CommVault Announces First Quarter Fiscal 2009 Financial Results.Summary: First Quarter Fiscal 2009 Highlights Include: GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). Results: Revenues $55.0 million Income from Operations (EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). ) $4.5 million EBIT Margin 8.2% Diluted Earnings Per Share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of $0.08 CommVaulteCOs Board of Directors Approves $40 Million Increase to Stock Repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. Program First Quarter Fiscal 2009 Highlights Include:GAAP Results: Revenues $55.0 millionIncome from Operations (EBIT) $4.5 millionEBIT Margin 8.2%Diluted Earnings Per Share $0.08 Non-GAAP Results: Income from Operations (EBIT) $7.2 millionEBIT Margin 13.1%Diluted Earnings Per Share $0.12 Dubai, United Arab Emirates United Arab Emirates, federation of sheikhdoms (2005 est. pop. 2,563,000), c.30,000 sq mi (77,700 sq km), SE Arabia, on the Persian Gulf and the Gulf of Oman. eCo August 7, 2008 eCo CommVault [NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CVLT CVLT California Verbal Learning Test ] today announced its financial results for the first quarter ended June 30, 2008. Total revenues in the first quarter of fiscal 2009 were $55.0 million, an increase of 25% over the first quarter of fiscal 2008 and a decrease of 3% over the prior quarter. Software revenue in the first quarter of fiscal 2009 was $27.7 million, up 15% year-over-year and down 12% sequentially. Services revenue in the first quarter of fiscal 2009 was $27.3 million, up 37% year-over-year and 8% sequentially. Income from operations (EBIT) was $4.5 million for the first quarter, an 8% increase from $4.2 million in the same period of the prior year. Non-GAAP income from operations (EBIT) increased 16% to $7.2 million in the first quarter of fiscal 2009 compared to $6.2 million in the first quarter of the prior year. For the first quarter of fiscal 2009, CommVault reported net income of $3.5 million, an increase of $0.5 million compared to the same period of the prior year. Non-GAAP net income for the quarter increased 9% to $5.5 million, or $0.12 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, from $5.0 million, or $0.11 per diluted share, in the same period of the prior year. N. Robert Hammer, CommVaulteCOs chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. stated, eC[pounds sterling]The biggest issue that negatively impacted the quarter was the timing of deal flow with several large deals moving into the second quarter. Our quarterly results were not affected by the macro economic climate. Even with a few large deals falling into the second quarter, our overall sales funnel has increased significantly. As a result of the underlying strength of our business, we are raising our guidance for fiscal 2009.eC[yen] For the quarter ending September 30, 2008, CommVault currently expects: eCo Total revenues of approximately $63 million.eCo Non-GAAP gross margin of approximately 87.0%.eCo Non-GAAP income from operations (EBIT) margin of approximately 16.5%.eCo Non-GAAP diluted EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of approximately $0.17 using an effective tax rate of approximately 30% and a weighted average diluted share count of approximately 44.6 million. The weighted average diluted share count does not take into consideration any share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. during the second quarter of fiscal 2009. The non-GAAP gross margin percentages above exclude approximately $0.1 million related to noncash stock-based compensation charges. The non-GAAP diluted EPS guidance excludes approximately $0.04 per share of noncash stock-based compensation charges, net of non-GAAP income tax benefits of approximately $0.02 per share, and any additional FICA FICA abbr. Federal Insurance Contributions Act Noun 1. FICA - a tax on employees and employers that is used to fund the Social Security system income tax - a personal tax levied on annual income expense that will be incurred by CommVault when employees exercise in the money stock options or vest in restricted stock awards. Due to the uncertainties in the equity markets and the macro economic environment, CommVault will provide quarterly guidance for the remainder of this fiscal year. When conditions become more stable, CommVault will re-evaluate its position on providing quarterly guidance. For the fiscal year ending March 31, 2009, CommVault currently expects: eCo Total revenues of approximately $250 million.eCo Non-GAAP gross margin of approximately 86.7%.eCo Non-GAAP income from operations (EBIT) margin of approximately 18%.eCo Non-GAAP diluted EPS in the range of $0.72 per share to $0.74 per share using an effective tax rate of approximately 30% and a weighted average diluted share count of approximately 44.5 million to 45.5 million. The weighted average diluted share count does not take into consideration any additional share repurchases during the remainder of fiscal 2009.eCo An actual cash tax rate in the low teens based on current assumptions. The non-GAAP gross margin percentages above exclude approximately $0.3 million related to noncash stock-based compensation charges. The non-GAAP diluted EPS guidance excludes approximately $0.16 per share to $0.18 per share of noncash stock-based compensation charges, net of non-GAAP income tax benefits of approximately $0.07 per share, and any additional FICA expense that will be incurred by CommVault when employees exercise in the money stock options or vest in restricted stock awards. Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. totaled $14.1 million for the first quarter of fiscal 2009 compared to $5.8 million in the first quarter of fiscal 2008. Total cash and cash equivalents as of June 30, 2008 were $98.2 million. During the first quarter of fiscal 2009, CommVault repurchased 683,775 shares of common stock under its share repurchase plan share repurchase plan A corporation's plan for buying back a predetermined number of its own shares in the open market. Institution of a share repurchase plan derives from management's view that the company has limited outside investment opportunities and with a total cost of approximately $11.4 million, of which $7.8 million was paid as of June 30, 2008. On July 31, 2008, the Board of Directors authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: a $40.0 million increase to the existing stock repurchase program. To date, CommVault has repurchased $26.4 million of common stock out of the $80.0 million in total that is now authorized under its stock repurchase program. As a result, CommVault may repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. an additional $53.6 million of its common stock over the next twelve months. In addition, on July 9, 2008, CommVault entered into a credit facility in which it can borrow up to $40.0 million over the next twelve months, which it may use for future share repurchases. A reconciliation of GAAP to non-GAAP results has been provided in Financial Statement Table IV included in this press release. An explanation of these measures is also included below under the heading eC[pounds sterling]Use of Non-GAAP Financial Measures.eC[yen] Recent Business Highlights: eCo On July 22, 2008, CommVault announced it has been selected by Everything Channel as a CRN CRN Computer Reseller News CRN Crown CRN Council for Responsible Nutrition CRN Crane CRN Community Recycling Network CRN Course Reference Number CRN Center for Responsible Nanotechnology CRN Cornish (SIL code, UK) Emerging Tech Vendor for its CommVaultA SimpanaA software suite. eCo On July 9, 2008, CommVault announced that its Simpana software suite was named the winner in the Automation / Compliance Tool category of the Third Annual ServerWatch.com Product Excellence Awards. eCo On June 30, 2008, CommVault entered into an agreement with Magirus International, one of the leading European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. IT solution providers headquartered in Stuttgart, Germany. Magirus International will now offer the CommVault Simpana software as part of its storage and data management portfolio. eCo On June 25, 2008, CommVault announced the availability of an advanced Legal Hold feature set, extending the capabilities of the eDiscovery features in the CommVault Simpana software suite. eCo On June 10, 2008, CommVault announced that its Simpana software suite was named the winner in the Storage Software category of the Eighth Annual eWEEK Excellence Awards. Use of Non-GAAP Financial Measures CommVault has provided in this press release the following non-GAAP financial measures: non-GAAP gross margin, non-GAAP income from operations, non-GAAP income from operations margin, non-GAAP net income and non-GAAP diluted earnings per share. This selected financial information has not been prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with GAAP. CommVault uses these non-GAAP financial measures internally to understand, manage and evaluate its business and make operating decisions. In addition, CommVault believes these non-GAAP operating measures are useful to investors, when used as a supplement to GAAP financial measures, in evaluating CommVaulteCOs ongoing operational performance. CommVault believes that the use of these non-GAAP financial measures provide an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing its financial results with other companies in CommVaulteCOs industry, many of which present similar non-GAAP financial measures to the investment community. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for or superior to, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which are provided in Table IV included in this press release. Non-GAAP gross margin, non-GAAP income from operations and non-GAAP income from operations margin. These non-GAAP financial measures exclude noncash stock-based compensation charges and additional FICA expense incurred by CommVault when employees exercise in the money stock options or vest in restricted stock awards. CommVault believes that these non-GAAP financial measures are useful metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. for management and investors because they compare CommVaulteCOs core operating results over multiple periods. When evaluating the performance of CommVaulteCOs operating results and developing short and long term plans, CommVault does not consider such expenses. Although noncash stock-based compensation and the