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Actuate Updates on Second Quarter 2014 Financial Results [Professional Services Close - Up]
[August 16, 2014]

Actuate Updates on Second Quarter 2014 Financial Results [Professional Services Close - Up]


(Professional Services Close - Up Via Acquire Media NewsEdge) Actuate Corp. reported financial results for the second quarter 2014: Second quarter 2014 financial and operational highlights: -Total non-GAAP revenue of $26.7 million; -Total license revenue of $7.3 million; -Subscription bookings of $1.6 million; -Booked 58 transactions greater than $100,000; -Non-GAAP operating income of $1.1 million; -Non-GAAP fully diluted EPS of $0.02; -Total cash and short-term investments of $59.4 million on June 30.



"Our subscription business continued its steady growth in the second quarter indicating customer preference for subscription license and validating our decision to accelerate our transition," said Pete Cittadini, President and CEO of Actuate. "The over 3.5 million BIRT developers as well as our acquisitions are diversifying our customers across industries with new projects in travel, energy and utilities, telco, manufacturing and healthcare in addition to our traditional strength in financial services, OEMs and government during the first half of 2014. We have added a number of new products including BIRT iHub F-Type, Document Accessibility Appliance, BIRT Analytics 4.4 and BIRT PowerDocs that set a solid foundation for our rapid transition to a subscription business." According to its release on August 6, the Company noted that the revenues as reported in accordance with U.S. generally accepted accounting principles for the second quarter of 2014 were $26.5 million, compared with $34.9 million in the second quarter of 2013. License revenues for the second quarter of 2014 were $7.3 million, compared with $16.2 million in the second quarter of 2013. Service revenues for the quarter were $19.2 million, compared with $18.7 million reported in the same quarter last year.

GAAP operating loss was $2.5 million for the second quarter of 2014, compared with operating income of $2.2 million in the second quarter of 2013. GAAP net loss for the second quarter of 2014 was $2.3 million, or $(0.05) per share, compared with net income of $1.3 million, or $0.03 per diluted share, in the second quarter of 2013.


Non-GAAP net income for the second quarter of 2014 was $0.8 million, or $0.02 per diluted share, compared with non-GAAP net income of $4.4 million, or $0.09 per diluted share in the second quarter of 2013.

Cash and short term investments totaled $59.4 million on June 30, down from $64.5 million as of March 31.

Share Repurchases: In July 2013, the Board of Directors approved a $40.0 million share repurchase program, of which $14.0 million remained as of June 30. During the second quarter of 2014 the Company repurchased $3.4 million worth of stock. Effective May 1, the Company suspended the share repurchase program.

Second quarter 2014 Business Highlights: -Announced the launch of BIRT iHub F-Type on July 10, new software that boosts open source BIRT developers' productivity through free access to the features and power of the commercial BIRT iHub enterprise-grade deployment platform, with metered output capacity; -Over 1,000 downloads of BIRT iHub F-Type in the first 4 weeks; -Announced the availability of the Actuate Document Accessibility Appliance, a virtual software appliance that automatically converts high volumes of electronically delivered documents into universally accessible PDF files; -Announced the availability of BIRT Analytics 4.4 that adds powerful new background algorithms and foreground functionalities, comprising a complete toolbox of data mining techniques that are fast and easy to use for self-service, advanced analytics; -Announced the certification of the BIRT iHub visualization and deployment platform on Cloudera Enterprise 5, Cloudera's latest version of its unified big data management platform; -Awarded seventh consecutive ACE Award, demonstrating Actuate's long-term commitment to its customers' success across its entire client base, including developers using BIRT to build large scale customer-facing applications; business analysts using BIRT Analytics on Big Data for self-service analysis of customers' buying behaviors; and organizations using Actuate's CCM suite to manage customer communications and correspondence; -Record setting number of visitors to the new BIRT developer web site; formerly BIRT Exchange, up over 80 percent from a year ago; -Over 121,000 total registrations to date on developer.actuate.com, up 14 percent from a year ago; -Demonstrated visualization and analytics of Internet of Things data using BIRT along with Eurotech at EclipseCon France.

More information: www.actuate.com ((Comments on this story may be sent to [email protected])) (c) 2014 ProQuest Information and Learning Company; All Rights Reserved.

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