Interactive Intelligence (Nasdaq: ININ), a global provider of
unified IP business communications solutions, has announced
operating results for the three months ended March 31, 2009.
The company reported revenues of $29.5 million, equal to the
revenues for the first quarter of 2008.
Net income, on a generally accepted accounting principles (GAAP)
basis, was $1.2 million, or diluted earnings per share (EPS) of
$0.07, compared to $1.1 million, or EPS of $0.06 in the first
quarter of 2008. Net income on a non-GAAP* basis was $2.9 million,
or EPS of $0.16, compared to $2.9 million, or EPS of $0.15 for the
same quarter of last year.
Cash and investment balances as of March 31, 2009 totaled $49.8
million with no debt.
�Although product revenues were a challenge in the first quarter
of 2009, we had a number of positive outcomes,� said Interactive
Intelligence founder and CEO, Dr. Donald E. Brown. �Our services
revenues, including communications-as-a-service and managed
services, showed strong growth and non-GAAP operating income was up
30 percent. Cash and investments increased nicely to nearly $50
million.
�Despite the cautious buying market, our performance enables
continued focus on the long-term initiatives of our company,
including the development and launch of our process automation
solution, and further expansion of our services business.�
Additional first quarter operating results include:
- Consistent gross margins of 69
percent for 2009 and 2008;
- GAAP operating income of $2.3
million in 2009, compared to $1.5 million in 2008;
- Non-GAAP operating income of
$3.1 million in 2009, compared to $2.4 million in 2008;
- Interest income of $108,000 in
2009, compared to $459,000 in 2008;
- Other expense principally
related to foreign exchange losses on receivables of $298,000 in
2009, compared to a gain of $97,000 in 2008; and
- Cash flows from operations of
$4.4 million in 2009, compared to $5.3 million in 2008.
Non-GAAP net income and EPS exclude charges for stock-based
compensation of $847,000, or EPS of $0.05, and non-cash income tax
expense of approximately $799,000, or EPS of $0.04 for the first
quarter of 2009 and charges for stock-based compensation of
$932,000, or EPS of $0.05, and non-cash income tax expense of
$821,000, or EPS of $0.04 for the first quarter of 2008.
Non-financial highlights from the first quarter of 2009 include
the following:
- Positioned in �Leaders Quadrant�
of the Gartner 2008 Contact Center Infrastructure, Worldwide Magic
Quadrant report;
- Rated �Top Unified
Communications Vendor� by North American contact centers in the
Datamonitor 2008 Contact Center Investments in Developed Markets
report;
- Received �Product of the Year�
awards from Customer Interaction Solutions and INTERNET TELEPHONY
magazines;
- Launched new communications
system monitoring product to help customers improve operational
efficiencies and increase reliability;
- Launched new packaged,
fixed-price services;
- Announced integration with IBM
Lotus Sametime; and
- Launched new �Unified IP
Business Communications Technology� blog to reinforce industry
thought-leadership and strengthen customer relationships.
Interactive Intelligence will host a conference call April 27 at
4:30 p.m. Eastern Time (EDT), featuring Dr. Brown and the company�s
CFO, Stephen R. Head. There will be a live Q&A session
following opening remarks.
To access the teleconference, please dial 1 877.857.6161 at
least five minutes prior to the start of the call. Ask for the
teleconference by the following name: "Interactive Intelligence
first quarter earnings call."
The teleconference will also be broadcast live on the company's
investor relations' page at http://investors.inin.com. An archive
of the teleconference will be posted following the call.
