Interactive Intelligence (Nasdaq: ININ), a global provider of unified IP business communications solutions, has announced operating results for the three months ended 31 March 2009.
The company reported revenue of $29.5 million, equal to the revenue for the first quarter of 2008.
Net income, on a generally accepted accounting principles (GAAP) basis, was $1.2 million, or diluted earnings per share (EPS) of $0.07, compared to $1.1 million, or EPS of $0.06 in the first quarter of 2008. Net income on a non-GAAP* basis was $2.9 million, or EPS of $0.16, compared to $2.9 million, or EPS of $0.15 for the same quarter of last year.
Cash and investment balances as of 31 March 2009 totalled $49.8 million with no debt.
“Although product revenues were a challenge in the first quarter of 2009, we had a number of positive outcomes,” said Interactive Intelligence founder and CEO, Dr Donald E Brown. “Our services revenues, including communications-as-a-service and managed services, showed strong growth and non-GAAP operating income was up 30%. Cash and investments increased nicely to nearly $50 million.
“Despite the cautious buying market, our performance enables continued focus on the long-term initiatives of our company, including the development and launch of our process automation solution, and further expansion of our services business.”
Additional first quarter operating results include:
* Consistent gross margins of 69% for 2009 and 2008;
* GAAP operating income of $2.3 million in 2009, compared to $1.5 million in 2008;
* Non-GAAP operating income of $3.1 million in 2009, compared to $2.4 million in 2008;
* Interest income of $108 000 in 2009, compared to $459 000 in 2008;
* Other expense principally related to foreign exchange losses on receivables of $298 000 in 2009, compared to a gain of $97 000 in 2008; and
* Cash flows from operations of $4.4 million in 2009, compared to $5.3 million in 2008.
Non-GAAP net income and EPS exclude charges for stock-based compensation of $847 000, or EPS of $0.05, and non-cash income tax expense of approximately $799 000, or EPS of $0.04 for the first quarter of 2009 and charges for stock-based compensation of $932 000, or EPS of $0.05, and non-cash income tax expense of $821 000, or EPS of $0.04 for the first quarter of 2008.
Non-financial highlights from the first quarter of 2009 include the following:
* Positioned in “Leaders' Quadrant” of the Gartner 2008 Contact Centre Infrastructure, Worldwide Magic Quadrant report;
* Rated “Top Unified Communications Vendor” by North American contact centres in the Datamonitor 2008 Contact Centre Investments in Developed Markets report;
* Received “Product of the Year” awards from Customer Interaction Solutions and INTERNET TELEPHONY magazines;
* Launched new communications system monitoring product to help customers improve operational efficiencies and increase reliability;
* Launched new packaged, fixed-price services;
* Announced integration with IBM Lotus Sametime; and
* Launched new “Unified IP Business Communications Technology” blog to reinforce industry thought-leadership and strengthen customer relationships.
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