Tibco second quarter boosted by tax gain; license revenue declines
TIBCO Software Inc. (Nasdaq: TIBX), a leading business integration and process management software company that enables real-time business, today announced results for its second fiscal quarter ended May 29, 2005. Total revenues for the second quarter were $101.4 million. License revenues for the second quarter were $41.8 million. Net income for the quarter calculated in accordance with accounting principles generally accepted in the United States was $21.7 million or $0.10 per share on a fully diluted basis. This includes a tax benefit of $18.2 million related to the partial release of the valuation allowance previously recorded against the Company's deferred tax assets.
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TIBCO had non-GAAP net income for the second fiscal quarter of $8.6 million. TIBCO's non-GAAP net income per share on a fully diluted basis was $0.04 for the quarter. Non-GAAP results exclude stock-based compensation charges, amortization of acquired intangibles and restructuring charges and assume a non-GAAP effective tax rate of 38%.
"Although our results came in below expectations, we did see significant improvement in the number of deals closed in the quarter and the diversification of those deals. We also remained profitable and generated cash," said Vivek Ranadive, Chairman and CEO of TIBCO Software. "The number and diversity of deals this quarter reinforces our view of the growing importance of the integration market. We continue to be focused on capturing the full potential of the market opportunity in front of us."
Highlights for TIBCO's Second Fiscal Quarter of 2005
During Q2, TIBCO added 83 new customers and made significant sales to both new and existing customers, including Carrefour, Harrah's Entertainment, Telecom Italia S.p.A., DBS Bank Ltd., ChevronTexaco, E.&J. Gallo Winery, A.G. Edwards and Hawaiian Telcom.