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Epicor reports 2009 Fourth quarter results |
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Epicor Software Corporation, a software provider specializing in enterprise business software solutions for the mid market and divisions of Global 1000 companies, has reported preliminary financial results for its fourth quarter ended December 31, 2009.  Epicor's total revenue for Q4 2009 was $111.9 million and GAAP net income was $6.7 million or $0.11 per diluted share. This compares to Q4 2008 revenue of $121.9 million and net income of $1.5 million, or $0.03 per diluted share. The company said its 2009 fourth quarter license revenue was $25.8 million, up 3% year-over-year as compared to Q4 2008 license revenue of $25.2 million and sequentially higher by 88% over Q3 2009 license revenue of $13.7 million. It said maintenance revenue for the quarter also grew year-over-year by 3% to $48.6 million when compared to 2008 fourth quarter maintenance revenue of $47.3 million. Consulting revenue was $33.2 million during the quarter, down from $38.1 million during the same period a year ago. Hardware and other revenue was $4.4 million, down year-over-year as compared to hardware and other revenue of $11.4 million in the prior year's fourth quarter. Net accounts receivable was approximately $90 million, with the company having collected cash of approximately $116 million during quarter. Days sales outstanding (DSOs) in Q4 2009 were flat at 74 as compared to 74 in the Q3 2009. Deferred revenue at the end of the 2009 fourth quarter was $96.4 million. Epicor Chairman, President and CEO George Klaus said fourth quarter were a strong finish to a “respectable year.” He said other than hardware, all revenue lines grew over Q3 2009 and total gross margin hit a two-year high of 51 percent, which helped drive fourth quarter adjusted EBITDA margin of 17.8 percent. He said Epicor generated over $17 million in free cash flow during the quarter, and a total of approximately $47 million for the year, which in turn grew the company's cash balance to approximately $107 million. “We currently expect to experience modest growth across all of our lines of business in 2010 -- excluding hardware -- and we expect to drive an even higher rate of bottom line improvement,” Klaus said. For the first quarter of 2010, Epicor said it expects total revenue to be $98 to $100 million. |
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