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Solera Holdings reports second quarter fiscal year 2010 results
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Solera, which provides software and services to the automobile insurance claims processing industry, has announced . second quarter revenue of $163.3 million, up 24.4% on a GAAP basis, with diluted net income per share of $0.33, up 13.5%. The company increased its fiscal 2010 guidance and announced a quarterly cash dividend.
Solera Holdings, Inc, a company that provides software and services to the automobile insurance claims processing industry, reported results for the second quarter of fiscal year 2010. For the Second Quarter Ended December 31, 2009, revenue was $163.3 million, a 24.4% increase over the prior year second quarter revenue of $131.3 million. After adjusting for changes in exchange rates, revenue for the second quarter of fiscal year 2010 increased by approximately 15.2% over the prior year second quarter. GAAP net income attributable to Solera Holdings, Inc. for the quarter was $23.3 million, an 18.5% increase over the prior year second quarter net income of $19.6 million. Diluted net income per share was $0.33, 13.5% more than the prior year diluted net income per share of $0.29.
"Our second quarter performance demonstrates steady improvement despite continued global economic uncertainty," said Tony Aquila, founder, chairman and CEO of Solera Holdings, Inc. "The combination of our total growth, including revenue contributions from acquisitions, and our continued operating discipline, including eliminating waste in our global operations, allowed us to turn in an Adjusted EBITDA margin of 40.9% - up approximately 380 basis points over the prior year period."
The company updated its current fiscal year 2010 outlook, revising expected revenues to between $629 million and $632 million, net income between $70 million and $76 million, adjusted net income between $136 million and $141 million, adjusted net income per diluted share of between $1.94 and $2.01, and an adjusted EBITDA of between $248 million and $255 million. It assumed a 28% tax rate to calculate adjusted net income. |
