Rimini Street, Inc. (RMNI) Tops Q1 EPS by 13c, Slight Beat on Revenues; Affirms FY18 Revenue Outlook

May 10, 2018 4:14 PM EDT

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Rimini Street, Inc. (NASDAQ: RMNI) reported Q1 EPS of $0.05, $0.13 better than the analyst estimate of ($0.08). Revenue for the quarter came in at $59.8 million versus the consensus estimate of $59.64 million.

Full Year 2018 Revenue Guidance

The Company is reaffirming full year 2018 revenue guidance to be in the range of approximately $250 million to $270 million.

“Rimini Street executed well in the first quarter of 2018, in revenue, service delivery and global operations,” stated Seth A. Ravin, Rimini Street co-founder and CEO. “We increased our investment in sales and marketing, and invested in the development of several new product and service solutions launched in April and May. We also had positive developments in our ongoing litigation with Oracle, including the U.S. Court of Appeals reversing and vacating certain awards, and ordering Oracle to refund approximately $50 million (which Oracle has done, a portion of which has been paid into escrow). Rimini Street plans to fuel growth and continue improving operating leverage by recruiting and hiring additional senior executive talent, further increasing sales and marketing investments, ramping up sales of new product and service offerings, and expanding global service delivery capabilities.”

“Revenue in the first quarter of fiscal year 2018 came in within our guidance range, and was driven by balanced growth across all geographies. The litigation refund of $21.5 million we received from Oracle in the quarter was used primarily to pay down debt obligations under our credit facility on April 3, 2018,” stated Tom Sabol, Rimini Street CFO. “This decreased our total debt obligations while lowering our go forward debt servicing costs. In addition, we remain committed to further reducing our cost of capital and improving free cash flows to fund investment in growth opportunities.”

GUIDANCE:

Rimini Street, Inc. sees FY2018 revenue of $250-270 million, versus the consensus of $263.9 million.

For earnings history and earnings-related data on Rimini Street, Inc. (RMNI) click here.



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