Market Overview

TIBCO Software Grows Total Revenue by 23% Over Q4 2009 (TIBX)


Shares of TIBCO Software Inc. (NASDAQ: TIBX) are spiking much higher in post-market trading today as TIBCO announced results for its fourth quarter and fiscal year, which ended on November 30, 2010.

Total revenue for the fourth quarter of fiscal 2010 was $241.2 million and net income was $37.5 million, or $0.22 per diluted share. This compares to total revenue of $195.6 million and net income of $31.7 million, or $0.18 per diluted share, as reported for the fourth quarter of fiscal 2009.

On a non-GAAP basis, net income for the fourth quarter of fiscal 2010 was $53.8 million or $0.31 per diluted share, compared with $39.2 million or $0.23 per diluted share for the fourth quarter of fiscal 2009. Non-GAAP operating income for the fourth quarter of fiscal 2010 was $76.2 million, resulting in a non-GAAP operating margin of 32%. This compares to non-GAAP operating income of $58.3 million, or a 30% non-GAAP operating margin in the fourth quarter of fiscal 2009. Non-GAAP results exclude stock-based compensation expense, amortization of acquired intangible assets, acquisition related and other expenses and restructuring activities and assume a non-GAAP effective tax rate of 30% for fiscal 2010 and 32% for fiscal 2009.

"TIBCO turned in an excellent year in 2010 -- demonstrating our innovation leadership, broadening our business model, and delivering substantially higher growth and profit to our shareholders," said Vivek Ranadivé, TIBCO's chairman and chief executive officer. "As we turn to 2011, we are in an excellent position to benefit from three key trends in enterprise IT: mobility, cloud computing and real-time information. These trends are generating massive amounts of data and increasing IT complexity, which plays to our core strengths of simplifying systems deployment and integration and distilling insight from disparate pools of information."

Fourth Quarter Fiscal 2010 Highlights

-- Record quarterly total revenue of $241.2 million;
-- License revenue was $114.7 million;
-- Non-GAAP operating margin was 32%;
-- Repurchased 5.8 million shares;
-- Strong mix of business across major industries including Financial
Services, Telecommunications, Energy, Government, Manufacturing,
Transportation & Logistics, and Life Sciences;
-- TIBCO closed 164 deals over $100k and had 25 deals over $1 million; and
-- TIBCO expanded its business with leading companies and agencies in the
fourth quarter such as ConEdison Solutions, The Cooper Companies,
DekaBank, Ingram Book Group, MGM Resorts International Operations,
Macy's, Metcash Trading Limited, Orient Overseas Container Line, and
Shinhan Bank.

Full Year Fiscal 2010 Highlights

-- Total revenue of $754.0 million;
-- Non-GAAP operating margin was 25%;
-- Record non-GAAP EPS of $0.76, vs. $0.55 for fiscal 2009;
-- Cash flow from operations of $148.8 million; and
-- Repurchased 15.1 million shares.

Posted-In: Earnings News


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