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In a release, the company noted that summary financial results for the third quarter of 2008 are as follows:
- Total revenues for the period were $82.4 million, an increase of 32 percent over revenues of $62.5 million for the same period in 2007.
- Adjusted net income (non-GAAP) for the period, which excludes amortization of acquisition-related intangible assets, non-recurring items and employee stock compensation expense, was $6.0 million, or $0.18 per diluted share, a decrease of $0.3 million, or $0.01 per diluted share, compared to the same period in 2007.
- Net income for the period, which includes $2.1 million of non-recurring charges, was $1.6 million, or $0.05 per diluted share, a decrease of $1.3 million, or $0.04 per diluted share, compared to the same period in 2007.
- During the period, the Company recorded a charge of $2.1 million as a result of the restructuring of one of the Company's operating leases.
Summary year to date financial results for the nine month period ended September 30, are as follows:
- Total revenues for the period were $226.3 million, an increase of 24 percent over revenues of $182.9 million for the same period in 2007.
- Adjusted net income (non-GAAP) for the period, which excludes amortization of acquisition-related intangible assets, non-recurring items and employee stock compensation expense, was $18.4 million, or $0.55 per diluted share, an increase of $1.7 million, or $0.04 per diluted share, compared to the same period in 2007.
- Net income for the period, which includes $1.6 million of net non-recurring charges, was $9.1 million, or approximately $0.27 per diluted share, an increase of $1.8 million, or $0.05 per diluted share, compared to the same period in 2007.
- During the period, the Company recorded a charge of $2.1 million related to the restructuring of one of the Company's operating leases and a $0.4 million charge related to early termination penalties and write-off of debt costs resulting from the refinancing of a credit agreement. These charges were partially offset by the recording of a gain of $0.8 million as a result of entering into forward exchange contracts in preparation for the acquisitions of Quest Retail Technology and Orderman GmbH.
John Heyman, the Company's chief executive officer said, "We are pleased with another strong quarter in the face of a slowing economic environment. We continue to see good activity in our pipeline and deals getting closed and expect to see continued opportunities for growth in the business throughout the year and in 2009. We do see some softness in the market but feel that our overall business strength will allow us to grow revenue and profit through this period."
Heyman added, "Our solutions and business model, combined with high customer satisfaction, continue to allow us to gain market share. We bring a unique value proposition to our customers that helps drive revenue growth and operational efficiencies in their sites, delivering quick paybacks. This value is further enhanced because we offer our customers easy entry points through our subscription model and an incremental approach to investment."
"We have updated our guidance for the year reflecting our view of the risks in the current economic environment," said Mark Haidet, the Company's chief financial officer. "As we complete our planning for 2009 we have a stronger and much more diversified business given the investments we made this year. We are planning our cost structure around a more conservative view of the business next year and therefore feel we can continue to grow our profits and generate strong cash flow in a more moderate growth scenario."
The Company's guidance is as follows: Revenue Range (millions) Adjusted Earnings (non-GAAP) / Share Range
Quarter ending Dec. 31, $77 to $80 $.16 to $.18 Year ending Dec. 31, - Updated $304 to $307 $.71 to $.73 Year ending Dec. 31, - Previous $306 to $312 $.76 to $.80
Headquartered in Atlanta, Radiant Systems is a global provider of technology to the hospitality, retail and entertainment industries.
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