Leading supply chain solutions provider, Manhattan Associates, Inc. reported first quarter diluted earnings per share of $0.08. On a non-GAAP basis, diluted earnings per share were $0.16, a decline of eight percent versus the first quarter of 2005 due to lower software revenue.
Summarized highlights of the 2006 first quarter results, as compared to the 2005 first quarter results, are:
Consolidated revenue increased 12% to $62.8 million;
Software and hosting revenue was $11.1 million, a decrease of 20%
Services revenue posted a record $45.2 million, an increase of 21%
GAAP operating income was $3.1 million, down $4.6 million on lower software and hosting revenues. On a non-GAAP basis, operating income was $6.5 million, down $1.8 million;
GAAP diluted earnings per share was $0.08, a decrease of 50%. Adjusted earnings per share, on a non-GAAP basis, was $0.16, a decrease of 8%;
Cash flow from operations increased 73% to $9.9 million;
Cash and investments on hand at March 31, 2006, was $103.2 million.
“While disappointed in our software license revenue, our other financial metrics posted solid results for the first quarter and our overall business remains healthy,” stated Pete Sinisgalli, Manhattan Associates’ president and CEO. “We are committed to delivering the world’s leading supply chain solutions and remain optimistic about our financial opportunities in 2006.”
Other significant achievements during the quarter include:
Securing key new customers in the quarter including Alidi, Alternativa, Botanic, Build-A-Bear Workshop & Affiliates, Inc., Con-Way Truckload Services, LLC, Kangxin Logistics Co., Ltd., Kontena, Northern Safety Co., Inc., Shanghai Paradise Electrical Appliances Co., Ltd., Shenzhen Jin Tian Logistics Technology Co., Ltd., Sturm Foods, Inc., Sumifru Corporation, The Tranzonic Company, Thermwell Products Co., Inc., US Foodservice, Ventura Foods, LLC and Vera Bradley Designs, Inc.;
Expanding partnerships with many existing customers including Argos Limited, Blair Corporation, Deluxe Film Services, Exel Pty Ltd., Godiva Chocolatier, Inc., Goodman Global Holding, Inc., Halfords Ltd., Hudd Distribution Services, Inc., MOL Logistics Ltd., Nissin Corporation, Perfect 10 Satellite Distribution, Inc., TNT Logistics and VF;
Gartner’s Warehouse Management Magic Quadrant report placed Manhattan Associates’ Warehouse Management for Open Systems in the Leaders Quadrant, which included criteria such as completeness of vision and ability to execute(1). Additionally, Manhattan Associates was also positioned within their Supply Chain Planning Magic Quadrant, for Distribution-Intensive Industries;
Earning the highest scores in the Current Offering and Financials categories for The Forrester Wave(TM): Transportation Management Solutions, Q1 2006 and recognition as a leader in The Forrester Wave(TM): Warehouse Management Systems, Q1 2006.
Source: Manhattan Associates, Inc.
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