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FileNet Reports Second Quarter Revenues of US$ 117.1 million - FileNet Corporation (NASDAQ: FILE), the leading provider of Enterprise Content and Business Process Management solutions, recently announced financial results for its second quarter ended June 30, 2006.
FileNet Reports Second Quarter Revenues of US$ 117.1 million

 

NewswireToday - /newswire/ - Dubai, UAE, United Arab Emirates, 2006/08/26 - FileNet Corporation (NASDAQ: FILE), the leading provider of Enterprise Content and Business Process Management solutions, recently announced financial results for its second quarter ended June 30, 2006..

   
 
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Total revenues for the second quarter of 2006 were $117.1 million compared to total revenues of $104.6 million for the same period in 2005. Software revenues for the second quarter of 2006 were $48.3 million compared to $40.6 million for the same period in 2005.

Net income was $11.1 million in the second quarter of 2006 and includes equity-based compensation expense, net of tax, of $3.4 million. Net income for the second quarter of 2005 was $8.7 million and includes equity-based compensation expense for non-vested stock grants, net of tax, of $0.3 million. Earnings per basic and diluted share were $0.26 for the second quarter of 2006 and include all equity-based compensation expense (for stock options and non-vested shares) of $0.07 per share. This compares to earnings per basic and diluted share of $0.21, for the second quarter of 2005. Net income prior to 2006 did not include employee equity-based compensation expense for stock options, but did include compensation expense for non-vested shares.

In addition to GAAP results, FileNet is reporting net income and net income per share excluding equity-based compensation expense, referred to respectively as “non-GAAP net income” and “non-GAAP net income per share.” A further discussion of these non-GAAP financial measures and reconciliations to comparable GAAP measures for the three months ended June 30, 2006 and 2005 appear in the GAAP to Non-GAAP reconciliation found below.

Non-GAAP net income for the second quarter of 2006 was $14.5 million, or $0.33 per diluted share. Non-GAAP net income for the second quarter of 2005 was $9.0 million, or $0.21 per diluted share.

As of June 30, 2006, FileNet had cash and investments of $451.8 million, compared to $392.0 million at December 31, 2005. The company has no long-term debt.

“Our solid performance in the quarter - including record revenues and strong growth in non-GAAP operating income - was driven by global demand for our FileNet P8 offering,” said Lee Roberts, Chairman and CEO of FileNet. “Looking forward, we remain focused on capitalizing and delivering on our long-term strategy of expanded market leadership.”

 
 
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FileNet Reports Second Quarter Revenues of US$ 117.1 million

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