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Lawson Software Q3 revenues up by 11%

04
Apr '08
Lawson Software Inc reported financial results for its third quarter of fiscal year 2008, which ended Feb. 29, 2008. Lawson reported GAAP (generally accepted accounting principles) revenues for the quarter of $212.9 million, up 11 percent from revenues of $191.2 million in its fiscal 2007 third quarter.

The company reported double-digit increases in license fees and maintenance: license fee revenues increased 21 percent to $32.0 million driven primarily by software sales to new customers, and maintenance revenues rose 15 percent to $84.6 million driven by higher renewal rates at standard annual price increases and customer adoption of premium Total Care support offerings.

Consulting revenues rose 5 percent to $96.3 million, driven primarily by third party revenues. Consulting revenues were lower than planned due to lower consultant utilization in certain regions.

Third quarter GAAP net income was $0.7 million, or less than $0.01 per diluted share, compared with a net loss of $9.8 million, or $0.05 per share loss, in the third quarter of fiscal 2007. The year-over-year improvement in net income was primarily attributable to growth in software license and maintenance revenues and reductions in general and administrative expenses and restructuring charges.

Revenue gains and expense reductions were partially offset by associated tax increases and by a non-operating impairment charge of $8.1 million recorded in other expenses to reduce the fair value of auction rate securities held by the company, which is further described below. This impairment charge impacted net earnings by $0.05 per diluted share.


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