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Stellent Reports Record Quarterly Revenues of $33.0 Million
Stellent, Inc. (Nasdaq: STEL), a global provider of content management solutions, announced today financial results for the fourth quarter and fiscal year ended March 31, 2006.
Fourth quarter fiscal 2006 revenues were a record $33.0 million, an increase of 16% over the $28.5 million reported for the same period last year. Revenues for the fiscal year ended March 31, 2006 were $123.4 million, a 16% increase over revenues of $106.8 million for the fiscal year ended March 31, 2005.
On a Generally Accepted Accounting Principles (GAAP) basis, net income for the quarter ended March 31, 2006 was $2.5 million, or $0.08 per diluted share, compared with a net loss of $3.0 million, or $(0.11) per diluted share, for the quarter ended March 31, 2005. GAAP net income for the fiscal year ended March 31, 2006 was $6.3 million, or $0.21 per diluted share, compared with a net loss of $5.8 million, or $(0.22) per diluted share, for the fiscal year ended March 31, 2005.
Non-GAAP net income was $3.4 million, or $0.11 per diluted share, for the quarter ended March 31, 2006, compared with non-GAAP net income of $1.3 million, or $0.05 per diluted share, for the quarter ended March 31, 2005. Non-GAAP net income for the fiscal year ended March 31, 2006 was $10.5 million, or $0.36 per diluted share, compared with net income of $4.1 million, or $0.15 per diluted share, for the fiscal year ended March 31, 2005.
Stellent includes non-GAAP financial measures in its earnings news release because such information may be helpful to investors in evaluating the company’s operating performance. The non-GAAP results exclude the effects of non-cash charges, primarily related to expenses such as amortization of acquired intangible assets and stock compensation, and restructuring and other unusual charges.
"The fourth quarter of fiscal year 2006 was the best quarter in Stellent’s history from several perspectives,” said Robert Olson, president and chief executive officer for Stellent. "We again generated record quarterly revenues, with revenues of $33.0 million representing a 16 percent increase over revenues of $28.5 million in the fourth quarter of fiscal 2005. We also generated strong fiscal year 2006 revenue growth of 16 percent, and we achieved industry-leading license revenue growth on both a sequential and year-over-year basis. In addition, we maintained profitability on a GAAP and non-GAAP basis; produced product license revenue growth of approximately 11 percent quarter-over-quarter; and increased deferred revenues by approximately $1 million. Lastly, we continued to generate positive cash flow from operations, and increased our cash and marketable securities position by approximately $6 million, ending the fourth quarter with approximately $82 million.
"We secured 51 new accounts during the fourth quarter, including Stellent® Universal Content Management™ customers Cancer Research UK, Medical Research Council, American Cancer Society, Regency Hospital Co., Spanish Ministry of Agriculture/Fisheries/Food, Ministry of Environment - Korea Environment Institute, Lions Club International, The Gibraltar Life Insurance Co., Hawaiian Telcom and Southern California Water. Existing customers who expanded their Universal Content Management implementations include Cargill International SA, U.S. Department of Agriculture, Clariant International AG, State of Alaska, Land O’Lakes, St. Paul Travelers, Premera Blue Cross, Samsung Electronics, Oglethorpe, AFLAC, DHL, Assurity Life Insurance, EdFinancial, St. Joseph Health Center, CheckFree, Cbeyond Communications, Brother, Australian Department of Foreign Affairs and Trade, UICI, UnumProvident, Cabela’s, Argonne National Laboratory, Gulf South Pipeline, Sony Net Services, Government of Ontario, and American Suzuki. Also during the fourth quarter, our Content Components Division signed or renewed contracts with organizations such as Microsoft Corp., Exalead S.A., Merrill Communications LLC, Renew Data Corp. and BEA Systems, Inc.
"The fourth quarter featured the introduction of a number of pioneering Stellent technologies. We launched Stellent Universal Records Management™, a new application providing a first-of-its-kind, single platform for applying records and retention policies, and legal discovery and holds, to all relevant content in a consistent, legally defensible way across an organization. This capability drives significant information technology (IT), compliance and records management benefits companies cannot afford to miss in an increasingly complex business and regulatory environment.
"We also released substantial, innovative extensions to the Universal Content Management suite. For example, we announced enhanced capabilities and best practices for integrating wikis and blogs into a multi-site Web content management framework. And, we released functionality for using really simple syndication (RSS) feeds to distribute and integrate content and content services managed within Universal Content Management. In addition, demand for our governance, risk and compliance (GRC) solutions was strong during the fourth quarter.
"Stellent hosted Crescendo™ 2006, its third annual global user conference, at the beginning of the fourth quarter. It was extremely successful, and we believe the energy surrounding this event is a prime indicator of our increasing momentum in the market.
"Our success and momentum in fiscal 2006 were driven by a number of factors. We expanded our leadership position in the enterprise content management (ECM) market with the rising adoption of our unique, unified platform. We generated growth in emerging markets, including GRC and unified records and retention management. We also improved traction with key partners, strengthened our international operations, and garnered multiple accolades from leading industry analysts and influential publications. Lastly, we have increased tenure within our sales force and a management team that has effectively guided this company for many consecutive years.
"We look forward to further building upon these strengths in fiscal year 2007 in order to achieve the objectives we set forth, which include growing revenues and earnings, continuing to gain market share in the ECM industry, expanding our new GRC and unified records and retention management application areas, and maintaining our solid business in the Content Components Division.” 12.05.2006, Stellent GmbH
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