Go BackIntervoice announces fourth fiscal quarter and full fiscal year 2008 results
Intervoice, Inc reported revenues of $53.1 million for its fourth fiscal quarter ended February 29, 2008, an increase of 12 percent from $47.4 million posted in the same quarter of the prior year. Full fiscal year revenues were $202.4 million, an increase of 3 percent from $196.3 million in the prior year. The Company's solutions backlog of $65.7 million at February 29, 2008 was up 21 percent from $54.1 million at the end of the fourth quarter of the prior year, and up 18 percent from $55.9 million at the end of the third quarter of fiscal 2008.
"We announced several significant orders during our fourth fiscal quarter which confirm that we have made the right strategic investments in new IP-based products and services," said Bob Ritchey, the Company's CEO. "Based on our strong solutions bookings which were the highest in over 24 quarters, I believe the Company's long-term outlook continues to be favorable. I currently believe revenues for the first quarter of fiscal 2009 will be in the $51 million to $55 million range. I look forward to discussing details of our fourth quarter results, as well as our outlook for the future, in today's conference call with investors."
On a GAAP basis, the Company's fourth fiscal quarter net income of $2.1 million, or $0.05 per diluted share, is an increase from a $2.8 million GAAP net loss, or $0.07 per share loss, in the same quarter of the prior fiscal year. Non-GAAP income of $3.1 million, or $0.08 per diluted share for the fourth fiscal quarter 2008 was up from a $0.1 million non-GAAP income, or $0.00 per diluted share, recorded in the same quarter of the prior year. Non-GAAP income excludes stock-based compensation expenses of $1.4 million, acquisition related intangible amortization charges and restructuring expenses of $0.8 million and effective tax adjustments of $1.3 million. Excluded charges and related income tax effects are detailed on the attached reconciliation of GAAP to non-GAAP financial measures.
On a GAAP basis, the Company's fiscal year 2008 net income of $5.5 million, or $0.14 per diluted share, is an increase from a $1.7 million GAAP net loss, or $0.04 per share loss, recorded in the prior year. On a non-GAAP basis, the Company reported non-GAAP income of $12.5 million, or $0.32 per diluted share, for fiscal year 2008, up 88 percent from $6.6 million, or $0.17 per diluted share, of non-GAAP income in the prior year. Non-GAAP income excludes stock-based compensation expenses of $5.2 million, acquisition related intangible amortization charges and restructuring expenses of $5.1 million, proxy contest expenses of $0.7 million and effective tax adjustments of $4.0 million. Excluded charges and related income tax effects are detailed on the attached reconciliation of GAAP to non-GAAP financial measures.
"Our fiscal 2008 results reflected significant operational improvements from the prior year," said Craig Holmes, the Company's Executive Vice President and Chief Financial Officer. "During this transition year, we completed the integration of two strategic acquisitions and drove positive cash flow and profitability. These actions strengthened our financial position and overall business model."
The Company has scheduled a conference call for 4:00 p.m. Central Time on Thursday, April 10, 2008, to discuss its fourth fiscal quarter results and its outlook for the future. To participate in the call, dial (877) 743-6785 or (706) 679-4758 and reference the conference ID of 38633568. A replay of the call will be available at the Company's website: www.intervoice.com.
Non-GAAP Financial Measures
The Company reports its financial results in accordance with GAAP. However, the Company's internal reporting and incentive compensation programs include adjustments to exclude stock-based compensation charges, amortization of acquisition related intangibles, corporate restructuring and certain special charges from GAAP financial measures. In addition, for comparison purposes, the Company adjusts income tax expense to reflect a 34 percent tax rate on the non-GAAP pre-tax income measure. The Company uses these non-GAAP financial measures in its budgeting and forecasting process to analyze financial trends. The Company believes these adjustments provide an additional meaningful measurement of results that enhances period to period comparisons.
In the future, the Company anticipates incurring expenses similar to certain of the non-GAAP adjustments described in the non-GAAP financial measures, and exclusion of these items in the presentation of our non-GAAP financial measures should not be construed as an inference that all of these costs are unusual, infrequent, or non-recurring. In addition, other companies, including those in the Company's industry, may calculate non-GAAP financial measures differently, potentially limiting non-GAAP measures for cross-company comparisons. The Company acknowledges that the items excluded from GAAP based measures may have a material impact on the Company's financial results determined in accordance with GAAP.
Non-GAAP adjusted results are supplemental information and are not intended to be a substitute for GAAP results or considered in isolation, and should be read only in conjunction with consolidated financial statements prepared in accordance with GAAP. These non-GAAP measures and their reconciliation to the most directly comparable GAAP measures are shown as an additional table at the end of this press release and in schedules provided on the Company's website at www.intervoice.com.
Forward-Looking Statements
Intervoice has included in this press release certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended concerning its business and operations that are based on management's current beliefs. All statements other than statements of historical fact in this press release are forward-looking statements. Readers are cautioned to read the risks and uncertainties, described in the Company's filings with the Securities and Exchange Commission, including without limitation, the risks and uncertainties set forth under Item 1A "Risk Factors" in the Company's Annual Report filed on Form 10-K and Quarterly Reports filed on Form 10-Q. Intervoice cautions current and potential investors that such risks and uncertainties could result in material differences from the forward-looking statements in this press release, and investors should not place reliance on forward-looking statements as a prediction of future results. We undertake no obligation to update or revise any forward-looking statement.
About Intervoice
Intervoice is a world leader in delivering natural, intuitive ways for people to interact, transact and communicate. Intervoice software and professional services enable innovative voice portal, IP contact center, hosted and mobile messaging and self-service applications. More than 5,000 customers in 80 countries have relied on Intervoice, including many of the world's leading financial and healthcare institutions, telecommunications companies, utilities, and governments. For more information, visit www.intervoice.com.
Date - 15/04/2008
