Kofax Releases an Interim Management Statement for the First Quarter of its 2010 Financial Year
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Revenues in Line With Expectations
BASINGSTOKE, England--(BUSINESS WIRE)-- Kofax plc (LSE: KFX), the leading provider of document driven business process automation solutions, releases an Interim Management Statement for the first quarter of its 2010 financial year, which includes the period from 1 July to 30 September 2009 and the results of operations of 170 Systems, Inc. since Kofax's acquisition of that company in early September 2009.
Kofax's 2010 financial year started positively with total revenues in line with and adjusted operating profit ahead of our expectations. Software business revenues were higher than expected due to strong service revenues and offset lower than expected product distribution revenues in the hardware business. Sales execution and achievement levels across all segments of the company's software business were generally as expected and the Company continued to make good progress in executing its strategic initiatives.
Other than the decrease in cash resulting from Kofax's acquisition of 170 Systems, there have been no significant changes in the Company's financial position since 30 June 2009 and its balance sheet remains strong.
Reynolds C. Bish, Chief Executive Officer, commented: "I'm pleased to report that we made good progress and performed better than expected in our software business this past quarter. Market conditions have stabilized and show early signs of improving to a limited extent but continue to be challenging and difficult to predict. As a result and excluding the effect of the 170 Systems acquisition, which should contribute approximately $22m of revenues after acquisition accounting, we continue to expect low to mid single digit organic revenue growth in our software business this financial year."
Finally, on 8 September 2009 the Company announced its intention to report Kofax's future financial results in US dollars. To assist readers in the transition from Pounds Sterling to US dollar reporting, the Company has attached and is today posting US dollar based financial statements for the years ended 30 June 2009 and 2008 on the Investor relations page of its website at www.kofax.com/ir.
About Kofax
Kofax plc (LSE: KFX) is the leading provider of document driven business process automation solutions. For more than 20 years, Kofax has provided award winning solutions that streamline the flow of information throughout an organization by managing the capture, transformation and exchange of business critical information arising in paper, fax and electronic formats in a more accurate, timely and cost effective manner. Kofax solutions provide a rapid return on investment to thousands of customers in financial services, government, business process outsourcing, healthcare, supply chain and other markets. Kofax delivers these solutions through its own worldwide sales and service organizations, and a global network of more than 1,000 authorized partners in more than 60 countries throughout the Americas, EMEA and Asia Pacific.
"Kofax" is a registered trademark in the US, the EU and other countries. All other trademarks and registered trademarks belong to their respective owners.
Consolidated
Income
Statement
FY2009 H1 FY09 H2 FY09 FY2008 FY2007
USD USD USD USD USD
Revenue 298,195 154,474 143,721 340,691 309,702
Software 169,391 86,693 82,698 192,209 169,333
Hardware 128,804 67,781 61,023 148,482 140,369
Cost of sales 142,105 74,425 67,679 147,353 135,044
Software 39,068 21,670 17,398 30,987 22,856
