Billing and CRM vendor Amdocs has reported a 22% decline in net income to $74.24m for the first quarter 2009, compared to $95.66m in the year-ago quarter, on revenue up 2% at $753.83m.
Operating income for the quarter fell 15% to $81.26m, while diluted EPS fell 20% to $0.35. The company had cash flow from operations of $141m. It said license revenue grew 70% to $44.6m, while services revenue fell 1% to $709.23m.
Geographically, North America revenue grew 12% to $561.6m, while Europe revenue fell 13% to $111.4m, and rest of the world revenue fell 29% to $80.8m.
Dov Baharav, chief executive of Amdocs Management, said: The first quarter of fiscal 2009 was a difficult start for Amdocs as macro-economic conditions continued to worsen and sales cycles lengthened across our business. We believe the company made prudent decisions to control costs over the course of the quarter and, as a result, Amdocs delivered on our operating margin, non-GAAP earnings per share, and cash flow targets. The pace of deal signings has slowed and we expect the market will remain difficult until global spending trends in communications and credit market conditions stabilize.
For the second quarter the company expects revenue between $700m and $720m and diluted EPS between $0.34 and $0.39.