TROY, NY—April 22, 2004—MapInfo Corporation today reported earnings per share of $US0.07 on revenue of $US31.4 million for the second quarter of fiscal 2004 ended March 31, 2004— the highest quarterly revenue in the company’s history. For the same quarter last year, the company reported a net loss $US0.05 per share, on $US27.1 million in revenue. Net income for the second quarter was $US1.1 million compared to a net loss of $US742,000 in the second quarter of fiscal 2003.
Financial highlights for the quarter include:
· Revenue growth in all target vertical markets: communications; public sector; retail; insurance and financial services.
· Operating income reached $US2.9 million, representing a nine per cent operating margin. This compares to a four per cent operating margin for the first quarter of fiscal 2004.
· Cash from operations grew by $US3.9 million during the quarter, bringing cash and investments to $US35.6 million as of March 31, 2004.
· Total deferred revenue stood at $US13.6 million at the end of the quarter, an increase of ten per cent over the prior fiscal year, the highest level in the company’s history.
“This quarter’s financial performance demonstrates the positive effects of the strategy we implemented in fiscal 2003 to deepen our presence in target vertical markets,” said Mark Cattini, president and chief executive officer. “In addition to producing revenue growth in the telecommunications, retail and public sector, we succeeded in closing several deals in the North American insurance market, building on last quarter’s ground-breaking agreement with a global insurance company. Importantly, we made solid progress rolling out the recently introduced Envinsa™ location platform to new customers in a variety of target vertical markets.”
“Reflecting the scalability of our operating model, the operating margin expanded over the first quarter, and we produced the fourth consecutive quarter of net profitability and year-over-year EPS growth,” added Cattini. “As we enter the second half of fiscal 2004, we intend to stay on course with our vertical market strategy. With sales, marketing and application development resources organised around target verticals, we believe MapInfo is well positioned to continue to benefit from IT spending conditions as they improve.”
At the beginning of fiscal 2004, MapInfo faced uncertainties about the rate of increase in IT spending. Since then, the company has experienced growth against a backdrop of a healthier-than-expected business climate, although some customers and prospects have remained cautious about making purchasing decisions. For the second half of the fiscal year, the company assumes a similar economic outlook for the IT spending environment as seen in the first half of the fiscal year offset by some ongoing unpredictability in the timing of sales cycles, and continued benefits of its vertical market focus.
For these reasons, and taking into account the better-than-expected performance in the first half of the year, MapInfo now expects full year revenue to be between $US123 million and $US125 million, operating margin for the year of around eight per cent resulting in EPS between $US0.28 and $US0.32 per share, excluding the dilutive effect of MapInfo’s equity offering completed on April 2, 2004. Taking into account the 4,312,500 shares issued in the equity offering, EPS for the year is expected to be between $US0.23 and $US0.26 per share. For the third quarter the company expects similar or slightly better results than the second quarter with revenue of approximately $US31.0 million, an operating margin in the range of seven to nine per cent and EPS between $US0.07 and $US0.09, excluding the dilutive effect of the offering, and $US0.06 and $US0.08 including the shares issued in the offering.
MapInfo believes that guidance for its third fiscal quarter and full fiscal year relative to earnings per share excluding the dilutive effect of its recently completed common stock offering is necessary and beneficial to understand MapInfo’s financial outlook on a comparative basis to guidance given in previous quarters. MapInfo expects any future EPS guidance to only include the dilutive effect of the offering.
The MapInfo Second Fiscal Quarter Earnings Conference Call will be held at 10:00AM (EDT) on Wednesday, April 21, 2004. The conference call will be Webcast live at http://www.vcall.com. An audio replay of the call will be available starting at 12:00N (EDT) on April 21, 2004 through 5:30 PM (EDT) on April 28, 2004. To access the recording, domestic callers may dial into 800-642-1687 and international callers may dial into 706-645-9291 (Code: 6817196). Replays of the Webcast are also available at http://www.vcall.com for 90 days following the call and at http://www.mapinfo.com/investors.
MapInfo Corporation is a global software company that integrates software, data and services to help customers realise greater value from location-based information and drive more insightful decisions. MapInfo solutions are available in 20 languages through a network of strategic partners and distribution channels in 60 countries. Headquartered in Troy, NY, MapInfo Corporation is on the World Wide Web at .http://www.mapinfo.com/
Statements in this press release regarding MapInfo’s future financial performance, including statements regarding future revenue and earnings per share, statements regarding the broadening of usage of MapInfo’s products in targeted vertical markets, statements regarding future trends in IT spending, statements regarding the prospects of favourable business conditions, and any other statements about management's future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. MapInfo’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including those factors contained in the Company’s registration statement on Form S-3 (File No. 333-113029) under the section "Risk Factors” as well as other documents that may be filed by MapInfo from time to time with the Securities and Exchange Commission. Forward-looking statements can be identified by forward-looking words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “should”, “will”, and “would” or similar words. MapInfo assumes no obligations to update the information included in this press release.
Contacts: Kristy Bryan MapInfo Asia Pacific Tel: (612) 8925 7323 Email: firstname.lastname@example.org
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