Hardware 103,037 52,755 50,281 116,367 112,187
Gross profit 156,090 80,049 76,042 193,337 174,658
Software 130,323 65,022 65,302 161,222 146,477
Hardware 25,767 15,027 10,740 32,115 28,181
Operating 133,514 68,722 64,792 174,491 157,617
expenses
Adjusted
operating 22,576 11,327 11,250 33,687 30,040
profit before
Amortisation
of acquired 4,408 2,083 2,325 4,629 4,463
intangible
assets
Reduction in
goodwill
arising on
the 0 0 0 0 201
utilisation
of previously
unrecognised
tax losses
Restructuring 5,455 0 5,455 9,639 6,185
costs
Share-based
payment 1,318 1,110 208 573 2,151
expense
Operating 11,396 8,134 3,262 18,846 17,041
profit
Share of
result of 173 115 58 174 110
associated
undertakings
Finance 1,432 1,306 126 2,265 2,630
income
Finance (1,008 ) (441 ) (567 ) (5,988 ) (228 )
expense
Profit before 11,993 9,115 2,879 15,298 19,553
tax
Tax expense 3,748 2,362 1,386 8,490 4,055
Profit after 8,245 6,752 1,492 6,808 16,076
tax
Earnings per
ordinary
share
- Basic 10.0c 8.1c 1.9c 8.0c 17.6c
- Diluted 10.0c 8.1c 1.9c 7.8c 17.0c
- Adjusted 19.4c 9.1c 10.3c 28.9c 26.7c
basic
- Adjusted 19.4c 9.0c 10.4c 28.5c 25.9c
diluted
Consolidated Income Statement - Segmental Disclosure
FY09 H1 FY09 H2 FY09
USD USD USD
Software Revenue 169,391 86,693 82,698
Application Software Licenses 71,413 36,905 34,508
Application Software Services 76,115 37,738 38,377
OEM/POS 21,863 12,050 9,813
Hardware Revenue 128,804 67,781 61,023
Hardware Distribution 92,613 48,954 43,660
Hardware Services 36,191 18,827 17,363
Total Revenue 298,195 154,474 143,721
Cost of sales 142,105 74,425 67,679
Gross profit 156,090 80,049 76,042
Software 130,323 65,022 65,302
Hardware 25,767 15,027 10,740
Operating Expenses 133,514 68,722 64,792
Sales 56,568 28,144 28,425
Marketing 9,787 5,102 4,685
R + D 29,125 15,098 14,027
G + A 38,034 20,378 17,655
Adjusted operating profit before 22,576 11,327 11,250
Amortisation of acquired intangible 4,408 2,083 2,325
assets
Restructuring costs 5,455 0 5,455
Share-based payment expense 1,318 1,110 208
Operating profit 11,396 8,134 3,262
Share of result of associated 173 115 58
undertakings
Finance income 1,432 1,306 126
Finance expense (1,008 ) (441 ) (567 )
Profit before tax 11,993 9,115 2,879
Tax expense 3,748 2,362 1,386
Profit after tax 8,245 6,752 1,492
EBITA split
EBITA 22,576 11,327 11,250
Software 13,783 5,619 8,164
Hardware 8,793 5,708 3,086
Consolidated Balance Sheet
30.06.2009 31.12.2008 30.06.2008 30.06.2007
USD USD USD USD
Non-current
assets
Intangible 137,500 115,734 140,074 136,399
assets
Property, plant 9,809 10,065 9,341 7,321
and equipment
Deferred tax 8,440 4,537 6,854 6,816
assts
Investments 2,252 2,203 2,365 1,884
158,001 132,539 158,634 152,420
Current assets
Inventories 15,902 13,963 18,276 14,690
Trade and other 95,623 77,144 80,324 73,855
receivables
Investments - 348 596 453 357
current
Current tax 2,173 1,898 3,368 0
assets
Cash and 49,294 47,541 72,619 78,600
cash-equivalent
163,340 141,142 175,040 167,502
Total assets 321,341 273,681 333,674 319,922
Current
liabilities
Trade and other 62,281 52,303 63,245 47,715
payables
Deferred income 47,049 27,731 40,833 38,087
- current
Other financial 2,531 2,203 3,073 2,161
liabilities
Current tax 2,156 0 0 5,605
liabilities
Provisions - 5,531 2,780 5,413 5,513
current
119,548 85,017 112,564 99,081
Non-current
liabilities
Other payables 3,051 2,888 3,936 5,597
Deferred income 10,127 15,384 13,440 11,015
- non current
Deferred tax 10,274 8,552 9,543 5,078
liabilities
Provisions - 717 0 0 0
non current
24,169 26,824 26,919 21,690
Total 143,717 111,841 139,483 120,771
liabilities
Net assets 177,624 161,840 194,191 199,151
Capital and
reserves
