DALLAS, May 1 /PRNewswire-FirstCall/ -- Carreker Corporation
(NASDAQ:CANI), a leading provider of payments technology and
consulting solutions for the financial services industry, today
reported results for its fourth quarter and 2005 fiscal year ended
January 31, 2006. The Company reported revenue of $30.1 million and
net income of $1.5 million, or $0.06 per diluted share for the
fourth quarter of 2005 as compared to revenue of $28.4 million and
a net loss of $950,000, or ($0.04) per diluted share for the third
quarter of 2005. During the three months ended October 31, 2005 and
January 31, 2006 respectively, the Company recorded amortization
associated with certain acquisition-related intangible assets of
approximately $1.5 million. Excluding this item, non-GAAP net
income for the three months ended January 31, 2006 was $3.0
million, or $0.12 per diluted share, as compared with non- GAAP net
income of $555,000, or $0.02 per diluted share for the three months
ended October 31, 2005. "We are pleased to report that total
revenue in the fourth quarter was the Company's highest total
quarterly revenue during the fiscal year of 2005, meeting our
previously stated guidance," said J.D. (Denny) Carreker, Chairman
and Chief Executive Office of Carreker Corporation. "Stronger
consulting revenue as well as continued strength in our software
license and implementation revenue categories contributed to the
improved results. Demand for our new products is increasing, and
although in certain situations we are experiencing extended sales
cycles and intensified competition in our payments business, we are
optimistic about the revenue generating potential for these
products during fiscal year 2006 and beyond. Looking forward, we
remain confident that our new and existing products will gain
further industry adoption and, when combined with our ongoing cost
containment initiatives, will result in future revenue growth and
profitability." Revenue for the fiscal year of 2005 was $116.6
million and net income was $2.1 million, or $0.08 per diluted share
as compared to revenue of $118.9 million and a net loss of $1.2
million or ($0.05) per diluted share for the full year 2004. During
the twelve months ended January 31, 2005 and 2006, the Company
recorded amortization associated with certain acquisition-related
intangible assets of approximately $6.0 million. Excluding this
item, non-GAAP net income for the twelve months ended January 31,
2006 was $8.1 million, or $0.33 per diluted share, as compared with
non-GAAP net income of $4.8 million, or $0.20 per diluted share,
for the twelve months ended January 31, 2005. Carreker has
presented supplemental non-GAAP financial measures as part of this
earnings release. The non-GAAP financial measures exclude the
amortization of acquisition-related intangibles. These adjustments
to Carreker's GAAP results are made with the intent of providing
useful information to management and investors regarding Carreker's
underlying operational results and performance in the marketplace.
The presentation of this additional information should not be
considered in isolation or as a substitute for results prepared in
accordance with generally accepted accounting principles ("GAAP")
in the United States. A reconciliation of non- GAAP to GAAP results
for the three month periods ended January 31, 2006 and October 31,
2005 as well as the twelve month periods ended January 31, 2006 and
January 31, 2005 is as follows: Three Three Twelve Twelve Months
Months Months Months ended ended ended ended ($ in 000s, other than
Jan. 31, Oct. 31, Jan. 31, Jan. 31, per share figures) 2006 2005
2006 2005 GAAP Net Income (Loss) $1,467 ($950) $2,069 ($1,196)
Amortization of Intangible Assets $1,505 $1,505 $6,020 $6,020
Non-GAAP Net Income $2,972 $555 $8,089 $4,824 Diluted net income
(loss) per share on a GAAP basis $0.06 ($0.04) $0.08 ($0.05)
Amortization of Intangible Assets $0.06 $0.06 $0.24 $0.24 Diluted
net income per share on a Non-GAAP basis $0.12 $0.02 $0.33* $0.20*
* Please note: The figures above do not tie due to rounding
Business Outlook Carreker anticipates revenue growth during the
2006 fiscal year due to the availability and anticipated acceptance
of several new products and service offerings, which were developed
during 2005 as well as new products and services expected to be
offered in 2006. However, due to a lengthened decision cycle
associated with some of the new products, our overall annual growth
in revenue is anticipated to be in the latter half of the year. The
Company believes it is well positioned for profitability in 2006 as
a result of the anticipated revenue growth coupled with ongoing
cost containment efforts. Conference Call Carreker's management
will host a conference call and live Web cast today, Monday, May 1,
2006, at 4:30 p.m. Eastern Time to discuss the Company's fourth
quarter and fiscal year 2005 financial results and provide an
overview of business conditions, industry trends and other points
of interest. To join the conference call, Domestic participants
dial 866-348-8664; International participants dial 706-679-0430.
