may be accessed by dialing (888) 286-8010 or 617-801-6888, passcode 67134429.
This call will also be web cast live on: http://www.fundtech.com. An online replay will be available until May 31. -
Kõige huvitam on see lõik:
"We started 2007 with a strong first quarter as organic revenues increased 16%, year- over- year and Non GAAP EPS exceeded our guidance," said CEO Reuven Ben Menachem. "While our Global PAYplus product is continuing to gain momentum as the premier Global payment system in the market, I am also very encouraged by the progress we are making with our CASHplus product which I believe is the best cash management system in the US market. Our comprehensive product offering will propel our future growth in 2007 and beyond." -
Fundtechi (FNDT) kvartalitulemused esmapilgul iseenesest päris tublid ning prognoosid samuti. Esialgu jääb selgusetuks veel CASHplus toote müük, mille kohta on pressiteates kokkuvõttes suhteliselt vähe informatsiooni. Samas teatas firma 16. aprillil 8 uue CASHplus kliendi lisamisest. Loodan selle kohta täpsemat informatsiooni saada konverentsikõnelt ning siis kommenteerida ka Pro all. Hetkel pean tõenäoliseks, et esialgu müüakse tulemused alla, nagu seda on tehtud ka varem. Aga täpsemad kommentaarid peale calli.
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Fundtechi kohta oli foorum juba olemas. Võiks ühe teema alla kokku tõsta, et tagada parem ülevaatlikus.
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Sorry, ei teadnud...Milline oli selle foorumi nimi?
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https://www.lhv.ee/forums/index.cfm?id=142118#4
