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MapInfo Reports First Quarter Non-GAAP EPS of US$0.11, GAAP EPS of US$0.08

  • 06 February, 2006 12:55

<p>Editors Note - Figures were released Fri 3 February, this release sent as FYI.</p>
<p>All figures are in $US.</p>
<p>Financial tables available on request</p>
<p>SYDNEY, Australia—Feb. 3, 2006—MapInfo Corporation (Nasdaq: MAPS) today reported net income for the first quarter of fiscal 2006 calculated on a non-GAAP basis (excluding the impact of stock-based compensation expense) of US$2.3 million, or US$0.11 per share. On a GAAP basis, net income for the first fiscal quarter of 2006 was US$1.6 million, or US$0.08 per share, on revenue of US$38.9 million. The net impact of the stock-based compensation expense for the quarter was approximately US$0.7 million, or US$0.03 per share. Both the first quarter revenue and earnings per share are in line with management’s previous guidance.</p>
<p>Supplemental schedules, including a reconciliation of GAAP to non-GAAP measures and the allocation of stock-based compensation expense included in net income are provided at the end of this release.</p>
<p>For the first quarter of fiscal 2005, the company reported net income of US$1.2 million, or US$0.06 per share, on revenue of US$34.7 million. Included in first quarter fiscal year 2005 earnings per share was US$0.05 in net charges primarily related to the write-off of the remaining value of the company’s equity investment in Alps Mapping, Co.</p>
<p>As of December 31, 2005, cash and investments stood at US$75.6 million and deferred revenue was US$19.4 million. The company generated US$2.6 million in cash from operations during the quarter.</p>
<p>“MapInfo’s vertical market strategy continues to solidify as evidenced by our first quarter accomplishments in core geographies – the Americas, the UK and Australia – particularly in the insurance and financial services verticals, which doubled to 10 per cent of total revenue from 5 per cent of total revenue in last year’s first quarter,” said Mark Cattini, president and chief executive officer. “Financially and operationally, we executed to plan: we generated 12 per cent revenue growth; invested in high-impact marketing programs designed to broaden awareness of MapInfo’s location intelligence solutions among prospective customers; and further penetrated target vertical markets by advancing all facets of our organic growth strategy. In addition, our Envinsa™ enterprise platform continues to gain broad market acceptance across all target vertical markets for a variety of initial and expanded deployments.”</p>
<p>Cattini concluded, “Having posted a solid start to fiscal 2006, we are on track to achieve our financial objectives for the year. Bolstered by the growing awareness of the benefits of location, we are capitalizing on the opportunity to deliver compelling value by enabling customers to make more informed business decisions; our strategy is working well for us. We continue to evolve the location intelligence space, extending our presence in target vertical markets, broadening investment in our solutions across the enterprise, and strengthening our industry expertise. In summary, MapInfo is well situated to capitalize on an increasing set of opportunities while continuing to establish a leadership position in the market for mission-critical location intelligence solutions.”</p>
<p>Guidance
For the second quarter, the company anticipates revenue in the range of US$40.0 million to US$42.0 million and GAAP earnings per share of US$0.09 to US$0.12. The company reaffirms its previous full year guidance of revenue between US$166 million and US$172 million and earnings per share in the range of US$0.44 to US$0.51. Included in the company’s earnings guidance is an estimate for options based compensation expense of approximately US$0.03 and US$0.12 per share for the second quarter and fiscal 2006, respectively.</p>
<p>Non-GAAP Information
The company is presenting non-GAAP net income and earnings per share. These measures are determined by excluding stock-based compensation expense associated with the adoption of SFAS 123(R), in addition to the results presented in accordance with generally accepted accounting principles (GAAP) in this press release. Management believes that these non-GAAP measures viewed in addition to and not in lieu of the company’s reported GAAP results, will assist investors in understanding MapInfo’s results of operations on a comparative basis.</p>
<p>Conference Call
A conference call was held featuring MapInfo's First Fiscal Quarter Earnings on Thursday, February 2, 2006. Replays of the Webcast are available at www.vcall.com for 90 days following the call and at www.mapinfo.com/investors.</p>
<p>About MapInfo
MapInfo is a global company and the leading provider of location intelligence solutions, integrating software, data and services to provide greater value from location-based information and drive more insightful decisions for businesses and government organizations around the world. MapInfo solutions are available in 20 languages through a network of strategic partners and distribution channels in 60 countries. Headquartered in Troy, N.Y., MapInfo 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 annual report on Form 10-K 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>For more information, please contact:
Veronica Colvin</p>
<p>Spectrum Communications
veronicac@spectrumcomms.com.au
02 9954 3299</p>

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