related additional FICA expense are necessary to attract and retain employees, CommVault places its primary emphasis on stockholder dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. as compared to the accounting charges related to such equity compensation plans. In addition, because of the varying available valuation methodologies, subjective assumptions such as volatility outside CommVaulteCOs control and the variety of awards that companies can issue, CommVault believes that providing non-GAAP financial measures that exclude noncash stock-based compensation expense and the related additional FICA expense incurred on stock option exercises and vesting Vesting The process by which employees accrue non-forfeitable rights over employer contributions that are made to the employee's qualified retirement plan account. Notes: of restricted stock awards allow investors to make meaningful comparisons between CommVaulteCOs operating results and those of other companies. There are a number of limitations related to the use of non-GAAP gross margin, non-GAAP income from operations and non-GAAP income from operations margin. The most significant limitation is that these non-GAAP financial measures exclude certain operating costs operating costs npl → gastos mpl operacionales , primarily related to noncash stock-based compensation, which is of a recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. nature. Noncash stock-based compensation has been, and will continue to be for the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future, a significant recurring expense in CommVaulteCOs operating results. In addition, noncash stock-based compensation is an important part of CommVaulteCOs employeeseCO compensation and can have a significant impact on their performance. Lastly, the components CommVault excludes in its non-GAAP financial measures may differ from the components that its peer companies exclude when they report their non-GAAP financial measures. CommVaulteCOs management generally compensates for limitations described above related to the use of non-GAAP financial measures by providing investors with a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure. Further, CommVault management uses non-GAAP financial measures only in addition to, and in conjunction with, results presented in accordance with GAAP. Non-GAAP net income and non-GAAP diluted EPS. Non-GAAP net income excludes noncash stock-based compensation and the related additional FICA expense incurred by CommVault when employees exercise in the money stock options or vest in restricted stock awards, which are discussed above, as well as applies a non-GAAP effective tax rate of 30% in fiscal 2009 and 28% in fiscal 2008. CommVault anticipates that in any given quarter its non-GAAP effective tax rate may be either higher or lower than the most directly comparable GAAP effective tax rate as evidenced by the historical quarterly fluctuations CommVault has experienced in its GAAP effective tax rate. For example, CommVaulteCOs quarterly GAAP effective tax rate in fiscal 2008 ranged from an expense of 39% in the first quarter of the year to a benefit of 12% in the third quarter of the year resulting in a GAAP tax rate for the entire fiscal 2008 period of approximately 23% (including the impact of the $1.3 million reversal of deferred tax valuation allowances in certain international jurisdictions in the quarter ended December 31, 2007). In addition, the GAAP effective tax rate in the first quarter of fiscal 2009 was 32%. CommVault currently expects that its long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. terminal tax rate will be within a range of 30% to 32%. As a result, CommVault will gradually increase its non-GAAP effective tax rate as it approaches its anticipated long-term GAAP tax rate. CommVault measured itself to a non-GAAP effective tax rate of 28% in fiscal 2008 and will measure itself to a non-GAAP effective tax rate of 30% in fiscal 2009 in order to reflect this gradual increase to its long-term terminal rate. In addition, CommVault believes that the use of a non-GAAP proforma Proforma A financial projection based on assumptions. tax rate is a useful measure as it allows management and investors to compare its operating results on a more consistent basis over the multiple periods presented in its earnings release without the impact of significant variations in the effective tax rate as more fully described above. Non-GAAP EPS is derived from non-GAAP net income divided into the weighted average shares outstanding on a fully diluted basis. CommVault considers non-GAAP net income and non-GAAP diluted EPS useful metrics for CommVault management and its investors for the same basic reasons that CommVault uses non-GAAP gross margin, non-GAAP income from operations and non-GAAP income from operations margin. In addition, the same limitations as well as management actions to compensate for such limitations described above also apply to CommVaulteCOs use of non-GAAP net income and non-GAAP EPS. Conference Call Information CommVault will host a conference call today, August 4, 2008, at 5:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. to discuss its financial results. To access this call, dial 866-270-6057 (domestic) or 617-213-8891 (international). Additionally, a live web cast of the conference call will be hosted under eC[pounds sterling]Webcasts and PresentationseC[yen] located under the eC[pounds sterling]Investor RelationseC[yen] section on CommVaulteCOs Web site www.commvault.com. An archived web cast of this conference call will also be available on the eC[pounds sterling]Investor RelationseC[yen] section of CommVaulteCOs Web site, www.commvault.com. About CommVaultA singular SINGULAR, construction. In grammar the singular is used to express only one, not plural. Johnson. 