Maintenance revenue up 23% at $95m
Integration and application development company Software AG has reported a 14% increase in net profit to E25.6m ($33.2m) for the first quarter 2009, compared to E22.5m ($29.2m) in the year ago quarter, on revenue up 4% at E165.3m ($214.2m).
EBITA was up 5% at E42.1m ($54.5m) compared to E40.1m ($52m) last year. Diluted EPS increased 13% during the quarter to E0.9 ($1.2). Cash and cash equivalents at the end of the quarter was E137m ($177.5m).
Product revenue grew 7% to E123m ($159.4m), with license revenue up 11% at E49.3m ($64m), and maintenance revenue up 23% at E73.2m ($95m). Professional services revenue was down 4% at E42.3m ($55m) and other revenue remained flat at E0.5m ($0.65m).
During the quarter, the company acquired a 51% stake in Leipzig, Germany-based software company itCampus to expand its process-automation R&D.
Software AG CEO, Karl-Heinz Streibich, said: Software AG continues to exhibit stability in times of crisis. Our sustainable maintenance business contributed to this significantly. I am optimistic for 2009, because of our sales success in the first quarter and particularly because two of three postponed deals have already been closed. The current pipeline continues to support our expected full year revenue growth of between 4% and 8%.