Kofax Limited Kofax Announces Selected Preliminary Unaudited Financial Results for its Fiscal Year Ended June 30, 2014
July 11 2014 - 2:00AM
UK Regulatory
TIDMKFX
Kofax® Limited (NASDAQ: KFX) (LSE: KFX), a leading provider of
smart process applications for the business critical First MileT of
customer interactions, today announced selected preliminary
unaudited financial results for its fiscal year ended June 30,
2014.
The Company expects to report unaudited IFRS software license
revenue in the range of $116.5 to $118.5 million, total revenues in
the range of $287.5 to $290.5 million and income from operations in
the range of $33.5 to $35.5 million, and unaudited Non-IFRS
software license revenue in the range of $122.5 to $124.5 million,
total revenues in the range of $295.0 to $298.0 million and
adjusted earnings before interest, taxes, depreciation and
amortization (adjusted EBITDA) in the range of $41.0 to $43.0
million. Fiscal year end cash is expected to be in the range of
$89.0 to $90.0 million.
Commenting on the preliminary unaudited Non-IFRS financial
results, Reynolds C. Bish, Chief Executive Officer, said: "We're
disappointed with these results, which reflect software license
revenue, total revenues and adjusted EBITDA levels below the
guidance previously provided to the financial community. These
unexpected shortfalls are primarily attributable to several seven
figure software license revenue transactions totaling approximately
$6.0 million slipping into future quarters during the last few days
of our fourth quarter. We believe we will close these transactions
during the first and second quarters of fiscal year 2015. We remain
confident in our business strategy and future, and will provide
guidance for fiscal year 2015 on September 2, 2014 when we publish
our audited financial results for fiscal year 2014. However, at
this time I can confirm that we do not anticipate any changes to
the long-term financial model we've previously provided, which is
based on software license revenue growth in the mid teens, total
revenue growth in the low double digits and an adjusted EBITDA
margin of 20% or greater."
Management will host a conference call and audio only webcast to
discuss these selected preliminary unaudited financial results at
5:00 p.m. U.S. Eastern time / 10:00 p.m. U.K. time today. To
participate in the call, investors can use the live dial in
information below, or access the call via the investor relations
section of the Company's website at:
http://www.kofax.com/investors/presentations.php. A replay via
telephone and webcast will be available for 30 days.
Live Replay Access Code
U.S. +1 (888) 428 9473 +1 (888) 203 1112 5905505
U.K. +44 (0) 800 404 7655 +44 (0) 808 101 1153 5905505
The Company will publish its audited financial results for its
fiscal year ended June 30, 2014, provide guidance for its fiscal
year ending June 30, 2015 and host a conference call and audio only
webcast to discuss these subjects on September 2, 2014. The time
and access details for the conference call and webcast will be
provided in advance of the same.
About Kofax
Kofax is a leading provider of smart process applications for
the business critical First Mile of customer interactions. These
begin with an organization's systems of engagement, which generate
real time, information intensive communications from customers, and
provide an essential connection to their systems of record, which
are typically large scale, rigid enterprise applications and
repositories not easily adapted to more contemporary technology.
Success in the First Mile can dramatically improve an
organization's customer experience and greatly reduce operating
costs, thus driving increased competitiveness, growth and
profitability. Kofax software and solutions provide a rapid return
on investment to more than 20,000 customers in financial services,
insurance, government, healthcare, business process outsourcing and
other markets. Kofax delivers these through its own sales and
service organization, and a global network of more than 800
authorized partners in more than 75 countries throughout the
Americas, EMEA and Asia Pacific. For more information, visit
kofax.com.
Safe Harbor Statement
This document contains forward looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Such statements are subject to risks and uncertainties that could
cause actual results to vary materially from those projected in the
forward looking statements. The Company may experience significant
fluctuations in future operating results due to a number of
economic, competitive, and other factors, including, among other
things, our reliance on third-party manufacturers and suppliers,
government agency budgetary and political constraints, new or
increased competition, changes in market demand, our ability to
consummate and the timing of the consummation of software revenue
transactions and the performance or reliability of our products.
These factors and others could cause operating results to vary
significantly from those in prior periods, and those projected in
forward looking statements. Additional information with respect to
these and other factors, which could materially affect the Company
and its operations, are included in certain forms the Company has
filed with the Securities and Exchange Commission.
Non-IFRS Financial Measures
Management uses financial measures, both IFRS and Non-IFRS, in
analyzing and assessing the overall performance of the business and
making operational decisions. We have historically provided and
believe that the Non-IFRS financial measures and supplemental
reconciliations to IFRS financial measures are useful to investors
and other users of our financial statements because the Non-IFRS
financial measures may be used as additional tools to compare our
performance across peer companies, periods and financial
markets.
We define Non-IFRS software license revenue and total revenues
as IFRS software license revenue and total revenues plus software
license revenue and total revenues associated with past
acquisitions excluded from IFRS amounts due to acquisition purchase
accounting. We define Non-IFRS adjusted EBITDA as IFRS income from
operations but excluding the effect of acquisition fair value
adjustments to revenues and certain other non-routine expenses,
acquisition related costs and non-cash charges as discussed in more
detail in our filings with the Securities and Exchange
Commission.
© 2014 Kofax Limited. Kofax is a registered trademark and First
Mile is a trademark of Kofax Limited.
Source: RNSKofax
Media Contact:Kofax LimitedColleen EdwardsVice President,
Corporate Communications+1 (949)
783-1582colleen.edwards@kofax.comorInvestor Contacts:MKR Group
Inc.Todd Kehrli+1 (323) 468-2300kfx@mkr-group.comorFTI
ConsultingSophie McMillan+44 (0) 20 7831
3113kofax@fticonsulting.com
This information is provided by Business Wire
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