2. In law, the singular frequently includes the plural. vision - a belief in a better way to address current and future data management needs - guides CommVault in the development of Singular Information ManagementA solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unprecedented control over data growth, costs and risk. CommVault's SimpanaA software suite of products was designed to work together seamlessly from the ground up, sharing a single code and common function set, to deliver superlative Data Protection, Archive, Replication In database management, the ability to keep distributed databases synchronized by routinely copying the entire database or subsets of the database to other servers in the network. There are various replication methods. , Search and Resource Management capabilities. More companies every day join those who have discovered the unparalleled efficiency, performance, reliability, and control only CommVault can offer. Information about CommVault is available at www.commvault.com. CommVault's corporate headquarters is located in Oceanport, New Jersey Oceanport is a Borough in Monmouth County, New Jersey, United States. As of the United States 2000 Census, the borough population was 5,807. Oceanport was formed as a borough by an Act of the New Jersey Legislature on April 6, 1920, from portions of Eatontown Township (now in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . (cvlt-f)Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , including statements regarding financial projections, which are subject to risks and uncertainties, such as competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of software products and related services, general economic conditions and others. Statements regarding CommVaulteCOs beliefs, plans, expectations or intentions regarding the future are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. and Section 21E of the Securities Exchange Act of 1934, as amended. All such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results may differ materially from anticipated results. CommVault does not undertake to update its forward-looking statements. CommVault, CommVault and logo, the eC[pounds sterling]CVeC[yen] logo, CommVault Systems CommVault Systems Inc. (NASDAQ: CVLT) is a United States based company specializing in data and storage management software. Created in 1988 as a development group in AT&T's Bell Labs, the group produced AT&T's in-house backup software, Automatic Backup, Archive and Recovery , Solving Forward, SIM, Singular Information Management, Simpana, CommVault Galaxy, Unified Data Management, QiNetix, Quick Recovery, QR, CommNet, GridStor, Vault vault, ceiling over a room, formed in any one of a variety of curved shapes. Nature of Vaults A vault is generally composed of separate units of material, such as bricks, tiles, or blocks of stone, so shaped or cut that when assembled they form a Tracker, InnerVault, Quick Snap, QSnap, Recovery Director, CommServe, CommCell and ROMS ROMS Russian Multimedia and Internet Society ROMS Regional Ocean Model System ROMS Reactor Operations Monitoring System ROMS Rated Officer Monitoring System ROMS Remote Ocean-Surface Measuring Sensor , are trademarks or registered trademarks of CommVault Systems, Inc. All other third party brands, products, service names, trademarks, or registered service marks are the property of and used to identify the products or services of their respective owners. All specifications are subject to change without notice. Table ICommVault Systems, Inc. Consolidated Statements of Operations(In thousands, except per share data)(Unaudited) Three Months Ended June 30, 2008 2007 Revenues: Software $ 27,704 $ 24,080 Services 27,291 19,909Total revenues 54,995 43,989 Cost of revenues: Software 704 461Services 6,886 5,824Total cost of revenues 7,590 6,285Gross margin 47,405 37,704 Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. : Sales and marketing 27,564 21,227Research and development 7,436 6,459General and administrative 7,031 5,158Depreciation and amortization 861 699Income from operations 4,513 4,161 Interest expense eCo (114)Interest income 609 817Income before income taxes 5,122 4,864 Income tax expense (1,645) (1,885) Net income $ 3,477 $ 2,979 Net income per common share: Basic $ 0.08 $ 0.07Diluted $ 0.08 $ 0.07 Weighted average common shares outstanding: Basic 42,674 42,345 Diluted 44,851 44,960 A[umlaut umlaut (  m`lout) [Ger.,=transformed sound], in inflection, variation of vowels of the type of English man to men. ] 2008 Al Bawaba (www.albawaba.com)
A[umlaut] 2008 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company |
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