Niku Reports Strong First Quarter Results: License Revenue Up 97% from Prior Year EPS $0.10 Pro Forma, $0.04 GAAP
REDWOOD CITY, Calif.--(BUSINESS WIRE)--May 18, 2004--Niku Corporation (Nasdaq:NIKU - News) today reported results for its first fiscal quarter ended April 30, 2004.
Total revenue for the first quarter was $14.4 million, up 46% from $9.8 million in the first quarter of the prior fiscal year. License revenue for the first quarter was $6.3 million, up 97% from $3.2 million in the first quarter of the prior fiscal year. Services revenue for the first quarter was $8.0 million, up 21% from $6.6 million in the first quarter of the prior fiscal year.
Pro forma net income for the first quarter was $1.3 million or $0.10 per share, up 699% from $0.2 million, or $0.02 per share, in the first quarter of the prior fiscal year. Pro forma net income for the first quarter excludes $0.6 million in restructuring charges as a result of revisions to sublease estimates for previously vacated facilities and $0.2 million in stock-based compensation charges. Pro forma information is not prepared in accordance with GAAP and may vary from company to company. On a GAAP basis, the Company's net income for the first quarter was $0.5 million, or $0.04 per share, up 370% from $0.1 million, or $0.01 per share, in the first quarter of the prior fiscal year.
The Company ended the quarter with $24.8 million in unrestricted cash and cash equivalents, compared to $23.2 at January 31, 2004. DSO for the quarter was 61 days.
Joshua Pickus, Niku's president and chief executive officer, said, "Our business showed strength across all geographies and all lines of business. Clarity,(TM) our newly introduced flagship product, gained immediate traction with Global 2000 organizations, representing 51% of license revenue for the quarter following its March 15, 2004 launch. IT Management and Governance has become a pressing issue for today's CIO and CTO, and Niku is leading the way in providing the solutions they need."
Highlights of the Quarter
In addition to strong year-over-year growth in license revenue, total revenue and earnings per share, the following are highlights of the first quarter:
-- Sequential license revenue growth of 3% and total revenue growth of 8% relative to the fourth quarter, notwithstanding first quarter seasonality
-- Strong contributions from the U.S., EMEA, and APAC, with newly opened APAC contributing almost 15% of license revenue
-- Accelerated new customer growth, with 20 new customers added
-- Broad-based customer contribution, with leading customers in a wide range of industries, including:
> Telecommunications: SingTel Optus
> Financial Services: ABN AMRO, Brown Brothers Harriman and Halifax Bank of Scotland
> Healthcare: Gene Logic, PacifiCare and Philips Medical Systems
> Government: U.S. Centers for Medicaid and Medicare, Pennsylvania Department of Transportation, Australian Roads and Traffic Authority and Central Justitieel Incasso Bureau
-- Positive cash flow of $1.6 million, representing year-over-year and sequential increases
-- Stock market listing moved from NASDAQ SmallCap System to NASDAQ National Market System
Conference Call and Business Outlook
Niku's management will review the financial results for the quarter and provide an outlook on Niku's business in a conference call at 2:00 p.m. Pacific Time today, May 18, 2004. The conference call can be accessed via live webcast at investor.niku.com.  Interested parties should access the site, downloading any necessary audio software, at lease fifteen minutes prior to the call. |
