For the quarter ended June 30, 2014, the company generated total revenue of
In fiscal 2014, total revenue of
According to
Operating Results
License revenue for the fourth quarter increased to
For the fiscal year 2014, license revenue decreased 3% to
According to
Cost of sales for the fourth quarter increased 3% to
Cost of sales for fiscal year 2014 increased 6%, to
Gross margin on license revenue for the fourth quarter of fiscal 2014 was 94% compared to 91% for fiscal 2013. Gross margin on license was 92% for fiscal year 2014 compared to 91% for fiscal year 2013. Support and service gross margin was 41% in the fourth quarter of fiscal 2014, increasing from 40% in the fourth quarter of fiscal 2013. The support and service gross margin was 41% for both years ending June 30, 2014 and June 30, 2013. Hardware gross margins decreased for the fourth quarter to 23% from 26% for the same quarter last year. Year-to-date hardware gross margins also decreased from 26% in the twelve months ended June 30, 2013 to 25% for the twelve months ended June 30, 2014.
Operating expenses increased 3% in the fourth quarter of fiscal 2014 compared to the same quarter a year ago primarily due to increased headcount and related salaries. Selling and marketing expenses increased 7% in the current year fourth quarter to
For the fiscal year ended June 30, 2014, operating expenses decreased 2% to
Operating income increased 9% to
Operating income increased 17% to
For the fourth quarter of fiscal 2014, the bank systems and services segment revenue increased 5% to
For the year ended June 30, 2014, the bank systems and services segment revenue increased 8% to
Balance Sheet,
At June 30, 2014, cash and cash equivalents decreased to
Backlog increased 3% at June 30, 2014 to
Cash provided by operations totaled
Year Ended |
|||||||
2014 |
2013 |
||||||
Net income |
$ |
201,136 |
$ |
176,645 |
|||
Non-cash expenses |
135,704 |
133,334 |
|||||
Change in receivables |
7,498 |
(12,739) |
|||||
Change in deferred revenue |
15,072 |
8,597 |
|||||
Change in other assets and liabilities |
(17,751) |
3,337 |
|||||
Net cash provided by operating activities |
$ |
341,659 |
$ |
309,174 |
Cash used in investing activities for fiscal 2014 of
During fiscal 2014, net cash used in financing activities for the current fiscal year is
About
Statements made in this news release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company's financial results, are included in its
Condensed Consolidated Statements of Income (Unaudited) |
||||||||||||||||||||
(In Thousands, Except Per Share Data) |
Three Months Ended |
% Change |
Year Ended |
% Change |
||||||||||||||||
2014 |
2013 |
2014 |
2013 |
|||||||||||||||||
REVENUE |
||||||||||||||||||||
License |
$ |
13,070 |
$ |
12,063 |
8% |
$ |
53,009 |
$ |
54,818 |
(3)% |
||||||||||
Support and service |
283,635 |
269,901 |
5% |
1,098,386 |
1,015,211 |
8% |
||||||||||||||
Hardware |
14,233 |
16,184 |
(12)% |
58,658 |
59,357 |
(1)% |
||||||||||||||
Total |
310,938 |
298,148 |
4% |
1,210,053 |
1,129,386 |
7% |
||||||||||||||
COST OF SALES |
||||||||||||||||||||
Cost of license |
747 |
1,136 |
(34)% |
4,273 |
4,824 |
(11)% |
||||||||||||||
Cost of support and service |
166,744 |
160,807 |
4% |
643,443 |
603,920 |
7% |
||||||||||||||
Cost of hardware |
10,892 |
11,968 |
(9)% |
43,708 |
43,650 |
—% |
||||||||||||||
Total |
178,383 |
173,911 |
3% |
691,424 |
652,394 |
6% |
||||||||||||||
GROSS PROFIT |
132,555 |
124,237 |
7% |
518,629 |
476,992 |
9% |
||||||||||||||
Gross Profit Margin |
43 |
% |
42 |
% |
43 |
% |
42 |
% |
||||||||||||
OPERATING EXPENSES |
||||||||||||||||||||
Selling and marketing |
22,007 |
20,558 |
7% |
86,570 |
81,619 |
6% |
||||||||||||||
Research and development |
17,447 |
16,870 |
3% |
66,748 |
63,202 |
6% |
||||||||||||||
General and administrative |
13,301 |
13,915 |
(4)% |
53,312 |
66,624 |
(20)% |
||||||||||||||
Total |
52,755 |
51,343 |
3% |
206,630 |
211,445 |
(2)% |
||||||||||||||
OPERATING INCOME |
79,800 |
72,894 |
9% |
311,999 |
265,547 |
17% |
||||||||||||||
INTEREST INCOME (EXPENSE) |
||||||||||||||||||||
Interest income |
33 |
130 |
(75)% |
377 |
640 |
(41)% |
||||||||||||||
Interest expense |
(296) |
(2,701) |
(89)% |
(1,105) |
(6,337) |
(83)% |
||||||||||||||
Total |
(263) |
(2,571) |
(90)% |
(728) |
(5,697) |
(87)% |
||||||||||||||
INCOME BEFORE INCOME TAXES |
79,537 |
70,323 |
13% |
311,271 |
259,850 |
20% |
||||||||||||||
PROVISION FOR INCOME TAXES |
28,928 |
22,654 |
28% |
110,135 |
83,205 |
32% |
||||||||||||||
NET INCOME |
$ |
50,609 |
$ |
47,669 |
6% |
$ |
201,136 |
$ |
176,645 |
14% |
||||||||||
Diluted net income per share |
$ |
0.60 |
$ |
0.55 |
$ |
2.36 |
$ |
2.04 |
||||||||||||
Diluted weighted average shares outstanding |
84,276 |
86,525 |
85,396 |
86,619 |
||||||||||||||||
Consolidated Balance Sheet Highlights (Unaudited) |
||||||||||||||||||||
(In Thousands) |
|
% Change |
||||||||||||||||||
2014 |
2013 |
|||||||||||||||||||
Cash and cash equivalents |
$ |
70,377 |
$ |
127,905 |
(45)% |
|||||||||||||||
Receivables |
224,041 |
231,263 |
(3)% |
|||||||||||||||||
Total assets |
1,624,292 |
1,629,155 |
—% |
|||||||||||||||||
Accounts payable and accrued expenses |
$ |
73,815 |
$ |
80,229 |
(8)% |
|||||||||||||||
Current and long term debt |
9,136 |
15,295 |
(40)% |
|||||||||||||||||
Deferred revenue |
320,987 |
304,597 |
5% |
|||||||||||||||||
Stockholders' Equity |
1,038,161 |
1,072,169 |
(3)% |
SOURCE
News Provided by Acquire Media