Lawson Software Q3 revenues up by 11%

04 Apr '08

3 min read

Currency fluctuations had a nominal negative impact of less than one penny on net earnings per share. Refer to Table 1 attached to this release for a summary of the impact of currency fluctuation to Lawson's year-over-year performance.

Included in the reported GAAP net income and earnings per share results are pre-tax expenses totaling $3.4 million for amortization of acquired intangible assets, amortization of purchased maintenance contracts, purchase accounting impact on consulting costs, reductions to pre-merger claim reserves and restructuring charges, the $8.1 million impairment charge for auction rate securities and $0.4 million of non-cash stock-based compensation.

Excluding these expenses and including $0.2 million of maintenance revenue impacted by purchase accounting adjustments made to the opening deferred revenue balances acquired from the former Intentia International AB, non-GAAP net income for the third quarter of fiscal 2008 was $13.7 million, or $0.08 per diluted share.

"Our third quarter license revenues grew 21 percent, boosted by software license sales to new customers," said Harry Debes, Lawson president and CEO. "Software contracting in the quarter was strong in all geographies and verticals. In fact, Q3 was the second strongest quarter for software contracting in Lawson's history as a public company, going back more than six years, exceeded only by our May 2007 quarter.

We still have some challenges to addressin our business, but the progress we are making continues to be substantial. This sentiment was also voiced by more than 5,000 customers and partners who attended our annual Conference and User Exchange held in March, where we showcased a robust new product lineup."

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