For the quarter ended
According to
Operating Results
License revenue for the first quarter increased to
Cost of sales for the first quarter increased 8% to
Gross margin on license revenue for the first quarter of fiscal 2015 was 90% compared to 88% for fiscal 2014. Support and service gross margin was 42% in the first quarter of fiscal 2015, decreasing slightly from 43% in the first quarter of fiscal 2014. Hardware gross margins increased for the first quarter to 26% from 24% for the same quarter last year.
Operating expenses increased 8% in the first quarter of fiscal 2015 compared to the same quarter a year ago primarily due to increased headcount and related salaries. Selling and marketing expenses increased 4% in the current year first quarter to
Operating income increased 7% to
For the first quarter of fiscal 2015, the bank systems and services segment revenue increased 9% to
Balance Sheet, Cash Flow, and Backlog Review
At
Cash provided by operations totaled
Three Months Ended |
|||||||
2014 |
2013 |
||||||
Net income |
$ |
52,762 |
$ |
49,788 |
|||
Non-cash expenses |
29,317 |
26,663 |
|||||
Change in receivables |
64,931 |
78,489 |
|||||
Change in deferred revenue |
(51,418) |
(52,165) |
|||||
Change in other assets and liabilities |
(2,444) |
(5,085) |
|||||
Net cash provided by operating activities |
$ |
93,148 |
$ |
97,690 |
According to
Cash used in investing activities for fiscal 2015 of
During fiscal 2015, 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 |
||||||||
2014 |
2013 |
|||||||||
REVENUE |
||||||||||
License |
$ |
13,610 |
$ |
11,779 |
16% |
|||||
Support and service |
292,454 |
269,544 |
8% |
|||||||
Hardware |
12,755 |
14,338 |
(11)% |
|||||||
Total |
318,819 |
295,661 |
8% |
|||||||
COST OF SALES |
||||||||||
Cost of license |
1,389 |
1,412 |
(2)% |
|||||||
Cost of support and service |
169,697 |
154,583 |
10% |
|||||||
Cost of hardware |
9,385 |
10,941 |
(14)% |
|||||||
Total |
180,471 |
166,936 |
8% |
|||||||
GROSS PROFIT |
138,348 |
128,725 |
7% |
|||||||
Gross Profit Margin |
43 |
% |
44 |
% |
||||||
OPERATING EXPENSES |
||||||||||
Selling and marketing |
22,408 |
21,458 |
4% |
|||||||
Research and development |
16,791 |
15,673 |
7% |
|||||||
General and administrative |
16,510 |
14,250 |
16% |
|||||||
Total |
55,709 |
51,381 |
8% |
|||||||
OPERATING INCOME |
82,639 |
77,344 |
7% |
|||||||
INTEREST INCOME (EXPENSE) |
||||||||||
Interest income |
57 |
131 |
(56)% |
|||||||
Interest expense |
(266) |
(280) |
(5)% |
|||||||
Total |
(209) |
(149) |
40% |
|||||||
INCOME BEFORE INCOME TAXES |
82,430 |
77,195 |
7% |
|||||||
PROVISION FOR INCOME TAXES |
29,668 |
27,407 |
8% |
|||||||
NET INCOME |
$ |
52,762 |
$ |
49,788 |
6% |
|||||
Diluted net income per share |
$ |
0.64 |
$ |
0.58 |
||||||
Diluted weighted average shares outstanding |
82,589 |
85,854 |
||||||||
Consolidated Balance Sheet Highlights (Unaudited) |
||||||||||
(In Thousands) |
|
%Change |
||||||||
2014 |
2013 |
|||||||||
Cash and cash equivalents |
$ |
39,402 |
$ |
181,787 |
(78)% |
|||||
Receivables |
159,110 |
152,624 |
4% |
|||||||
Total assets |
1,558,054 |
1,615,142 |
(4)% |
|||||||
Accounts payable and accrued expenses |
$ |
66,354 |
$ |
66,078 |
— % |
|||||
Current and long term debt |
11,005 |
17,990 |
(39)% |
|||||||
Deferred revenue |
269,569 |
252,432 |
7% |
|||||||
Stockholders' Equity |
1,011,919 |
1,104,781 |
(8)% |
SOURCE
News Provided by Acquire Media