About Interactive Intelligence
Interactive Intelligence Inc. (Nasdaq: ININ) is a global
provider of unified business communications solutions for contact
center automation, enterprise IP telephony, and enterprise
messaging. The company was founded in 1994 and has more than 3,000
customers worldwide. Interactive Intelligence is among Software
Magazine�s top 500 global software and services suppliers, is
ranked among NetworkWorld�s top 200 North American networking
vendors, is a BusinessWeek �hot growth 50� company, and is among
FORTUNE Small Business magazine�s top 100 fastest growing
companies. The company is also positioned in the leaders quadrant
of the Gartner 2008 Contact Center Infrastructure, Worldwide Magic
Quadrant report. Interactive Intelligence employs approximately 600
people and is headquartered in Indianapolis, Indiana. It has six
global corporate offices with additional sales offices throughout
North America, Europe, Middle East, Africa and Asia Pacific.
Interactive Intelligence can be reached at +1 317.872.3000 or
info@inin.com; on the Net: http://www.inin.com.
* Non-GAAP Measures
The non-GAAP measures shown in this release exclude non-cash
stock-based compensation expense for stock options and non-cash
income tax expense. Reconciliations of these non-GAAP measures to
the most directly comparable GAAP measures are included after the
financial information included in this press release. These
measures are not in accordance with, or an alternative for, GAAP
and may be different from non-GAAP measures used by other
companies. Stock-based compensation expense is non-cash and income
tax expense is primarily non-cash. Management believes that the
presentation of non-GAAP results, when shown in conjunction with
corresponding GAAP measures, provides useful information to
management and investors regarding financial and business trends
related to the company�s results of operations. Further, management
believes that these non-GAAP measures improve management�s and
investors� ability to compare the company�s financial performance
with other companies in the technology industry and Interactive
Intelligence�s management uses these non-GAAP results to compare
its performance to its peers in the software industry. Because
stock-based compensation expense and non-cash income tax expense
amounts can vary significantly between companies, it is useful to
compare results excluding these amounts. Management also uses
financial statements that exclude stock-based compensation expense
related to stock options and non-cash income tax amounts for its
internal budgets.
This release contains certain forward-looking statements that
involve a number of risks and uncertainties. Among the factors that
could cause actual results to differ materially are the following:
rapid technological changes in the industry; the company's ability
to maintain profitability; to manage successfully its growth and
increasingly complex third-party relationships; to maintain
successful relationships with its current and any new partners; to
maintain and improve its current products; to develop new products;
to protect its proprietary rights adequately; and other factors
described in the company's SEC filings, including the company's
latest annual report on Form 10-K.
Interactive Intelligence Inc. is the owner of the marks
INTERACTIVE INTELLIGENCE, its associated LOGO and numerous other
marks. All other trademarks mentioned in this document are the
property of their respective owners.
�
Interactive Intelligence, Inc. Condensed Consolidated
Statements of Income (in thousands, except per share
amounts) Unaudited � � �
Three Months Ended
March 31, 2009 2008 Revenues: Product $ 13,050
$ 14,845 Services � 16,426 � � 14,638 � Total revenues � 29,476 � �
29,483 � Costs of revenues: Product 3,528 3,130 Services � 5,502 �
� 5,897 � Total cost of revenues � 9,030 � � 9,027 � Gross profit �
20,446 � � 20,456 � Operating expenses: Sales and marketing 9,233
10,178 Research and development 5,626 4,965 General and
administrative � 3,296 � � 3,827 � Total operating expenses �
18,155 � � 18,970 � Operating income 2,291 1,486 Other income
