Evolving Systems Reports Second Quarter 2015 Financial Results
(firmenpresse) - ENGLEWOOD, CO -- (Marketwired) -- 08/04/15 --
Evolving Systems, Inc. (NASDAQ: EVOL), a leader in activation, enablement and management of services for connected mobile devices worldwide, today reported financial results for its second quarter and six-month period ended June 30, 2015.
"We fell short of expectations in the second quarter as revenue and bookings came in below our estimates," said Thad Dupper, Chairman and CEO. "During the quarter we observed carriers' budgets tightening and becoming less predictable as they dealt with competition from aggressive price plans and flattening of subscriber net adds, all of which made closing contracts and forecasting more of a challenge than in past quarters. Over the years our quarterly results have fluctuated, but we are pleased that despite lower revenue this quarter, our profitability metrics and our balance sheet remain strong.
"Our long-term outlook for growth is positive, especially in the developing markets where subscriber growth is six times greater than the developed markets of North America and Europe," Dupper added. "We have made our biggest investments in the emerging markets and, as a result, we believe we are well positioned to achieve long-term growth. We are increasing our investment in partner management and business development to accelerate the pace at which our DSA partnerships start generating revenue."
decreased 24% to $6.1 million from $7.9 million in the same quarter last year. License and services revenue was $3.6 million versus $5.2 million last year. Customer support revenue was $2.5 million versus $2.8 million last year.
declined to $0.9 million from $2.6 million in the second quarter last year.
was $0.8 million, down from $1.7 million in the same quarter last year. Diluted EPS was $0.07 versus $0.14 year over year.
decreased to $1.1 million from $2.8 million in the second quarter last year.
Cash and cash equivalents at June 30, 2015, increased to $10.3 million from $9.8 million at 2014 year-end.
The Company declared a third quarter dividend of $0.11 per share, payable on August 28, 2015, to stockholders of record on August 21, 2015.
through the first six months decreased 12% to $12.7 million from $14.5 million in the same period last year. License and services revenue was $7.9 million versus $9.5 million last year. Customer support revenue was $4.8 million versus $5.0 million last year.
declined to $2.4 million from $3.6 million in the same period last year.
was $1.6 million, down from $2.3 million in the first six months last year. Diluted EPS was $0.14 versus $0.20 year over year.
decreased to $2.8 million from $4.2 million in the same period last year.
totaled $5.9 million compared to $7.2 million in the same quarter last year. License and services bookings were $2.8 million versus $3.7 million last year. DSA license and services bookings were $1.1 million compared to $1.9 million in the second quarter of 2014. Tertio® Service Activation (TSA) license and services bookings were $1.7 million versus $1.8 million in the year-ago second quarter. Customer support bookings in the second quarter totaled $3.1 million versus $3.6 million in the same quarter last year. Bookings are defined as sales orders expected to be recognized as revenue during the following 12 months.
totaled $12.4 million compared to $14.7 million a year ago. License and services bookings were $7.1 million versus $8.8 million year over year. DSA license and services bookings were $2.9 million versus $5.4 million. TSA license and services bookings increased to $4.2 million from $3.4 million. Customer support bookings were $5.3 million versus $5.9 million last year.
at June 30, 2015, was $10.3 million compared to $12.5 million at the same time last year. License and services backlog was $4.7 million versus $6.3 million year over year. License and services backlog included $3.1 million in DSA and $1.7 million in TSA. Customer support backlog was $5.6 million, down from $6.2 million year over 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 84785747. A telephone replay will be available through August 18, 2015, and can be accessed by calling 1-855-859-2056 or 1-404-537-3406. Conference ID 84785747. 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 through August 18, 2015. The webcast is also available by clicking the following link:
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 and services to 60 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 services for connected devices. Founded in 1985, the Company has headquarters in Englewood, CO, with offices in the United Kingdom, India and Malaysia. For more information please visit or follow us on Twitter:
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 market for the Company's products, prospects for new customer wins, positive outlook, EBITDA, cash flow and growth, and the Company's continued ability to pay dividends or post quarterly or year to date results that are similar to those described in this press release 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 17, 2015; Forms 10-Q, 10-Q/A, and 8-K; press releases and the Company's website.
*The estimated income tax for non-GAAP net income is adjusted by the amount of additional expense that the Company would accrue if it used non-GAAP results instead of GAAP results in the calculation of its tax liability, taking into account in which tax jurisdiction each of the above adjustments would be made and the tax rate in that jurisdiction.
**The change in backlog during the periods presented may not equal the difference between revenue recognized and bookings due to changes in foreign exchange rates.
Jay Pfeiffer
Pfeiffer High Investor Relations, Inc.
303.393.7044
Sarah Hurp
Evolving Systems
+44 (0) 1225 478060
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Datum: 04.08.2015 - 20:00 Uhr
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