Interactive
Intelligence Reports 2009 First Quarter Operating Results
Non-GAAP
operating income up 30 percent; cash and investment balances increase to $49.8
million
INDIANAPOLIS, April 27, 2009
-- Interactive Intelligence (Nasdaq: ININ),
a
global provider of unified IP business communications solutions, has
announced
operating results for the
three months ended March 31, 2009.
The company
reported revenues of $29.5 million, equal to the revenues for the first quarter
of 2008.
Net income, on a
generally accepted accounting principles (GAAP) basis, was $1.2 million, or
diluted earnings per share (EPS) of $0.07, compared to $1.1 million, or EPS of
$0.06 in the first quarter of 2008. Net income on a non-GAAP* basis was $2.9
million, or EPS of $0.16, compared to $2.9 million, or EPS of $0.15 for the same
quarter of last year.
Cash and
investment balances as of March 31, 2009 totaled $49.8 million with no debt.
“Although product
revenues were a challenge in the first quarter of 2009, we had a number of
positive outcomes,” said Interactive Intelligence founder and CEO, Dr. Donald E.
Brown. “Our services revenues, including communications-as-a-service and managed
services, showed strong growth and non-GAAP operating income was up 30 percent.
Cash and investments increased nicely to nearly $50 million.
“Despite the
cautious buying market, our performance enables continued focus on the long-term
initiatives of our company, including the development and launch of our process
automation solution, and further expansion of our services business.”
Additional first
quarter operating results include:
·
Consistent gross margins of 69 percent for 2009 and 2008;
·
GAAP operating income of $2.3 million in 2009, compared to $1.5
million in 2008;
·
Non-GAAP operating income of $3.1 million in 2009, compared to
$2.4 million in 2008;
·
Interest income of $108,000 in 2009, compared to $459,000 in
2008;
·
Other expense principally related to foreign exchange losses on
receivables of $298,000 in 2009, compared to a gain of $97,000 in 2008; and
·
Cash flows from operations of $4.4 million in 2009, compared to
$5.3 million in 2008.
Non-GAAP net
income and EPS exclude charges for stock-based compensation of $847,000, or EPS
of $0.05, and non-cash income tax expense of approximately $799,000, or EPS of
$0.04 for the first quarter of 2009 and charges for stock-based compensation of
$932,000, or EPS of $0.05, and non-cash income tax expense of $821,000, or EPS
of $0.04 for the first quarter of 2008.
Non-financial
highlights from the first quarter of 2009 include the following:
·
Positioned in “Leaders Quadrant” of the Gartner 2008
Contact Center Infrastructure, Worldwide
Magic Quadrant report;
·
Rated “Top Unified Communications Vendor” by North American
contact centers in the Datamonitor 2008
Contact Center Investments in Developed Markets report;
·
Received “Product of the Year” awards from
Customer Interaction Solutions and
INTERNET TELEPHONY magazines;
·
Launched new communications system monitoring product to help
customers improve operational efficiencies and increase reliability;
·
Launched new packaged, fixed-price services;
·
Announced integration with IBM Lotus Sametime; and
·
Launched new “Unified IP Business Communications Technology” blog
to reinforce industry thought-leadership and strengthen customer relationships.
Interactive
Intelligence will host a conference call April 27 at 4:30 p.m. Eastern Time
(EDT), featuring Dr. Brown and the company’s CFO, Stephen R. Head. There will be
a live Q&A session following opening remarks.
To access the
teleconference, please dial 1 877.857.6161 at least five minutes prior to the
start of the call. Ask for the teleconference by the following name:
"Interactive Intelligence first quarter earnings call."
The
teleconference will also be broadcast live on the company's investor relations'
page at http://investors.inin.com.
An archive of the teleconference will be posted following the call.
About Interactive Intelligence
Interactive
Intelligence Inc.
(Nasdaq: ININ) is a global provider of
unified business communications solutions for contact center automation,
enterprise IP telephony, and enterprise messaging. The company was
founded in 1994 and has more than 3,000 customers worldwide. Interactive
Intelligence is among Software Magazine’s top 500 global software and services
suppliers, is ranked among NetworkWorld’s top 200 North American networking
vendors, is a BusinessWeek “hot growth 50” company, and is among FORTUNE Small
Business magazine’s top 100 fastest growing companies. The company is also
positioned
in the leaders quadrant of the Gartner 2008
Contact Center Infrastructure, Worldwide Magic Quadrant
report. Interactive
Intelligence employs approximately 600 people and is headquartered in
Indianapolis, Indiana. It has six global corporate offices with additional sales
offices throughout North America, Europe, Middle East,
*
Non-GAAP Measures
The non-GAAP
measures shown in this release exclude non-cash stock-based compensation expense
for stock options and non-cash income tax expense. Reconciliations of these
non-GAAP measures to the most directly comparable GAAP measures are included
after the financial information included in this press release. These measures
are not in accordance with, or an alternative for, GAAP and may be different
from non-GAAP measures used by other companies. Stock-based compensation expense
is non-cash and income tax expense is primarily non-cash. Management believes
that the presentation of non-GAAP results, when shown in conjunction with
corresponding GAAP measures, provides useful information to management and
investors regarding financial and business trends related to the company’s
results of operations. Further, management believes that these non-GAAP measures
improve management’s and investors’ ability to compare the company’s financial
performance with other companies in the technology industry and Interactive
Intelligence’s management uses these non-GAAP results to compare its performance
to its peers in the software industry. Because stock-based compensation expense
and non-cash income tax expense amounts can vary significantly between
companies, it is useful to compare results excluding these amounts. Management
also uses financial statements that exclude stock-based compensation expense
related to stock options and non-cash income tax amounts for its internal
budgets.
This release contains certain forward-looking statements that involve a number
of risks and uncertainties. Among the factors that could cause actual results to
differ materially are the following: rapid technological changes in the
industry; the company's ability to maintain profitability; to manage
successfully its growth and increasingly complex third-party relationships; to
maintain successful relationships with its current and any new partners; to
maintain and improve its current products; to develop new products; to protect
its proprietary rights adequately; and other factors described in the company's
SEC filings, including the company's latest annual report on Form 10-K.
Interactive
Intelligence Inc. is the owner of the marks INTERACTIVE INTELLIGENCE, its
associated LOGO and numerous other marks. All other trademarks mentioned in this
document are the property of their respective owners.
Contacts:
Stephen R. Head
Chief Financial Officer
Interactive Intelligence Inc.
+1 317.715.8412
Christine Holley
Director, Market
Communications
Interactive
Intelligence Inc.
+1 317.715.8220
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