Actualités

Manhattan Associates Reports Record First Quarter Earnings Per Share

20.04.2010

The company posts Q1 Total Revenue of $73.9 Million, a 22% increase over Q1 2009.

Leading supply chain optimization provider Manhattan Associates, Inc. (NASDAQ: MANH) today reported record first quarter 2010 non-GAAP adjusted diluted earnings per share of $0.36 compared to $0.07 in the first quarter of 2009, on license revenue of $14.2 million and total revenue of $73.9 million. GAAP earnings per share were a record $0.32 compared to earnings of $0.01 per share in the prior year first quarter.

Manhattan Associates President and CEO Pete Sinisgalli commented, "We posted strong operating results in the first quarter of 2010 and are pleased with the market's enthusiasm for the latest releases of our platform-based Supply Chain Optimization solutions."

First quarter 2010 financial summary:

• Adjusted diluted earnings per share, a non-GAAP measure, was $0.36 in the first quarter of 2010, compared to $0.07 in the first quarter of 2009.
• The Company reported GAAP diluted earnings per share of $0.32, compared to $0.01 in the first quarter of 2009.
• Consolidated revenue for the first quarter of 2010 was $73.9 million, compared to $60.8 million in the first quarter of 2009. License revenue was $14.2 million in the first quarter of 2010, compared to $4.9 million in the first quarter of 2009.
• Adjusted operating income, a non-GAAP measure, was $12.9 million in the first quarter of 2010, compared to $2.8 million in the first quarter of 2009.
• GAAP operating income for the first quarter of 2010 was $11.5 million compared to $0.6 million in the first quarter of 2009.
• Cash flow from operations was $13.9 million in the first quarter of 2010, compared to $12.7 million in the first quarter of 2009. Days Sales Outstanding were 53 days at March 31, 2010, compared to 56 days at December 31, 2009.
• Cash and investments on-hand at March 31, 2010 was $123.1 million compared to $123.0 million at December 31, 2009.
• The Company repurchased approximately 595,000 common shares totaling $15.0 million at an average share price of $25.21 in the first quarter of 2010, self-funded from cash flow provided from operations.
• In April 2010, the Board of Directors approved raising the Company's remaining share repurchase authority from $10.0 million to $25.0 million of Manhattan Associates outstanding common stock.

Sales achievements:

• Recognized four contracts of $1.0 million or more in license revenue during the quarter.
• Completed software license wins with new customers such as BodyBuilding.com, LLC, Bon Preu SAU, Beijing Pacific Logistics Co., Devanlay SA, Dubois Chemicals, Inc., Hawaii Transfer Co., Kawasaki-Rikuso Transportation Co., Leroy Merlin France SA, Panther Expedited Services, Inc., Sanitex ,Shanghai Shenda Logistics Co. and Syms Corporation.
• Expanded partnerships with existing customers such as APL Co., Archbrook Laguna, Bulova Corporation, Catering Engros A/S, Devil-Dog Mfg. Co., DHL Supply Chain Asia Pacific, DSW, Inc., ERC, Gordon Trucking, Inc., Jefferson Smurfit Corporation, Morris & Dickson Co., O'Reilly Automotive, Performance Team Freight Systems, Inc., PETsMart, Inc., Prime Success International Group, Rocky Brands, Inc., SFI Food Sdn Bhd and Sigma Aldrich.

Conference call

The Company's conference call regarding its first quarter financial results will be held at 4:30 p.m. Eastern Time on Tuesday, April 20, 2010. Investors are invited to listen to a live Web cast of the conference call through the investor relations section of Manhattan Associates' Web site at www.manh.com. To listen to the live Web cast, please go to the Web site at least 15 minutes before the call to download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay can be accessed shortly after the call by dialing +1.800.642.1687 in the U.S. and Canada, or +1.706.645.9291 outside the U.S., and entering the conference identification number 64254359 or via the Web at www.manh.com. The phone replay will be available for two weeks after the call, and the Internet broadcast will be available until Manhattan Associates' second quarter 2010 earnings release.

 GAAP versus non-GAAP presentation

The Company provides adjusted operating income, adjusted net income and adjusted earnings per share in this press release as additional information regarding the Company's operating results. These measures are not in accordance with - or an alternative for - GAAP, and may be different from non-GAAP operating income, non-GAAP net income and non-GAAP earnings per share measures used by other companies. The Company believes that the presentation of these non-GAAP financial measures facilitates investors' understanding of its historical operating trends, because it provides important supplemental measurement information in evaluating the operating results of its business, as distinct from results that include items that are not indicative of ongoing operating results. The Company consequently believes that the presentation of these non-GAAP financial measures provides investors with useful insight into its profitability. This release should be read in conjunction with its Form 8-K earnings release filing for the quarter ended March 31, 2010.

The non-GAAP adjusted operating income, adjusted net income and adjusted earnings per share measures exclude the impact of acquisition-related costs and the amortization thereof, the recapture of previously recognized sales tax expense, stock option expense, and restructuring charges, all net of income tax effects. A reconciliation of the Company's GAAP financial measures to non-GAAP adjustments is included in the supplemental information attached to this release.