Evolving Systems Reports Strong 2012 First Quarter Financial Results
(firmenpresse) - ENGLEWOOD, CO -- (Marketwire) -- 05/08/12 -- Evolving Systems, Inc. (NASDAQ: EVOL)
Evolving Systems, Inc. (NASDAQ: EVOL), a leading provider of software solutions and services to the wireless, wireline and IP carrier market, today reported strong profitability along with growth in revenue and new orders for its first quarter ended March 31, 2012.
"The re-invented Evolving Systems continued to accelerate in the first quarter, led by strong revenue, earnings and booking results. One of several highlights for the quarter was DSA license and services bookings, which were up 123% from a year ago. Over the last three quarters, since the sale of our numbering business, DSA bookings have grown by 374%," said Thad Dupper, Chairman and CEO. "Also during the first quarter we were pleased to receive a US patent for our DSA technology.
"Another highlight for the first quarter was the distribution of $22.3 million to stockholders in the form of a special dividend. And, today, based on our sustained confidence in the business, we declared a second special dividend that will return an additional $19.3 million more to shareholders later this month," Dupper added. "Given the momentum we see in the business, we remain confident we are in a position to deliver solid results over the remainder of the calendar year."
Revenue in the first quarter increased 10% to $5.9 million from $5.4 million in the same quarter last year. License fees and services revenue was up 20% to $3.8 million from $3.1 million, more than offsetting a decline in customer support revenue to $2.1 million from $2.2 million.
Total costs of revenue and operating expenses in the first quarter declined by 8% to $5.3 million from $5.8 million in the year-ago first quarter. Sales and marketing expense was 28% lower at $1.3 million versus $1.9 million due to a reduction in sales-related travel and marketing activity; general and administrative expense was 17% lower at $0.9 million versus $1.1 million due to lower employee-related costs; and product development costs remained at $0.7 million.
Revenue growth and lower operating expenses pushed income from operations higher in the first quarter -- to $0.6 million compared with an operating loss of $0.4 million -- an improvement of $1.0 million. Total other income in the first quarter, primarily consisting of interest income on marketable debt securities, totaled $0.4 million, up 236% over $0.1 million in the first quarter last year. Pre-tax income from continuing operations grew to $0.9 million from a loss of $0.3 million in the first quarter last year -- a $1.2 million improvement.
Net income in the first quarter was $0.8 million, or $0.07 per basic and diluted share, versus net income of $0.9 million, or $0.09 per basic and $0.08 per diluted share, in the first quarter last year. However, year-ago first quarter net income included $1.2 million in income from discontinued operations. Adjusted EBITDA from continuing operations increased to $0.8 million in the first quarter from $14,000 in the same quarter last year.
In the first quarter of 2012 the Company paid a special $2.00 per share dividend that returned $22.3 million to stockholders. In May of 2012 the Company declared a second special dividend of $1.70 per share, or approximately $19.3 million.
Evolving Systems booked $5.6 million in new orders in the first quarter, up 10% over $5.1 million in new orders in the year-ago first quarter. License fees and services bookings in the first quarter increased 23% year-over-year to $3.8 million from $3.1 million. It was the Company's third straight quarter of solid year-over-year increases in license and services bookings. DSA license and services bookings in the first quarter were up 123% year over year to $2.6 million from $1.2 million and represented the highest first quarter total since DSA was introduced in 2007. Customer support bookings in the first quarter were 10% lower at $1.8 million versus $2.1 million in the same quarter last year.
The Company closed the first quarter with a total backlog of $12.5 million, down slightly from $12.6 million at year-end and up 63% from $7.6 million in the first quarter last year. License and services backlog was $7.8 million, up 184% year over year from $2.8 million. DSA license and services backlog increased 782% year over year to $5.9 million from $0.7 million. Customer support backlog was $4.7 million in the first quarter, down from $4.9 million in the year ago first quarter.
Cash and cash equivalents combined with long-term investments in marketable debt securities at March 31, 2012, totaled $31.0 million compared with $50.7 million at December 31, 2011, year-end. The $50.7 million total was prior to the first quarter 2012 special dividend payment of approximately $22.3 million. The Company generated $1.5 million in cash from continuing operations in the first quarter of 2012 versus $0.6 million in the same quarter last year.
The Company will conduct a conference call and webcast today at 2:30 p.m. Mountain Time. The call-in numbers for the conference call are 1-877-303-6316 for domestic toll free and 650-521-5176 for international callers. The conference ID is 75710762. A telephone replay can be accessed by calling 1-855-859-2056 or 1-404-537-3406, passcode 75710762. To access a live webcast of the call, please visit Evolving Systems' website at . A replay of the Webcast will be accessible at that website following the conference call.
Evolving Systems reports its financial results in accordance with accounting principles generally accepted in the U.S. (GAAP). In addition, the Company is providing in this news release non-GAAP financial information in the form of net income, diluted net income per share and adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, impairment, stock compensation and gain/loss on foreign exchange transactions.) Management believes these non-GAAP financial measures are useful to investors and lenders in evaluating the overall financial health of the Company in that they allow for greater transparency of additional financial data routinely used by management to evaluate performance. Investors and financial analysts who follow the Company use non-GAAP net income and non-GAAP diluted income per share to compare the Company against other companies. Adjusted EBITDA can be useful for lenders as an indicator of earnings available to service debt. Non-GAAP financial measures should not be considered in isolation from or as an alternative to the financial information prepared in accordance with GAAP.
Evolving Systems, Inc. (NASDAQ: EVOL) is a provider of software solutions and services to 50 network operators in over 40 countries worldwide. The Company's product portfolio includes market-leading activation products that address subscriber service activation, SIM card activation, mobile broadband activation as well as the activation of connected devices. Founded in 1985, the Company has headquarters in Englewood, Colorado, with offices in the United Kingdom, India and Malaysia. Further information is available on the web at
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, based on current expectations, estimates and projections that are subject to risk. Specifically, statements about the Company's growth and future profitability, future business, revenue and expense projections, the Company's continued ability to post quarterly or annual results that are similar to those described in this press release, the Company's ability to build and return value to stockholders, and the impact of new products and accounts on the Company's business are forward-looking statements. These statements are based on our expectations and are naturally subject to uncertainty and changes in circumstances. Readers should not place undue reliance on these forward-looking statements, and the Company may not undertake to update these statements. Actual results could vary materially from these expectations. For a more extensive discussion of Evolving Systems' business, and important factors that could cause actual results to differ materially from those contained in the forward-looking statements, please refer to the Company's Form 10-K filed with the SEC on March 30, 2012, as well as other SEC filings, including Forms 10-Q, 10-Q/A, 8-K and press releases.
Jay Pfeiffer
Pfeiffer High Investor Relations, Inc.
303.393.7044
Sarah Hurp
Marketing Manager
Evolving Systems
+44 1225 478060
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Datum: 08.05.2012 - 20:02 Uhr
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