Imperva (IMPV) Tops Q3 EPS by 24c, Plans to Remain Standalone Compnay
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Imperva (NYSE: IMPV) reported Q3 EPS of $0.08, $0.24 better than the analyst estimate of ($0.16). Revenue for the quarter came in at $68.4 million versus the consensus estimate of $63.1 million.
Imperva sees FY2016 EPS of ($0.38)-($0.35), versus the consensus of ($0.80). Imperva sees FY2016 revenue of $255.1-257.1 million, versus the consensus of $250.2 million.
Conclusion of Strategic Alternatives Review Process
Imperva announced today that its Board of Directors has concluded its previously announced review of strategic alternatives to enhance shareholder value. The Board, with the assistance of financial advisors, conducted a thorough assessment of options to maximize shareholder value and determined that continuing to grow Imperva as a standalone company provides the best means for creating value and is in the best interests of stockholders.
“After evaluating the full range of potential alternatives, the Board concluded that the continued execution of our business plan, with some modification, is the best path to enhance shareholder value,” said Mr. Bettencourt. “We are confident that our proven products and solutions will remain fundamental tools for companies around the world looking to protect their critical data and applications. We are taking aggressive actions to better position Imperva to compete and win in the evolving marketplace and our third quarter results demonstrate our long-term growth potential.”
The company also announced it is implementing a restructuring initiative to bolster Imperva’s profitability and competitiveness by reducing sales, marketing and general and administrative expenses through reductions in headcount and spending. Imperva expects these efforts will result in an estimated annual savings of $15 million and anticipates they will be completed by the end of the quarter.
“We believe these initiatives will enable us to maintain our growth and drive profitability by sharpening our operational focus, enhancing our position in the most attractive market areas and establishing a more cost-efficient structure that preserves our ability to invest in our core solutions,” added Mr. Bettencourt. “We believe these are the right next steps, allowing us to build on our strengths and deliver lasting value to our shareholders and customers.”
For earnings history and earnings-related data on Imperva (IMPV) click here.
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