Informatica Reports Record Second Quarter Results

Sunday, 20 July 2008 19:00

Informatica Corporation (NASDAQ: INFA), the leading independent provider of enterprise data integration software and services, today announced financial results for the second quarter ended June 30, 2008.

Revenues for the second quarter of 2008 were US$113.8 million, up 21 percent from the US$94.3 million recorded in the second quarter of 2007. License revenues for the second quarter were US$48.5 million, up 16 percent from the US$41.8 million recorded in the second quarter of 2007. Net income for the second quarter, calculated in accordance with U.S. generally accepted accounting principles (GAAP), was US$11.5 million or US$0.12 per diluted share, up more than 9 percent from net income of US$10.5 million or US$0.11 per diluted share in the second quarter of 2007. For the three-month periods ended June 30, 2007 and June 30, 2008, earnings per diluted share is calculated on an “if converted” basis, including the add-back of US$1.1 million of interest and convertible notes issuance cost amortisation, net of income taxes.

Non-GAAP net income for the second quarter of 2008 was US$16.7 million or US$0.17 per diluted share, up more than 6 percent from US$15.6 million or US$0.16 per diluted share in the second quarter of 2007. Non-GAAP net income excludes charges related to purchased in-process research and development, share-based payments, facilities restructurings and the amortisation of acquired technology and intangible assets.

For the six-month period ended June 30, 2008, revenues were US$217.5 million, an increase of 20 percent from the US$181.4 million recorded for the first six months of 2007. License revenues for the first six months of 2008 were US$92.7 million, up 17 percent from US$79.4 million in the first six months of 2007. GAAP net income for the first six months of 2008 was US$22.7 million or US$0.24 per diluted share, up over 14 percent versus US$19.6 million or US$0.21 per diluted share in the first six months of 2007. Non-GAAP net income for the first six months of 2008 was US$32.4 million or US$0.33 per diluted share, up over 6 percent versus US$30.0 million or US$0.31 per diluted share in the first six months of 2007. For the six-month periods ended June 30, 2007 and June 30, 2008, earnings per diluted share is calculated on an “if converted” basis, including the add-back of US$2.2 million of interest and convertible notes issuance cost amortisation, net of income taxes.

“We are pleased with our record second quarter results” said Sohaib Abbasi, chairman and CEO of Informatica. “These results further highlight that our value proposition for IT organisations to “do more with less” has promoted even broader customer adoption of our products and services in the current macroeconomic environment.”

Significant milestones achieved since April 2008 include:

- Signed repeat business with 239 customers. Customers continue to derive considerable value from their investments in Informatica solutions. Repeat customers included Advanced Micro Devices, Affymetrix, Chinatrust Commercial Bank, Deutsche Post, OAO Vimpelcom, State of Rhode Island, Taiwan Futures Exchange, and Virgin Media.
- Added 287 new customers. Informatica increased its customer base this quarter to 3,313 companies including 68 new Informatica customers and 219 customers added through the Identity Systems acquisition. New customers include Alameda Alliance for Health, Allergan, Capita Life & Pensions Services, NAL Resources Management, National Oilwell Varco, Servico Federal de Processamento de Dada, and Syndicate Bank.
- Launched Informatica 8.6. Advancing leadership in data integration and data quality, Informatica announced the first comprehensive, unified, and open platform for data integration, Informatica 8.6. This latest release delivers new product and Software-as-a-Service offerings including PowerCenter Real Time Edition, On-Demand Data Loader Service, B2B Data Exchange, and Data Quality with identity resolution. This comprehensive platform addresses the complete range of data integration requirements within the enterprise and beyond.
- Completed Acquisition of Identity Systems, a global leader in identity resolution technology. Identity resolution enables precise identity search and matching to find all the required critical information for an individual or organisation. This strategic acquisition will extend Informatica products with innovative technology to search, match and resolve identity data about a variety of objects including people, companies and products.
- Launched Informatica On Demand Data Loader Service for Salesforce. The newest addition to its Software as a Service (SaaS) offerings, the IOD Data Loader Service, is a bi-directional integration offering that allows Salesforce administrators to automate many Salesforce integration processes such as synchronising account information with other applications, creating back office orders from closed opportunities, and loading leads.
- Announced Innovation Awards. Informatica hosted the tenth annual Informatica World Conference in Las Vegas, Nevada. At the event, Bank of America, Deutsche Post, Duke Energy, KPN, Paramount, and Virgin Media were among the customers honored with Innovation Awards for their innovative application of Informatica technologies to drive business advantage.
- Recognised in the "Leaders" Quadrant in the Gartner Data Quality Tools Magic Quadrant. According to Gartner, “leaders in the market demonstrate strength across a complete range of data quality functionality, including profiling, parsing, standardisation, matching, validation and enrichment. They exhibit a clear understanding and vision of where the market is headed, including recognition of non-customer data quality issues and the delivery of enterprise-level data quality implementations. Leaders have an established market presence, significant size and a multinational presence.”

Announced Planned Retirement of Girish Pancha by the End of 2008
Girish Pancha, executive vice president and general manager, data integration, announced his plan to retire by the end of 2008. Pancha will continue his responsibilities at Informatica through his transition and will work with CEO Sohaib Abbasi to ensure a smooth transfer of his daily responsibilities and management of the business unit.