Bottomline Technologies Reports First Quarter Results; Core EPS $.27

Bottomline Technologies EPAY today reported financial results for the first quarter ended September 30, 2010. Revenues for the first quarter were $42.0 million, an increase of $5.5 million, or 15%, from the first quarter of last year. Subscriptions and transactions revenue increased 39% from the first quarter of last year to $11.5 million. Gross margin for the first quarter was $23.5 million, an increase of $2.4 million from the first quarter of last year. Net income for the first quarter was $2.7 million, or diluted net income per share of $0.08. Core net income for the first quarter was $8.6 million after excluding acquisition-related expenses of $3.3 million and equity-based compensation of $2.6 million. Core net income increased $1.8 million, or 26%, from the first quarter of last year. Core earnings per share was $0.27.