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Stellent Reports First Quarter Fiscal 2007 Financial Results
Stellent, Inc. (Nasdaq: STEL), a provider of content management solutions, announced today financial results for the first quarter of fiscal 2007 ended June 30, 2006.
First quarter fiscal 2007 revenues were $32.3 million, an increase of 13% over the $28.6 million reported for the same period last year.
On a Generally Accepted Accounting Principles (GAAP) basis, net income for the quarter ended June 30, 2006 increased approximately 91% year-over-year to $2.1 million, or $0.07 per share on a basic and diluted share basis, compared with net income of $1.1 million, or $0.04 per share on a basic and diluted share basis, for the quarter ended June 30, 2005.
Included in Stellent’s first quarter fiscal 2007 GAAP net income are non-cash, pre-tax expenses totaling $1.5 million. The expenses consist of $1.1 million in stock-based compensation due to Stellent’s adoption of FAS 123R at the beginning of this fiscal year, and $0.4 million for amortization of capitalized software, acquired intangible assets and other.
"We are pleased with the solid start to our fiscal 2007 as we delivered a strong financial performance, reaching the high end of our earnings guidance during what is traditionally our most challenging quarter,” said Robert Olson, president and chief executive officer for Stellent. "We generated solid year-over-year revenue growth, with total first quarter revenues increasing 13 percent to $32.3 million. We also doubled our operating margin percentage over the first quarter of last year and again produced positive cash flow from operations. In fact, our cash and marketable securities position increased by $2.3 million since March 31, 2006 to $84.0 million, even after the effects of our Bitform acquisition and quarterly cash dividend payment.
"We signed 179 deals with new and existing customers during the quarter, demonstrating the continued widespread adoption of our products. New and expanded Stellent® Universal Content Management™ customers include American Chemical Society, Cargill, Omaha Public Power District, Samsung Electronics, American Society for Quality, American Express Incentive Services, City of St. Albert, University of Oklahoma, Health Insurance Plan of New York, Government of Ontario, Health Administration Services, Network Appliance, Dallas Museum of Art, Donaldson Co., Rexam, State of Minnesota, Yipes, Caremark, University of Kansas Medical Center, Los Angeles Times Communication, State of Alaska DMVA, Los Angeles County, San Mateo County and ThyssenKrupp. Additionally, momentum from our partners remained strong as they influenced several substantial transactions during the first quarter.
"Our Content Components Division also turned in a strong performance during the first quarter, signing or renewing contracts with organizations such as Nuance Communications, Inc., AXS-One Inc., SAP AG, Iron Mountain Information Management, Inc. and Merrill Communications LLC.
"This quarter’s solid performance lays a foundation we can build upon to achieve the objectives we set forth for the year. We will continue to focus on growing revenue and earnings, and increasing our leadership position in the enterprise content management (ECM) industry. We also are committed to gaining market share in the governance, risk and compliance (GRC), and enterprise records and retention management arenas. And lastly, we will work to maintain our market leadership position in content filtering and conversion.
"Yesterday, we announced Stellent acquired two content security companies whose leading-edge technologies will help support the goals outlined above by augmenting all areas of our business — from our full line of ECM, compliance and records management solutions to our already sizable original equipment manufacturer (OEM) channel. By adding SealedMedia’s enterprise digital rights management solutions and Bitform’s content cleansing technologies to our technology portfolio, we will enable customers to better secure and control content both inside and outside of the enterprise. As a content management and compliance software provider, it is a logical extension for us to help our customers better minimize content risk and maximize content security. We believe these acquisitions will help us further penetrate this large and growing market.”
Other Recent Highlights
Customers
4,762 customers — comprised of 4,201 end-user content management, viewing and conversion customers, and 561 OEM customers — have selected Stellent solutions to power their content-centric business applications.
Managing Automation honored Stellent customer Donaldson Co., Inc., a leading worldwide provider of filtration systems and replacement parts, with a "2006 Progressive Manufacturing Award” for its Stellent Universal Content Management-based Web content management implementation.
Integrated Solutions magazine and Questex Media’s AIIMexpo 2006 awarded Stellent customer Land O’Lakes, Inc., a national, farmer-owned food and agricultural cooperative, an "I3 Award” for its enterprise-wide Stellent Universal Content Management implementation. The I3 Awards recognize end-user organizations that have implemented outstanding document and content management technology solutions that are especially Innovative, Integrated and Inspirational (I3).
Stellent announced Clariant, a global leader in the field of specialty chemicals, is implementing Stellent Universal Content Management to support its enterprise-wide content management initiatives.
Corporate news
Stellent appointed Darin McAreavey, Stellent’s corporate controller since 2004, to the position of chief financial officer, effective June 5, 2006.
The editors of Intelligent Enterprise magazine named Stellent a "Company to Watch” in 2006 as part of the publication’s Eighth Annual Editors’ Choice Awards. Stellent was honored in the Information Management category for "embracing new forms of content,” and enabling its customers to integrate blogs, wikis and really simple syndication (RSS) feeds with Web directories, its Universal Content Management platform and its records management applications. This is the second consecutive year Stellent has been cited in the Intelligent Enterprise Editors’ Choice Awards program.
START-IT magazine named Stellent to the publication’s 2006 list of the top 125 companies providing technology solutions to the manufacturing industry.
Network World magazine named Stellent one of North America’s largest publicly traded network solution providers as part of the publication’s annual "Network World 200.” The Network World 200 ranks companies based on revenue, profits, earnings per employee and other measures.
Stellent announced in June its board of directors declared a quarterly cash dividend of $0.03 per share, representing $0.12 per share on an annual basis.
Stellent announced in April William Binch, an independent director, joined its board of directors.
Products
Stellent released in May a new version of its award-winning multi-site management application Stellent Site Studio™, which empowers Web site managers with in-context site assembly and organization capabilities; incorporates usage analytics; and offers enhanced search flexibility.
Stellent announced in April the release of version 7.6 of the Stellent Sarbanes-Oxley Solution, offering new capabilities to further expedite financial compliance initiatives across the global enterprise.
Stellent announced in May it integrated FAST™ InStream™, the OEM enterprise search solution from Fast Search & Transfer (FAST), with Stellent Universal Content Management to provide Stellent customers with another enterprise-class search and retrieval platform.
ECM Connection named Stellent a recipient of an "Industry ACE Award” in the Compliance category. The Industry ACE Awards were presented at the annual AIIM Conference and Exposition, the world’s largest and most important event for the enterprise content and information management industry, held in May in Philadelphia. 07.08.2006, Stellent GmbH
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