Product category: Design and Development Software
News Release from: ScanSoft United Kingdom
Edited by the Electronicstalk Editorial Team on 9 February 2005
First quarter revenue exceeds expectations
ScanSoft has announced financial results for the first fiscal quarter of 2005 ended 31st December 2004
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ScanSoft reported revenue of $60.6 million for the quarter ended 31st December 2004, a 29% increase over revenue of $46.9 million for the quarter ended 31st December 2003. As previously announced in October 2004, ScanSoft's board of directors approved a change in the company's fiscal year-end to 30th September 2004 from 31st December 2004.
As this is the first quarter that ScanSoft is reporting earnings results on its new fiscal calendar, please note that all quarterly comparisons correspond to the previous calendar-year quarter.
On a GAAP basis, ScanSoft recognised net income of $3.1 million, or $0.03 per diluted share, in the first quarter of fiscal 2005, compared with net income of $1.3 million, or $0.01 per diluted share, in the quarter ended 31st December 2003.
In addition to using GAAP results in evaluating ScanSoft's business, management also believes it is useful to measure results using a non-GAAP measure of net income (loss), which excludes, as applicable, non-cash taxes, amortisation of intangible assets, non-cash stock-based compensation and restructuring charges.
Further reading
Acquisitions expand speech capabilities
ScanSoft has made a series of strategic acquisitions that significantly expand its speech capabilities and resources
Find and share with split desktop and PDF support
ScanSoft has made available PaperPort Professional 10, a major new release of what is said to be the worlds most popular PC document management application
ScanSoft recognised non-GAAP net income for the first quarter of fiscal 2005 of $9.1 million, or $0.08 per diluted share, compared with non-GAAP net income of $6.3 million, or $0.06 per diluted share, for the quarter ended 31st December 2003.
'First quarter revenue exceeded our expectations in every speech market - network, embedded and dictation - leading to solid revenue growth and improved leverage across our operations', said Paul Ricci, Chairman and CEO of ScanSoft.
'Demand for our network speech solutions and services among enterprises was exceptionally strong'.
'International revenues were robust in every segment and our North American channel operations rebounded significantly from the operational issues we experienced in the previous quarter'.
For the quarter ended 31st December 2004, ScanSoft generated $5.9 million in cash flow from operations and exited the quarter with cash and marketable securities of approximately $46.6 million, compared with $47.7 million for the quarter ended 30th September 2004.
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