All participants enter code 5845508. Additionally, a live Web cast
of the conference call will be available through the investor
relations section of the Company's Web site at
http://ir.carreker.com/ . A replay of the call will be available
from Monday, May 1st at 7:30 p.m. Eastern Time to Monday, May 8th,
2006 at 11:59 p.m. Eastern Time. To access the replay, Domestic
participants dial 800-642-1687; International participants dial
706-645-9291. All replay participants enter code 5845508. An
archived version of the Web cast will be available through the
investor relations section of the Company's Web site at
http://ir.carreker.com/ . Forward-Looking Statements Except for
historical information, the statements in this release, including
statements regarding future financial performance, constitute
forward-looking statements within the meaning of the federal
securities laws. These statements are subject to numerous risks and
uncertainties that could cause actual results to differ materially,
including but not limited to customer acceptance of new product
introductions, the timing of revenue from contracted sales, the
timing of expected sales of products, the impact of the recent
restatement of the Company's consolidated financial statements and
the volatility in the Company's common stock price, as well as the
risks and uncertainties arising out of economic, competitive,
governmental and technological factors affecting the Company's
operations, markets, services, products, sales, potential sales and
prices. For further information concerning certain of these risks
and uncertainties, see under the caption "Risk Factors" in the
Company's most recent Form 10-K. We assume no obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as may be
required by law. About Carreker Corporation Carreker Corporation
improves earnings for financial institutions around the world. The
Company's integrated consulting and software solutions are designed
to increase clients' revenues and reduce their expenses, while
improving security and increasing the value of their customer
relationships. Carreker provides products and services to more than
250 clients in the United States, Canada, the United Kingdom,
Ireland, continental Europe, Australia, New Zealand, South Africa,
South America, Mexico, and the Caribbean. Clients include the full
range of community, regional and large banks, among them more than
75 of the largest 100 banks in the United States. Headquartered in
Dallas, Texas since 1978, Carreker Corporation has offices in
London and Sydney. For more information, visit
http://www.carreker.com/ . CARREKER CORPORATION Condensed
Consolidated Statements of Operations (Unaudited) (In thousands,
except per share amounts) Q4 Q3 YEAR ENDED JANUARY 31, 2005 2005
2006 2005 Revenues: Consulting $8,704 $6,720 $33,244 $37,193
Software license 5,814 5,322 18,277 20,429 Software maintenance
9,732 10,822 42,442 43,293 Software implementation and other
services 4,846 4,585 18,457 14,799 Outsourcing service 320 220
1,038 139 Out-of-pocket expense reimbursements 680 701 3,126 3,038
Total revenues 30,096 28,370 116,584 118,891 Cost of revenues:
Consulting 4,299 4,369 17,186 18,989 Software license 2,443 2,155
7,962 7,960 Software maintenance 3,210 3,588 14,209 14,771 Software
implementation and other services 3,117 3,562 13,334 14,747
Outsourcing service 477 424 1,914 616 Out-of-pocket expenses 804
701 3,103 3,087 Total cost of revenues 14,350 14,799 57,708 60,170
Gross profit 15,746 13,571 58,876 58,721 Operating costs and
expenses: Selling, general and administrative 11,839 11,191 45,527
46,524 Research and development 2,136 2,444 9,617 8,644
Amortization of customer relationships 350 350 1,400 1,400
Restructuring and other charges 15 780 918 3,682 Total operating
costs and expenses 14,340 14,765 57,462 60,250 Income (loss) from
operations 1,406 (1,194) 1,414 (1,529) Other income (expense):
Interest income 221 185 716 306 Interest expense (106) (122) (440)
(442) Other income (expense) 96 283 814 1,037 Total other income
(expense), net 211 346 1,090 901 Income (loss) before provision for
income taxes 1,617 (848) 2,504 (628) Provision for income taxes 150
102 435 568 Net income (loss) $1,467 $(950) $2,069 $(1,196) Basic
earnings (loss) per share $0.06 $(0.04) $0.09 $(0.05) Diluted
earnings (loss) per share $0.06 $(0.04) $0.08 $(0.05) Shares used
in computing basic earnings (loss) per share 23,911 23,906 24,092
24,295 Shares used in computing diluted earnings (loss) per share
24,122 23,906 24,478 24,295 DATASOURCE: Carreker Corporation
CONTACT: Lisa Peterson, Executive Vice President and CFO,
+1-972-371-1454, or , or Gary Samberson, SVP, Treasury, Risk
Management and Investor Relations, +1-972-371-1590, or , both of
Carreker Corporation, fax, +1-972-458-2567 Web site:
http://www.carreker.com/ http://ir.carreker.com/
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