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Kofax Reports Financial Results for Its First Quarter Ended September 30, 2012

Kofax plc (LSE: KFX), a leading provider of Capture Enabled BPM™ (business process management) solutions, today reported its unaudited financial results for the quarter ended September 30, 2012.

First Quarter Financial Highlights:

  • Total revenues for the quarter grew 2.8% to $60.1 million (Prior Year: $58.5 million) but declined 0.8% in OCC
  • Software license revenues for the quarter decreased 8.8% to $22.1 million (Prior Year: $24.3 million) or -10.0% in organic constant currency (OCC)
  • Adjusted income from operations1 (Adjusted EBITDA) for the quarter was approximately equal to the Prior Year at $6.2 million, or a 10.3% margin (Prior Year: 10.7%)
  • Adjusted diluted EPS2 for the quarter was approximately equal to the Prior Year at $0.04
  • Adjusted cash generated from operations for the quarter increased to $11.3 million (Prior Year: -$0.4 million)
  • Quarter end cash was $90.3 million (Prior Year: $92.5 million)

First Quarter Operating Highlights:

  • Announced the availability of a free Kofax Mobile Capture app through the iTunes App Store and Google Play for demonstration and use with business cards, receipts and other documents
  • The Association for Information and Image Management (AIIM) published a report entitled “Distributed and Mobile Capture – Moving the Process Closer to the Customer,” which contained the results of a survey revealing that mobile capture is considered a "Game Changer" for customer focused initiatives
  • Kofax Web Capture™ was named to KMWorld Magazine’s prestigious listing of “Trend Setting Products of 2012”
  • Chief executive officer Reynolds C. Bish was honored at the 2012 British American Business Awards for leadership in the Southern California business community
  • Kofax was added to the FTSE4Good Index Series, a family of share indexes for companies meeting globally recognized corporate responsibility standards

A summary of Kofax’s revenue and adjusted EBITDA for the first quarter compared to the prior year period is as follows:

        First Quarter
Unaudited       Y/Y     In
$M Change OCC
Software Licenses 22.1 -8.8% -10.0%
Maintenance Services 29.9 8.2% 8.7%
Professional Services 8.1 22.2% -6.5%
Total Revenues 60.1 2.8% -0.8%

Adjusted EBITDA1

6.2 -0.6%

Margin

10.3% -3.3%
 
Adjusted Diluted EPS2 0.04 0.0%  
 

Commenting on these results, Reynolds C. Bish, Chief Executive Officer, said: “Our first quarter produced seasonally weak software license and professional service revenues and continuing growth in maintenance service revenues due to increasing renewal rates with total revenues being consistent with historical trends. This was accomplished during a quarter in which we changed our head of global sales and services in order to strengthen leadership in those areas and began implementing initiatives to gradually improve sales execution and productivity. We’re therefore pleased to report essentially the same EBITDA as that realized in the prior year period and strong cash generated from operations.”

Bish continued: ”We remain aware of the unpredictable global macroeconomic conditions and recessionary environments in many Western European countries, but these continue to be in line with our previous expectations. As a result, we are reaffirming our guidance for all of fiscal year 2013, which is for mid to high single digit total revenue growth on a constant currency basis and an adjusted EBITDA margin of at least that reported in fiscal year 2012.”

Conference Call

Reynolds C. Bish and Chief Financial Officer Jamie Arnold will review the results and conduct a question and answer session via teleconference on November 6 at 8:00 am UK time. A telephonic replay of the teleconference will be available by 1:00 pm UK time on November 6. These can be accessed as follows:

          Live Call         Replay         Access Code
U.K.         +44 (0) 1452 555566         +44 (0) 1452 550000         40728269#
U.S.         (866) 966-9439         (866) 247-4222         40728269#
                       

A transcript and MP3 recording of the call will be available at http://www.kofax.com/investors/presentations.php on November 7.

About Kofax

Kofax plc (LSE: KFX) is a leading provider of Capture Enabled BPMTM solutions. These award winning solutions capture and streamline the flow of business critical information throughout an organization in a more accurate, timely and cost effective manner, enabling our customers to be more responsive to their constituents and better grow their businesses. Kofax solutions provide a rapid return on investment to more than 20,000 customers in banking, insurance, government, healthcare, business process outsourcing and other markets. Kofax delivers these solutions through its own sales and service organization, and a global network of more than 800 authorized partners in more than 75 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit kofax.com.

1. Adjusted income from operations (Adjusted EBITDA) is IFRS based income from operations excluding the effects of share-based payment expense, depreciation expense, amortization of acquired intangible assets, acquisition related costs, restructuring costs and other operating expense, net.

2. Adjusted diluted EPS is calculated using adjusted income from operations (Adjusted EBITDA) reduced by depreciation and income taxes and fully diluted shares outstanding.

© 2012 Kofax, plc. “Kofax”, “Capture Enabled BPM” and “TotalAgility” are trademarks of Kofax, plc.

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