Rimini Street, Inc. (RMNI) Tops Q1 EPS by 13c, Slight Beat on Revenues; Affirms FY18 Revenue Outlook
- Wall Street ekes out gains to close languid week
- 'Faster than Porsche but Safer than Volvo': Tesla (TSLA) Begins Model S Plaid Deliveries, Priced Between $131,100 and $145,600
- Oil hits multi-year highs in third weekly gain on demand recovery
- Snowflake (SNOW) Falls Following Investor Day Despite Strong Guidance, Analysts Bullish But Say Investors May Have Wanted More
- Dollar looks stronger as euro and sterling dip
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
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.”
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Chewy (CHWY) Tops Q1 EPS by 12c, Revs Beat Slightly
- Chewy (CHWY) Delivers a Beat-and-Raise Quarter, Shares Fall as Top-Line Growth Slows, Guidance Looks 'Conservative' Says Analyst
- KLX Energy Services Holdings Inc. (KLXE) Misses Q1 EPS by $2.09, Revenues Miss
Create E-mail Alert Related CategoriesEarnings, Guidance, Management Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!