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EPICOR PB 9 Februari
Epicor(R) Reports 2010 Fourth Quarter Results
Third Strongest Software Revenue Quarter in Company's History Helps Drive 17% Annual Organic Software Revenue Growth
IRVINE, CA, Feb 09, 2011 (MARKETWIRE via COMTEX) -- Epicor Software Corporation (NASDAQ: EPIC), a leading provider of enterprise business software solutions for the midmarket and divisions of Global 1000 companies, today reported financial results for its fourth quarter ended December 31, 2010. All results should be considered preliminary pending the Company's filing of its Annual Report on Form 10-K.
Epicor chairman, president and CEO George Klaus commented, "The 2010 fourth quarter was the third highest software license revenue quarter in Epicor's history, marking a solid finish to a year during which we organically grew software license revenues 17%, while adding more than 560 new name customers and driving free cash flow(1) in excess of $51 million.
"We believe the overall spending environment is improving and we are experiencing increasing demand throughout the world for our software solutions," Klaus said. "Our strong software pipelines held up throughout the quarter, even though some larger opportunities did not close at the end of Q4 as anticipated. The improving economic climate coupled with the expanded capabilities of Epicor 9 and our retail products, is leading to ever larger organizations looking to implement our solutions," he said. "As more large opportunities are added to our pipelines, we are faced with the dual task of trying to maximize the profitability of these transactions, while also managing the reality that these much larger companies will dictate the pace of the sales and closing process.
"In Q4," Klaus continued, "we experienced the benefit of these larger opportunities as the software average selling price for our top 10 wins was up sequentially by more than 10% over Q3, exceeding $500,000 dollars in software revenue alone. Additionally, our software license gross margins improved to the highest level in five quarters even though some large revenue opportunities slipped into 2011 as a few customers extended their expected closing process into 2011. These larger opportunities were not lost and some merely require finalizing negotiations. In fact, we have had a strong start to Q1 and have already closed some of these larger opportunities.
"As indicated by our 2011 first quarter guidance," Klaus concluded, "we are entering 2011 with strong momentum and we expect a strong quarter with software license revenues growing in excess of 20% over last year's first quarter."
Total revenue for the 2010 fourth quarter grew approximately 5% to $117.2 million, when compared to 2009 fourth quarter revenue of $111.9 million. 2010 fourth quarter GAAP net income was $4.4 million, or $0.07 per diluted share, compared to GAAP net income of $6.7 million, or $0.11 per diluted share in the 2009 fourth quarter. 2010 fourth quarter GAAP net income includes the impact of $1.6 million in restructuring and other charges related primarily to costs associated with the December 2010 acquisition of Spectrum Human Resource Systems Corporation (Spectrum), as well as workforce reductions and facilities adjustments due to an extension of expected vacancy periods. 2010 fourth quarter operations include a benefit of approximately $2.4 million to consulting cost of goods and $1.3 million dollars to research and development expense related to Epicor obtaining certification primarily for its 2009 operations under a program in the Province of Quebec, Canada designed to issue cash credits to encourage development of IT businesses in Quebec.
Non-GAAP(2) net income for the 2010 fourth quarter was $11.4 million, or $0.19 per diluted share, compared to non-GAAP net income of $11.1 million, or $0.19 per diluted share in the 2009 fourth quarter.
2010 Fourth Quarter Revenue by Segment: 2010 fourth quarter license revenue was $26.4 million, up 2% when compared to 2009 fourth quarter license revenue of $25.8 million. Consulting revenue grew 8% to $35.7 million in the 2010 fourth quarter, versus 2009 fourth quarter consulting revenue of $33.2 million. 2010 fourth quarter maintenance revenue was up 2% to $49.7 million when compared to 2009 fourth quarter maintenance revenue of $48.6 million. Hardware and other revenue for the 2010 fourth quarter was $5.5 million, up 24% when compared to hardware and other revenue of $4.4 million in the prior year's fourth quarter.
Balance Sheet Summary: The Company's balance sheet at December 31, 2010, after accounting for the acquisition of Spectrum, included cash and cash equivalents of $103.1 million. The balance sheet benefited from free cash flow of $15.6 million during the 2010 fourth quarter, which also enabled the Company to make a discretionary $10.0 million payment to reduce the outstanding balance on its credit facility during the 2010 fourth quarter. The Company's total outstanding debt as of December 31, 2010, consists primarily of $230 million in aggregate principal amount of the Company's 2.375% senior convertible notes (less a debt discount of $33.6 million) and $47.5 million in aggregate principal amount under the Company's credit facility, currently bearing an interest rate of approximately 5%.
Following the close of the 2010 fourth quarter, the Company made an additional discretionary $12.5 million payment to reduce the outstanding balance on its credit facility.
At the end of the 2010 fourth quarter, net accounts receivable was approximately $92.6 million. The Company had cash collections of approximately $131.0 million during the 2010 fourth quarter. Days sales outstanding (DSOs) in the 2010 fourth quarter were 73, down from 77 in the third quarter of 2010. Total deferred revenue at the end of the 2010 fourth quarter was $98.0 million.
Business Outlook: For Epicor's 2011 first quarter, total non-GAAP revenue is expected to be $110 to $113 million. Software license revenue for the 2011 first quarter is expected to be up more than 20% from the first quarter of 2010. The Company's recent acquisition of Spectrum is expected to contribute approximately $2.5 to $3.0 million in total revenue to Epicor's 2011 first quarter, approximately $200,000 to $300,000 of which is expected to be software license revenue. 2011 first quarter non-GAAP revenue expectations include approximately $600,000 in deferred revenue fair value adjustments recorded in the Spectrum acquisition. Non-GAAP earnings per diluted share(3) for the 2011 first quarter is expected to be $0.13 to $0.15. The Spectrum acquisition is not expected to have a meaningful impact on 2011 first quarter non-GAAP earnings per share.
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