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HERZLIYA, Israel, October 29 /PRNewswire-FirstCall/ -- BluePhoenix Solutions (NASDAQ: BPHX - News), the leader in value-driven legacy modernization, today announced record financial results for the third quarter and nine month period ending September 30, 2007.
For the third quarter of 2007, BluePhoenix reported record revenues of $23.0 million, up 34% from $17.1 million in the third quarter of 2006, and up 9.4% as compared to $21.0 million in the prior quarter. This was the eleventh consecutive quarter of sequential growth.
Operating income on a Non-GAAP basis for the third quarter was a record $4.0 million, up 86% from $2.1 million in the third quarter of 2006 and up 27% from $3.1 million in the prior quarter. As a percentage of revenues, the Non-GAAP operating income for the third quarter was 17%.
Net income on a Non-GAAP basis for the third quarter was a record high of $3.4 million, or $0.18 per share, as compared to $1.7 million, or $0.12 per share, in the third quarter of 2006, and $2.8 million, or $0.16 per share, in the prior quarter. Non-GAAP Results Q3/2007 Q2/2007 Q3/2006 Sales 22,952 20,984 17,111 Operating profit 3,976 3,113 2,133 Net Income 3,413 2,830 1,678 GAAP Results Q3/2007 Q2/2007 Q3/2006 Sales 22,952 20,984 17,111 Operating profit 1,449 (594) 2,002 Net Income 742 (1,765) 1,242
The GAAP based net profit for the third quarter was $742,000, or $0.04 per share, as compared to a net profit of $1.2 million, or $0.09 per share, in the third quarter of 2006. Non-GAAP results exclude restructuring, acquisition related and integration charges, amortization and capitalization of intangible assets, the effect of stock-based compensation and non-cash financial expenses mainly related to convertible debentures. Reconciliation between GAAP and Non-GAAP operating results and net income is provided below.
"BluePhoenix is pleased to report great performance for the eleventh consecutive quarter, which reflects the ongoing adoption of our modernization solutions in the growing market," said Arik Kilman, CEO of BluePhoenix Solutions. "Our solutions continue to achieve broad market acceptance both amongst our customers as well as with our partners including market leaders such as Microsoft, Oracle, IBM and Sun. The excellent results we have achieved reflect an increase in demand for legacy modernization as legacy maintenance and support costs continue to rise and as the workforce of available professionals constricts even further. BluePhoenix is well positioned to meet this demand."
"BluePhoenix continues to pursue our acquisition strategy," continued Kilman. "During the quarter we successfully completed the acquisition of ASNA, the leading modernization company in the midrangeAS/400 and iSeries market. We are very excited about this opportunity and look forward to working closely with ASNA to provide solutions to the multitude of iSeries customers around the world who are facing the mounting challenge of modernizing their RPG-based applications."
Other Financial Highlights
Company cash flow from operating activities in the third quarter was $5.8 million;
Cash and cash equivalents increased to $24.3 million in September 2007 from $19.0 million in June 2007 and $11.6 million in December 2006;
Company financial debt is $34.0 million in September, 2007, compared to $30.8 million in June 2007 and $39.2 million in December 2006;
DSOs increased to 113 in the third quarter of 2007 from 110 in the second quarter of 2007 and 118 in the first quarter of 2007;
Shareholder''s equity increased by $22.6 million since December 31, 2006;-------------------------
The following business highlights were announced during the quarter:
- Acquisition of Amalgamated Software North America Inc. (ASNA), a private company based in San Antonio, Texas, which focuses on iSeries modernization solutions;
- Successful completion of a strategic upgrade project for Scarborough Building Society, migrating mainframe applications and an IDMS database to Microsoft SQL Server and .NET;
- Successful completion of major database and application migration from IMS DL/1 to DB2 environment for one of Italy''s major travel companies, Alpitour Group;
- Key $2.5m project win to convert Cool:Gen finance systems to COBOL/DB2 for a leading European bank;
- Enhanced solution for migrating mainframe customers to COBOL language environment (LE) helping customers resolve support challenge;
- Opened a new regional office in Seoul, South Korea as a base for marketing and sales in the region and to provide support and services to the Company''s growing Asian customer base;
Conference Call Details:
Arik Kilman, Chief Executive Officer, Varda Sagiv, Chief Financial Officer and David Leichner, Chief Marketing Officer will discuss the third quarter results and will be available to answer questions. The conference call will be held on Monday October 29th, 2007 at 10am EST (16:00 Israel Time).
Interested parties are welcome to call the telephone numbers listed below, five to ten minutes prior to the start of the conference call.
In the US: 800-230-1951 and outside the US: +1-612-332-0718.
Callers should reference "Third Quarter Results on October 29th, 2007" to the AT&T conference call operator.