TIBCO Software, Inc. (TIBX) Prelim. Q2 Results Miss Expectations

TIBCO Software, Inc. (NASDAQ: TIBX) announced preliminary financial results for the fiscal second quarter ended June 1, 2014. TIBCO will report final results for the second quarter on Thursday, June 19, 2014.

For the second quarter of fiscal 2014, TIBCO expects total revenue to be in the range of $250 to $252 million. License revenue is expected to be in the range of $75 to $76 million. Earnings per share, calculated in accordance with U.S. generally accepted accounting principles (GAAP), are expected to be in the range of $0.00 to $0.01. Non-GAAP earnings per share are expected to be in the range of $0.12 to $0.13. The combined effect of lower-than-expected profits along with the mix of revenue across products and regions is projected to result in a higher than anticipated tax rate on both a GAAP and non-GAAP basis.

*** The Street is looking for Q2 revs of $267.5 million and EPS of $.21.

These expected fiscal second quarter results are preliminary and subject to TIBCO management and independent auditors completing their customary quarterly closing review procedures.

"After a solid first quarter, revenue fell short of expectations in the second quarter, primarily due to lower-than-expected sales of Spotfire," said Vivek Ranadiv, founder and chief executive officer, TIBCO.

"We again experienced growth this quarter in our core infrastructure and event processing product revenue, but Spotfire sales were less than anticipated. We have several changes under way that we believe will improve Spotfire performance. We also acquired Jaspersoft this quarter, and while not a meaningful contributor to second quarter revenue, it represents an important addition to our analytics strategy going forward," said Ranadiv.

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