Bottomline Technologies, a provider of collaborative payment and invoice automation solutions, today reported financial results for the second fiscal quarter ended 31 December 2007.
Revenues for the second quarter were $31.8 million, an increase of $2.2 million from the second quarter of last year. The growth in revenues included an increase in subscription and transaction revenues to $7.3 million in the second quarter from $6.8 million in the first quarter ended 30 September 2007.
Net loss for the second quarter was $0.7 million, or net loss per share of $0.03. During the second quarter, operating expenses of $19.5 million included acquisition-related amortization of intangible assets of $2.7 million and stock-based compensation expense of $2.1 million.
Excluding these acquisition-related and stock compensation items, non-GAAP net income for the second quarter was $4.1 million, representing a $1.7 million, or 71%, increase in non-GAAP net income from the second quarter of last year. Non-GAAP net income per share increased from $0.10 in the second quarter of last year to $0.17 in the second quarter.
Cash and short-term investments on hand as of 31 December 2007 were $71.2 million, an increase of $6.3 million from the 30 September 2007 balance. During the second quarter, the company spent $3.0 million on the repurchase of shares of its common stock.
“We are very pleased with our second quarter results. The quarter’s strong financial performance was highlighted by record EBITDA and record non-GAAP net income, the result of our previously announced efforts to focus on our higher margin offerings. We saw healthy demand in the quarter across all of the geographies and customer sets we serve, with orders up 15% from the prior year. We continue to execute against the growth opportunities which we believe represent the highest value to our customers and greatest return to our stockholders,” says Rob Eberle, president and CEO, Bottomline Technologies.
Revenues for the six months ended 31 December 2007 increased 15% to $63.2 million as compared with $54.9 million in the same period last year. Net loss for the six months ended 31 December 2007 was $1.5 million, or net loss per share of $0.06.
Excluding acquisition-related amortization of intangible assets of approximately $5.3 million and stock compensation expense of $4.0 million, non-GAAP net income for the six months ended 31 December 2007 was $7.9 million, an increase of 87% from the six months ended 31 December 2006. Non-GAAP net income per share for the six months ended 31 December 2007 was $0.32 as compared with $0.18 per share in the same period last year.