Kofax (KFX) Provides Prliminary Q2 Results

Kofax Limited (NASDAQ: KFX) today announced in line selected preliminary unaudited financial results for the second quarter of its fiscal year 2015, which ended December 31, 2014, as presented below:

(Street sees Q2 revenue of $80.67 million)

Commenting on the selected preliminary unaudited Non-GAAP financial results, Reynolds C. Bish, Chief Executive Officer, said: “We had a solid quarter in line with both our fiscal year 2015 guidance provided in October and – using the mid point of the ranges above – consensus analyst expectations for the quarter despite unexpected and significant unfavorable exchange rate movements during this period. Given the large amount of our software license revenue and total revenues arising in Euros, British Pounds, Swiss Francs and other currencies that have weakened against the U.S. dollar, this effect was substantial. On a constant currency basis – using exchange rate levels in the prior year period – software license revenue would have been approximately $1.1 million and total revenues $2.7 million higher. The effect on Adjusted EBITDA was less negative as a result of the global nature and distribution of our employees and expenses.”

Bish continued: “During the quarter we experienced strong growth in new or acquired products software license revenue and improved core capture software license revenue. We also saw a considerable year over year increase in the number of six figure software license revenue transactions, and new quota bearing sales reps continuing their ramp to productivity as we would expect.”

Kofax announced these selected preliminary unaudited financial results at this time in anticipation of the Needham & Company 17th Annual Growth Conference where Chief Executive Officer Reynolds C. Bish will meet with investors and present on Tuesday, January 13, 2015 at 4:50 pm Eastern Time. A live webcast and replay of the presentation will be available at: http://investor.kofax.com/events.cfm.

The Company will publish its final unaudited financial results for the second quarter of its fiscal year 2015, which ended December 31, 2014, and host a conference call and audio only webcast on January 29, 2015. The time and access details for the conference call and webcast will be provided in advance of this date.

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