UPDATE: Kofax (KFX) Guides FY14 Revs Below Street

(Updated - July 10, 2014 4:30 PM EDT)

Kofax® Limited (NASDAQ: KFX) today announced selected preliminary unaudited financial results for its fiscal year ended June 30, 2014.

The Company expects to report unaudited IFRS software license revenue in the range of $116.5 to $118.5 million, total revenues in the range of $287.5 to $290.5 million and income from operations in the range of $33.5 to $35.5 million, and unaudited Non-IFRS software license revenue in the range of $122.5 to $124.5 million, total revenues in the range of $295.0 to $298.0 million and adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) in the range of $41.0 to $43.0 million. Fiscal year end cash is expected to be in the range of $89.0 to $90.0 million.

(Street sees revenue of $300.30 million.)

Commenting on the preliminary unaudited Non-IFRS financial results, Reynolds C. Bish, Chief Executive Officer, said: “We’re disappointed with these results, which reflect software license revenue, total revenues and adjusted EBITDA levels below the guidance previously provided to the financial community. These unexpected shortfalls are primarily attributable to several seven figure software license revenue transactions totaling approximately $6.0 million slipping into future quarters during the last few days of our fourth quarter. We believe we will close these transactions during the first and second quarters of fiscal year 2015. We remain confident in our business strategy and future, and will provide guidance for fiscal year 2015 on September 2, 2014 when we publish our audited financial results for fiscal year 2014. However, at this time I can confirm that we do not anticipate any changes to the long-term financial model we’ve previously provided, which is based on software license revenue growth in the mid teens, total revenue growth in the low double digits and an adjusted EBITDA margin of 20% or greater.”

Management will host a conference call and audio only webcast to discuss these selected preliminary unaudited financial results at 5:00 p.m. U.S. Eastern time / 10:00 p.m. U.K. time today. To participate in the call, investors can use the live dial in information below, or access the call via the investor relations section of the Company’s website at: http://www.kofax.com/investors/presentations.php. A replay via telephone and webcast will be available for 30 days.

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