Called up share 4,064 3,264 4,477 4,456
capital
Share premium 3,874 2,797 2,732 118,201
account
CTA / retained 197,286 176,746 206,664 73,791
earnings
Merger reserve 2,835 2,483 3,424 3,442
ESOP shares (14,455 ) (11,239 ) (14,993 ) (1,052 )
Treasury shares (15,980 ) (12,211 ) (8,113 ) 0
Minority
interests - 0 0 0 313
equity
Shareholders' 177,624 161,840 194,191 199,151
equity
Consolidated Cash Flow Statement
FY 09 H1 FY09 H2 FY08 FY07
FY09
USD USD USD USD USD
Cash flows from
operating
activities
Profit before 11,993 9,115 2,879 15,298 19,553
tax
Share results of
associated (173 ) (115 ) (58 ) (174 ) (110 )
undertakings
Finance income (1,432 ) (1,306 ) (126 ) (2,265 ) (2,630 )
Finance expense 1,008 441 567 5,988 228
Depreciation and 8,702 4,111 4,591 9,560 9,155
amortisation
Share-based 889 1,110 (220 ) 573 2,151
payment expense
Reduction in
goodwill arising
on the
utilisation of 0 0 201
previously
unrecognised tax
losses
Movement in 5,211 1,139 4,072 2,686 4,271
provisions
Gain/(loss) on
disposal of
property, plant 43 3 40 (124 ) (110 )
and
equipment
Movement in (11,436 ) (11,091 ) (345 ) 9,101 (1,455 )
working capital
Cash generated
from operations 14,805 3,407 11,400 40,643 31,254
before
restructuring
Payments under (5,214 ) (2,676 ) (2,538 ) (8,265 )
restructuring
Cash generated
from for 9,591 731 8,862 32,378 31,254
operations
Income tax paid (1,926 ) (1,830 ) (97 ) (14,358 ) (6,297 )
Net cash inflow/
(outflow) from 7,665 (1,099 ) 8,765 18,020 24,957
operating
activities
Cash flows from
investing
activities
Purchase of
property, plant
and equipment, (12,508 ) (6,497 ) (6,011 ) (7,375 ) (3,705 )
licences and
similar rights
Disposal of
property, plant
and equipment, 153 14 139 397 298
licences and
similar rights
Acquisition of a
subsidiary, net (2,681 ) (2,945 ) 264 (1,445 ) (2,085 )
of cash acquired
Acquisition of
subsidiaries, 0 0 0 (1,251 ) (3,253 )
net of cash
disposed
Disposal of 0 0 (36 ) (2,829 )
subsidiaries
Sale of
non-current 0 0 0 0 172
investment
Movement in long
term loans to 0 0 0 0 23
non-current
investments
Interest 944 2,498 (1,554 ) 1,494 2,362
received
Net cash
(outflow)/inflow (14,092 ) (6,930 ) (7,162 ) (8,216 ) (9,017 )
from investing
activities
Cash flows from
financing
activities
Issue of share 1,247 1,253 (5 ) 3,169 4,888
capital
Increase/
(decrease) in 859 (474 ) 1,333 (355 ) (282 )
short term
borrowings
Share buy back (7,023 ) (7,538 ) 515 (22,493 ) 0
Dividends paid (2,004 ) (2,378 ) 185 (3,789 ) (3,309 )
to shareholders
Dividends paid
to minorities 0 0 0 (158 ) 0
interest
Capital element
on finance lease 0 (5 ) 5 0 0
payments
Currency swap 1,621 0 1,621 (3,961 ) (12 )
Interest paid (305 ) (117 ) (188 ) (283 ) (201 )
Net cash outflow
from financing (5,605 ) (9,259 ) 3,466 (27,870 ) 1,084
activities
Net
(decrease)/increase
in cash and (12,032 ) (17,289 ) 5,067 (18,066 ) 17,023
cash-equivalents in
the period
Cash and
cash-equivalents at 70,034 70,034 45,353 76,943 57,150
start of the period
Exchange rate (9,935 ) (7,392 ) (2,353 ) 11,156 3,136
effects
Cash and
cash-equivalents at 48,067 45,353 48,067 70,033 77,309
the end of the
period
Cash and
cash-equivalents
consists of:
Cash and 49,294 47,541 49,294 72,618 78,600
cash-equivalents
Overdrafts (1,227 ) (2,188 ) (1,227 ) (2,585 ) (1,291 )
48,067 45,353 48,067 70,033 77,309
Foreign Exchange Rates
FY09 H1 FY09 FY08 FY07
Average Closing Average Closing Average Closing Average Closing
rate rate rate rate rate rate rate rate
USD/GBP 0.62 0.61 0.58 0.69 0.50 0.50 0.50 0.50
USD/EURO 0.73 0.71 0.71 0.71 0.68 0.63 0.68 0.63
USD/CHF 1.12 1.08 1.12 1.06 1.11 1.02 1.11 1.02
Source: Kofax plc
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