(expense): Interest income, net 108 459 Other income (expense) �
(298 ) � 97 � Total other income (expense) � (190 ) � 556 � Income
before income taxes 2,101 2,042 Income tax expense � (878 ) � (925
) Net income $ 1,223 � $ 1,117 � � Net income per share: Basic $
0.07 $ 0.06 Diluted 0.07 0.06 � Shares used to compute net income
per share: Basic 16,948 17,940 Diluted 17,635 19,216 � �
Interactive Intelligence, Inc. Reconciliation of
Supplemental Financial Information (in thousands, except per
share amounts) Unaudited � �
Three Months Ended
March 31, 2009 2008 �
Net income, as
reported $ 1,223 $ 1,117 Non-cash stock-based compensation
expense: Cost of services 65 72 Sales and marketing 308 362
Research and development 245 208 General and administrative � 229 �
290 Total � 847 � 932 Non-cash income tax benefit � 799 � 821
Non-GAAP net income $ 2,869 $ 2,870 �
Operating income,
as reported $ 2,291 $ 1,486 Non-cash stock-based compensation
expense � 847 � 932
Non-GAAP operating income $ 3,138 $
2,418 �
Diluted EPS, as reported $ 0.07 $ 0.06 Non-cash
stock-based compensation expense 0.05 0.05 Non-cash income tax
expense � 0.04 � 0.04
Non-GAAP diluted EPS $ 0.16 $ 0.15 � �
Interactive Intelligence, Inc. Condensed Consolidated
Balance Sheets (in thousands) � � � �
March 31,
December 31, 2009 2008 (unaudited)
Assets Current assets: Cash and cash equivalents $ 45,930 $
34,705 Short-term investments 3,901 10,805 Accounts receivable, net
23,318 27,533 Deferred tax assets, net 6,017 6,017 Prepaid expenses
5,064 5,507 Other current assets � 2,812 � � 1,995 � Total current
assets 87,042 86,562 Property and equipment, net 10,024 10,762
Deferred tax assets, net 4,466 5,136 Other assets, net � 2,651 � �
2,723 � Total assets $ 104,183 � $ 105,183 � �
Liabilities and
Shareholders' Equity Current liabilities: Accounts payable and
accrued liabilities $ 10,161 $ 11,361 Accrued compensation and
related expenses 2,529 3,486 Deferred product revenues 4,273 4,754
Deferred services revenues � 31,434 � � 31,457 � Total current
liabilities 48,397 51,058 Noncurrent deferred revenue � 6,287 � �
6,878 � Total liabilities � 54,684 � � 57,936 � � Shareholders'
equity: Preferred stock - - Common stock 170 169 Treasury stock
(9,505 ) (9,714 ) Additional paid-in-capital 84,522 83,604
Accumulated deficit � (25,688 ) � (26,812 ) Total shareholders'
equity � 49,499 � � 47,247 � Total liabilities and shareholders'
equity $ 104,183 � $ 105,183 � � �
Interactive Intelligence,
Inc. Condensed Consolidated Statements of Cash Flows
(in thousands) Unaudited � � � �
Year Ended
March 31, 2009 2008 �
Operating
activities: Net income $ 1,223 $ 1,117
Adjustments to reconcile net
income to net cash provided by operating activities:
Depreciation 1,055 795 Stock-based compensation expense 847 932
Deferred income tax 670 821 Accretion of investment income 5 (4 )
Changes in operating assets and liabilities: Accounts receivable
4,215 154 Prepaid expenses 443 (782 ) Other current assets (817 )
159 Other assets 72 32 Accounts payable and accrued liabilities
(1,251 ) 1,871 Accrued compensation and related expenses (957 )
(1,056 ) Deferred product revenues (413 ) 116 Deferred services
revenues � (682 ) � 1,190 � Net cash provided by operating
activities � 4,410 � � 5,345 � �
Investing activities: Sales
of available-for-sale investments 7,800 11,200 Purchases of
available-for-sale investments (897 ) (6,604 ) Purchases of
property and equipment (266 ) (2,583 ) Unrealized loss on
investment � (2 ) � - � Net cash provided by investing activities �
6,635 � � 2,013 � �
Financing activities: Proceeds from
stock options exercised 111 282 Proceeds from issuance of common
stock � 69 � � 62 � Net cash provided by financing activities � 180
� � 344 � Net increase in cash and cash equivalents 11,225 7,702
Cash and cash equivalents, beginning of period � 34,705 � � 29,359
� Cash and cash equivalents, end of period $ 45,930 � $ 37,061 � �
Cash paid during the period for: Income taxes $ 150 $ 128 �
Other non-cash item: Purchases of property and equipment
payable at end of period $ (51 ) $ (477 ) �
ININ-G
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