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MapInfo Second Quarter Earnings Per Share Increases 71 Per Cent to US$0.12 on Revenues of US$35.5 Million

  • 22 April, 2005 12:29

<p>Net Income Increases 129 Per Cent over Prior Year Period</p>
<p>TROY, NY — April 22, 2005 — MapInfo Corporation (Nasdaq: MAPS) today reported earnings per share of US$0.12 for the second fiscal quarter ended March 31, 2005, representing a 71 per cent increase over the US$0.07 reported for the same period last year. Revenues for the quarter were US$35.5 million compared to US$31.4 million last year. Net income for the second quarter more than doubled to US$2.5 million compared to US$1.1 million in the second quarter of fiscal 2004.</p>
<p>Financial highlights for the quarter include:</p>
<p>Operating income grew 35 per cent to US$3.9 million, representing an 11 per cent operating margin and marking the eighth consecutive quarter of year-over-year increases in both operating income and operating margin. The operating margin is above the nine per cent operating margin reported in both the second quarter of fiscal 2004 and the first quarter of fiscal 2005.</p>
<p>Year-over-year earnings per share increased for the eighth consecutive quarter.</p>
<p>Cash from operations grew by US$3.8 million during the quarter, bringing cash and investments to US$69.8 million as of March 31, 2005.</p>
<p>Total deferred revenue stood at US$17.5 million at the end of the quarter.</p>
<p>"MapInfo’s performance this quarter is indicative of our ongoing transition to the broader Location Intelligence market, an accelerated shift in our business model from selling packaged applications to offering solutions that address our customers’ business needs and continued diversification of our revenue mix," said Mark Cattini, president and chief executive officer.</p>
<p>"For instance, we experienced some top-line softness from the telecommunications vertical market, resulting from consolidation activity in the wireline and wireless segments, and from a lengthening of the purchase approval process at some customers. However, we saw further success with our vertical market solutions approach, particularly in the public sector and retail vertical markets, and growing revenue from our new enterprise offerings, MapInfo Envinsa™, MapInfo MapXtreme® 2004 and MapInfo Exponare™."</p>
<p>Cattini added, "Heading into the second half of the fiscal year, we are focused on making further progress in executing on our vertical market strategy. We intend to sustain the momentum we have achieved in driving customer adoption of the offerings introduced last year to broaden our customers’ use of MapInfo Location Intelligence solutions across the enterprise and to continue delivering vertical market solutions to new and existing customers. By carefully concentrating on expense additions in support of revenue growth, we plan to continue to produce profitable revenue growth."</p>
<p>Guidance
Anticipating that revenue from the telecommunications sector will remain somewhat soft in the second half of the year, the company is revising its anticipated fiscal year revenue to a range of US$146 million to US$151 million from US$149 million to US$154 million. On the basis of this revenue range and through prudent expense management, the company reiterates its earnings per share guidance of US$0.42 to US$0.46.</p>
<p>For the third quarter, we anticipate revenues in the range of US$36.5 million to US$38.5 million and earnings per share in the range of US$0.12 to US$0.14.</p>
<p>About MapInfo
MapInfo Corporation is a global company that integrates software, data and services to help customers realise greater value from location-based information and drive more insightful decisions. MapInfo solutions are available in 20 languages through a network of strategic partners and distribution channels in 60 countries. Headquartered in Troy, NY, MapInfo Corporation is on the World Wide Web at www.mapinfo.com.</p>
<p>Of Note
Statements in this press release regarding MapInfo's future financial performance, including statements regarding future revenue and earnings per share, statements regarding the broadening of usage of MapInfo’s products in targeted vertical markets, statements regarding the prospects of favourable business conditions, and any other statements about management's future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. MapInfo’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including those factors contained in the Company’s most recent quarterly report on Form 10-Q under the section "Factors Affecting Future Performance? as well as other documents that may be filed by MapInfo from time to time with the Securities and Exchange Commission. Forward-looking statements can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will" and "would" or similar words. MapInfo assumes no obligations to update the information included in this press release.</p>
<p>Contacts:</p>
<p>Kristy Bryan
MapInfo Asia Pacific
Tel: (617) 3226 4550
Email: kristy.bryan@mapinfo.com</p>
<p>Debbie Sassine
Spectrum Communications
Tel: (612) 9954 3299
Email: debbies@spectrumcomms.com.au</p>

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