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"While there is emerging consensus that the global economy is on the mend, companies remain cautious about their IT spending," said Pete Cittadini, President and CEO of Actuate. "We continue to focus on our open source and BIRT strategic initiatives and on growing the adoption of BIRT-related Rich Information Applications, which we believe create differentiation for Actuate in the marketplace. We are pleased to see that this quarter marked a record for BIRT related business, which continues to indicate that our BIRT strategy is working."
In a release dated October 29, the company stated:
- Revenues for the third quarter of 2009 were $29.4 million, compared with $33.7 million in the third quarter of 2008. License revenues for the third quarter of 2009 were $8.6 million, compared with $10.0 million in the year-ago quarter. Maintenance revenues for the quarter were $19.4 million, compared with $20.4 million reported in the same quarter last year. Professional services revenues for the third quarter of 2009 totaled $1.4 million, compared with $3.3 million in the third quarter of 2008.
- Operating income, as reported in accordance with U.S. generally accepted accounting principles (GAAP), was $4.3 million for the third quarter of 2009, compared with $3.4 million in the third quarter of 2008. Net income for the third quarter of 2009, as reported in accordance with U.S. generally accepted accounting principles (GAAP), was $3.1 million, or $0.06 per diluted share, compared with net income of $3.1 million or $0.05 per diluted share in the third quarter of 2008.
- Cash used in operations was $1.4 million for the third quarter of 2009. Cash, cash equivalents and investments totaled $70.3 million on September 30, compared with $58.4 million as of December 31, 2008. For the nine months ended September 30, cash flow from operations totaled $11.7 million. During the third quarter, the company successfully completed a $10 million stock repurchase program.
Non-GAAP net income for the third quarter of 2009 was $4.4 million, or $0.09 per diluted share, compared with non-GAAP net income of $5.3 million, or $0.08 per diluted share in the third quarter of 2008. Non-GAAP operating margin for the third quarter of 2009 was 21.3 percent, compared with 20.6 percent in the same period last year. For the nine months ended September 30, non-GAAP operating margins were 20.3 percent compared with 15.8 percent in the same period last year.
During the third quarter, Actuate received new and repeat business, including: Cigna, Deltek, Dexia Asset Management, Eastern Province Municipality (UK), Federal Home Loan Bank of Atlanta, Infor Global Solutions, MetLife, Nomura International, Oracle, Sircon, State Street, U. S. Army Corps of Engineers - Huntington, U.S. Army Installation Management Command (IMCOM), U.S. Food and Drug Administration, Wells Fargo & Company, and XLSoft.
BIRT is a development environment for Rich Information Applications that present data in ways via the web on any device.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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