GAAP net income was less than the prior year’s same quarter
Quest Software has reported total revenues of $220.4m for the third quarter ended 30 September 2011, up 14.2% compared to the prior year’s third quarter revenues of $193m.
The company’s generally accepted accounting principles (GAAP) operating margins were 13.6% in the third quarter as compared to 16.9% for the same quarter previous year, while on a non-GAAP basis operating margins was 22.4% for the third quarter.
On a GAAP basis, net income for the third quarter of 2011 was $21.5m, or $0.25 per fully diluted share, compared to net income of $28.5m, or $0.31 per share on a fully diluted basis, for the third quarter of 2010.
On a non-GAAP basis, net income for the third quarter of 2011 was $35.3m, or $0.41 per fully diluted share, compared to net income of $36.7m, or $0.39 per share on a fully diluted basis, for the third quarter of 2010.
The non-GAAP operating margin was 22.4% in the third quarter of 2011, resulting in non-GAAP operating income of $49.4m, compared to non-GAAP operating margin and operating income of 24.5% and $47.4m, respectively, for the corresponding period in 2010.
Cash and investments totalled $256.7m in the third quarter, a decrease of $24.4m over the previous quarter, which was primarily due to stock repurchases of $46.8m during the quarter.
Quest Software president and CEO Doug Garn said overall, this was a solid quarter for us on balance.
"Our primary focus as we close out this year is to ensure that we execute well going into 2012 and continue to deliver tangible value to our customers," Garn said.