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MapInfo Third Quarter Earnings Per Share Increases 63 Percent to $0.13 on Revenues of $38.9 Million

  • 22 July, 2005 16:06

<p>TROY, N.Y.--July 21, 2005--MapInfo Corporation (Nasdaq: MAPS) today reported earnings per share of $0.13 for the third fiscal quarter ended June 30, 2005, representing a 63 percent increase over the $0.08 reported for the same period last year and the ninth consecutive quarter of year-over-year earnings per share growth for the company.</p>
<p>Revenues for the third quarter grew 21 percent to $38.9 million versus $32.1 million for the same quarter last year. Operating income reached $4.2 million, the highest level in the company's history, rising 25 percent over last year's operating income of $3.4 million. Net income increased 68 percent to $2.7 million compared to net income of $1.6 million for the third quarter of fiscal 2004.</p>
<p>Cash and investments stood at $69.3 million as of June 30, 2005; cash from operations grew by $4.8 million during the quarter and $10.4 million during the first nine-months of fiscal 2005. Total deferred revenue grew to $19.8 million at the end of the third quarter.</p>
<p>"We achieved our goals for the third quarter, both financially and operationally, as we made more progress with the transition to the broader Location Intelligence market while continuing to produce profitable revenue growth," said Mark Cattini, president and chief executive officer. "Factors that contributed to this quarter's solid financial performance include increased sequential revenue across all target vertical markets, including four customers with one-to-three year commitments to MapInfo each valued at approximately $1 million or more, and organic revenue growth of eight percent. In addition, we secured wins for our new enterprise offerings, particularly MapInfo® Envinsa™ and MapInfo® MapXtreme® 2004, attracting new customers and further entrenching long-standing customers, particularly in the telecommunications vertical market and the public sector."</p>
<p>Cattini added, "As planned, during the quarter, we invested in future revenue growth opportunities by adding resources to strengthen our services delivery capabilities, introducing another public sector solution that leverages our retail site selection expertise to address the needs of municipalities and completing the MarkeTech Systems acquisition to extend our presence in the under-penetrated financial services vertical market. With this acquisition, we have now completed three acquisitions over the past four quarters, all of which have been integral to our strategy of strengthening our market position by enriching our domain expertise in target vertical markets."</p>
<p>Guidance
The company anticipates fourth quarter revenue in the range of $39 million to $41 million bringing the full fiscal year revenue guidance to $148 million to $150 million. In addition, the company anticipates fourth quarter earnings per share of $0.13 to $0.15 bringing the fiscal year earnings per share guidance to $0.43 to $0.45.</p>
<p>About MapInfo Corporation
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 favorable 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:
Debbie Sassine
Spectrum Communications
Tel: (612) 9954 3299
Email: debbies@spectrumcomms.com.au</p>

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