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Manhattan Associates Reports Second Quarter 2009 Results

22.07.2009

Leading supply chain optimization provider Manhattan Associates, Inc. reported second quarter 2009 non-GAAP adjusted diluted earnings

Leading supply chain optimization provider Manhattan Associates, Inc. reported second quarter 2009 non-GAAP adjusted diluted earnings per share of $0.14 compared to $0.42 in the 2008 second quarter, and a GAAP loss per share of $0.02 compared to earnings of $0.37 per share in the prior year second quarter. The Company posted total second quarter revenue of $58.4 million, which was down 35% from overall revenue posted in the second quarter of 2008, driving the earnings per share decline.

Manhattan Associates President and CEO Pete Sinisgalli commented, "Similar to the first quarter, businesses continue to be hesitant to release capital. This is particularly true for larger capital expenditures. As a result, we had no million-dollar contracts in either the first quarter or second quarter of the year. Our competitive win rate continues to be favorable and I believe when businesses in the markets we serve gain confidence in the economy we will see strong improvement in our financial results."
Second Quarter 2009 Financial Summary:

  • Adjusted diluted earnings per share, a non-GAAP measure, were $0.14 in the second quarter of 2009, compared to $0.42 in the second quarter of 2008.
  • The Company reported a GAAP loss per share of $0.02 in the second quarter of 2009, compared to $0.37 GAAP diluted earnings per share in the second quarter of 2008. The second quarter of 2009 includes a pre-tax restructuring charge of $3.8 million, or $0.12 per share, associated with the workforce reduction initiative executed in the quarter.
  • Consolidated revenue for the second quarter of 2009 was $58.4 million, compared to $90.5 million in the second quarter of 2008. License revenue was $4.1 million in the second quarter of 2009, compared to $19.4 million in the second quarter of 2008.
  • Adjusted operating income, a non-GAAP measure, was $5.2 million in the second quarter of 2009, compared to $15.5 million in the second quarter of 2008.
  • The Company reported a GAAP operating loss, including a pre-tax restructuring charge of $3.8 million, for the second quarter of 2009 of $0.4 million compared to GAAP operating income of $13.3 million in the second quarter of 2008.
  • Cash flow from operations was $10.8 million in the second quarter of 2009, compared to $21.0 million in the second quarter of 2008. Days Sales Outstanding were 61 days at June 30, 2009, compared to 78 days at June 30, 2008.
  • Cash and investments on-hand at June 30, 2009 was $90.8 million compared to $89.2 million at March 31, 2009.
  • The Company repurchased 577,606 common shares totaling $10.0 million at an average share price of $17.34 in the second quarter of 2009, self-funded from Q2 cash flow from operations. The Company has $15.0 million in remaining share repurchase authority.
     


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