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Lawson reports marginal dip in H1 results
12 Jan '09
5 min read
Six-Months Ended Nov. 30, 2008:
Total revenues for the six months ended Nov. 30, 2008 were $397.3 million, down 2 percent from revenues of $406 million during the same fiscal 2008 period. Currency fluctuations accounted for a minor portion of the GAAP and non-GAAP revenue decline. GAAP net income was $1.7 million, or $0.01 per diluted share, declining from net income of $9.3 million, or $0.05 per diluted share in the comparable fiscal 2008 period.
Decreases in sales and marketing, general and administrative and amortization of intangible expenses were offset by $7.5 million of restructuring. Lower total other income and an increase in the provision for income taxes were the primary reasons for the reduction in year-to-date net income. The company estimates currency fluctuations had a negative impact of less than $0.01 on net earnings per diluted share for the six-month period.
In addition, the six-month results include a reduction to GAAP and non-GAAP net income of $2.1 million, primarily related to the $1.9 million adjustment reported in the first quarter, associated with sales incentive compensation expense that should have been recorded in the fourth quarter of fiscal 2008 and earlier periods. The company has determined that these expenses were immaterial to reported results for those periods. They are also expected to be immaterial to fiscal 2009 results.
Included in the six-month GAAP results are pre-tax expenses of $15.4 million for amortization of acquired intangible assets, restructuring charges, amortization of purchased maintenance contracts and pre-merger claims reserve adjustments as well as $4.7 million of non-cash stock-based compensation. Excluding these expenses and including $0.4 million of revenue impacted by purchase accounting adjustments, non-GAAP net income for the six months ended Nov. 30, 2008, was $25.3 million, or $0.15 per diluted share.
The company estimates currency fluctuations had a negative impact of less than $0.01 on non-GAAP net earnings per diluted share for the six-month period in fiscal 2009. Non-GAAP net income per diluted share includes a non-GAAP provision for income taxes based upon an estimated rate of 35 percent. Non-GAAP earnings per diluted share of $0.15 were flat year-over-year compared to results for the six months ended Nov. 30, 2007.
Total revenues for the six months ended Nov. 30, 2008 were $397.3 million, down 2 percent from revenues of $406 million during the same fiscal 2008 period. Currency fluctuations accounted for a minor portion of the GAAP and non-GAAP revenue decline. GAAP net income was $1.7 million, or $0.01 per diluted share, declining from net income of $9.3 million, or $0.05 per diluted share in the comparable fiscal 2008 period.
Decreases in sales and marketing, general and administrative and amortization of intangible expenses were offset by $7.5 million of restructuring. Lower total other income and an increase in the provision for income taxes were the primary reasons for the reduction in year-to-date net income. The company estimates currency fluctuations had a negative impact of less than $0.01 on net earnings per diluted share for the six-month period.
In addition, the six-month results include a reduction to GAAP and non-GAAP net income of $2.1 million, primarily related to the $1.9 million adjustment reported in the first quarter, associated with sales incentive compensation expense that should have been recorded in the fourth quarter of fiscal 2008 and earlier periods. The company has determined that these expenses were immaterial to reported results for those periods. They are also expected to be immaterial to fiscal 2009 results.
Included in the six-month GAAP results are pre-tax expenses of $15.4 million for amortization of acquired intangible assets, restructuring charges, amortization of purchased maintenance contracts and pre-merger claims reserve adjustments as well as $4.7 million of non-cash stock-based compensation. Excluding these expenses and including $0.4 million of revenue impacted by purchase accounting adjustments, non-GAAP net income for the six months ended Nov. 30, 2008, was $25.3 million, or $0.15 per diluted share.
The company estimates currency fluctuations had a negative impact of less than $0.01 on non-GAAP net earnings per diluted share for the six-month period in fiscal 2009. Non-GAAP net income per diluted share includes a non-GAAP provision for income taxes based upon an estimated rate of 35 percent. Non-GAAP earnings per diluted share of $0.15 were flat year-over-year compared to results for the six months ended Nov. 30, 2007.
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