Interactive Intelligence (ININ) Sees Q2 Sales, EPS Lower than Expectations
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Interactive Intelligence Group Inc. (Nasdaq: ININ), a global provider of unified IP business communications solutions, today announced preliminary results for its second quarter ended June 30, 2012.
Interactive Intelligence currently expects to report total revenues for the second quarter of 2012 in the range of $54.0 million to $55.0 million, up approximately 4 to 6 percent year-over-year. This is below the company’s guidance of $58.0 million to $61.0 million due, primarily, to a greater than expected level of second quarter product orders that will be recognized as revenue in future quarters. More than $7 million in product orders were not recognized as revenue in the second quarter due to the following: extended payment terms on a multi-million dollar order that is part of a major systems deployment; deferral of certain other orders until product components are delivered, which is expected to occur later this year; and a high percentage of prepaid multi-year product maintenance that was bundled with certain product orders, which is recognized over the related support period.
Growth in total orders for the second quarter of 2012 was 26 percent compared to the second quarter of 2011. Cloud-based orders increased 88 percent over the prior year’s second quarter and represented 24 percent of total orders received in the quarter.
GAAP net loss in the second quarter of 2012 is expected to be in the range of $0.5 million to $1.5 million, or $0.02 to $0.07 fully diluted earnings per share (EPS). Non-GAAP* net income is expected to be in the break-even range of $1.0 million, or EPS from $0.00 to $0.05. Non-GAAP operating margin is expected to be approximately 1 percent of revenue for the second quarter of 2012 compared to the company’s guidance range of 6 to 7 percent of revenue, with the difference resulting from certain product orders not recognized in the second quarter of 2012. As a result, full year 2012 non-GAAP operating margin could be lower than the 9 percent previously projected.
The Street was looking for revs of $59.2 million and EPS of 16 cents.
Preliminary second-quarter 2012 non-GAAP net income and EPS exclude the following: (i) stock-based compensation expense of approximately $1.7 million, or $0.08 per share; (ii) purchase-related adjustments to revenue and amortization of intangibles of approximately $450,000, or $0.02 per share; and (iii) an offsetting income tax credit difference of approximately $600,000, or EPS of $0.03.
Interactive Intelligence currently expects to report total revenues for the second quarter of 2012 in the range of $54.0 million to $55.0 million, up approximately 4 to 6 percent year-over-year. This is below the company’s guidance of $58.0 million to $61.0 million due, primarily, to a greater than expected level of second quarter product orders that will be recognized as revenue in future quarters. More than $7 million in product orders were not recognized as revenue in the second quarter due to the following: extended payment terms on a multi-million dollar order that is part of a major systems deployment; deferral of certain other orders until product components are delivered, which is expected to occur later this year; and a high percentage of prepaid multi-year product maintenance that was bundled with certain product orders, which is recognized over the related support period.
Growth in total orders for the second quarter of 2012 was 26 percent compared to the second quarter of 2011. Cloud-based orders increased 88 percent over the prior year’s second quarter and represented 24 percent of total orders received in the quarter.
GAAP net loss in the second quarter of 2012 is expected to be in the range of $0.5 million to $1.5 million, or $0.02 to $0.07 fully diluted earnings per share (EPS). Non-GAAP* net income is expected to be in the break-even range of $1.0 million, or EPS from $0.00 to $0.05. Non-GAAP operating margin is expected to be approximately 1 percent of revenue for the second quarter of 2012 compared to the company’s guidance range of 6 to 7 percent of revenue, with the difference resulting from certain product orders not recognized in the second quarter of 2012. As a result, full year 2012 non-GAAP operating margin could be lower than the 9 percent previously projected.
The Street was looking for revs of $59.2 million and EPS of 16 cents.
Preliminary second-quarter 2012 non-GAAP net income and EPS exclude the following: (i) stock-based compensation expense of approximately $1.7 million, or $0.08 per share; (ii) purchase-related adjustments to revenue and amortization of intangibles of approximately $450,000, or $0.02 per share; and (iii) an offsetting income tax credit difference of approximately $600,000, or EPS of $0.03.
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