- 1 February 2010 11:39
Interactive Intelligence Reports 2009 Fourth Quarter and Full-Year Results
Sydney, 1 February 2010 -- Interactive Intelligence (Nasdaq: ININ), a global provider of unified IP business communications solutions, has announced results for its fourth quarter and full year ended Dec. 31, 2009.
The company is reporting 2009 fourth quarter total revenues of $35.9 million, an increase of 14.8 percent compared to $31.3 million in the fourth quarter of 2008. Total revenues for 2009 were $131.4 million, compared to $121.4 million in 2008, an increase of 8.2 percent.
“Despite the challenging economy, we executed well throughout the year with strong 16.2 percent product revenue growth in the fourth quarter,” said Interactive Intelligence founder and CEO, Dr. Donald E. Brown.
“In 2009 we continued to go up-market with more than double the number of $1 million-plus orders compared to 2008. We also executed well last year on our communications-as-a-service business with more than 50 percent revenue growth over 2008.”
Fourth quarter 2009 financial results include:
· Product revenues of $18.0 million, compared to $15.4 million in the fourth quarter of 2008.
· Services revenues of $17.9 million, compared to $15.9 million in the fourth quarter of 2008.
· Gross margins of 70.0 percent, up from 66.9 percent in the fourth quarter of 2008.
· Net income on a generally accepted accounting principles (GAAP) basis of $2.5 million, with diluted earnings per share (EPS) of $0.14, compared to net income of $1.5 million, with EPS of $0.08 in the fourth quarter of 2008.
· Net income on a non-GAAP* basis of $5.1 million, with EPS of $0.27, compared to non-GAAP net income of $3.2 million and EPS of $0.18 in the fourth quarter of 2008.
For the fourth quarter of 2009, non-GAAP net income and EPS exclude charges for stock-based compensation of $775,000, or EPS of $0.04, and non-cash income tax expense of approximately $1.8 million, or EPS of $0.10.
For the fourth quarter of 2008, non-GAAP net income and EPS exclude charges for stock-based compensation of $651,000, or EPS of $0.04, and non-cash income tax benefit of $1.1 million, or EPS of $0.06. Full-year 2009 financial results include:
· Product revenues of $63.1 million, compared to $60.3 million in 2008.
· Services revenues of $68.3 million, compared to $61.2 million in 2008.
· Gross margins of 69.7 percent, up from 67.8 percent in 2008.
· Net income on a GAAP basis of $8.6 million, with EPS of $0.47 compared to net income of $4.3 million, with EPS of $0.23 in 2008.
· Net income on a non-GAAP basis of $18.0 million, with EPS of $0.99, compared to non-GAAP net income of $10.5 million, and EPS of $0.56 in 2008. For the full year of 2009, non-GAAP net income and EPS exclude charges for stock-based compensation of $3.3 million, or EPS of $0.18, and non-cash income tax expense of approximately $6.0 million, or EPS of $0.33. For 2008, non-GAAP net income and EPS exclude charges for stock-based compensation of $3.0 million, or EPS of $0.16, and non-cash income tax benefit of $3.2 million, or EPS of $0.17.
“Looking forward, we see an improved market environment,” Brown said. “We’re excited about the traction we’re gaining with our new Interaction Process Automation™ application and our CaaS business, as well as other new innovative products underway. We’ll continue to invest in development for the long-term benefit of customers and shareholders, and we see an opportunity for added growth as we further invest in marketing and brand-building activities throughout the year.
“We currently expect total revenues for 2010 to increase by about ten percent, and earnings to improve,” Brown concluded.
Other 2009 financial highlights include:
· Deferred revenues totalling $48.2 million as of Dec. 31, 2009, up from $43.1 million as of Dec. 31, 2008.
· Cash and investment balances as of Dec. 31, 2009 totalling $65.0 million, up from $45.5 million as of Dec. 31, 2008, with no debt.
About Interactive Intelligence
Interactive Intelligence Inc. (Nasdaq: ININ) is a global provider of unified business communications solutions for contact centre 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 Centre 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, Africa and Asia Pacific. Interactive Intelligence can be reached at +61 2 8918 4800 or firstname.lastname@example.org; on the Net: http://www.inin.com/au-nz
* 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. 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.