Mid-market ERP vendor Epicor Software has reported an 87% decline in net income to $0.4m for the third quarter 2009, compared to a net income of $2.8m in the same quarter last year. Revenue was down 27% at $99m. Skip related content
Operating income fell 56% to $4.6m, while diluted EPS was $0.01 compared to diluted EPS of $0.05 in the same period last year. Cash and cash equivalents at the end of the quarter was $95.5m, and free cash flow was $10.7m.
License revenue fell 39% to $13.7m, and consulting revenue fell 24% to $31.7m. Maintenance revenue fell 4% to $48.2m, while hardware and other revenue declined 77% to $4.9m.
For the nine-month period, the company reported a net loss of $8m compared to a loss of $5m a year ago, on revenue down 18% at $298m.
George Klaus, chairman, president and chief executive at Epicor, said: "Epicor's executive team did an exceptional job of managing the areas under Epicor's control. Prudent expense management, coupled with delivering on our commitment to continue to improve consulting margins, helped lead to adjusted EBITDA margins of approximately 15%, the highest to-date for the 2009 year and up one percentage point over the 2009 second quarter."
Looking ahead to the fourth quarter, the company expects revenue between $104m and $106m and non-GAAP diluted EPS between $0.13 and $0.15.
