CommVault: Fiscal 4Q09 Financial Results
Even this success story affected by the macroeconomic decline
This is a Press Release edited by StorageNewsletter.com on May 14, 2009 at 3:35 pm(in US$ millions) | 4Q08 | 4Q09 | FY08 | FY09 |
Revenues | 56.6 | 56.1 | 198.3 | 234.5 |
Growth | -1% | +18% | ||
Net income (loss) | 6.2 | 0.2 | 20.8 | 12.3 |
CommVault Systems, Inc. announced its financial results for the fourth quarter and fiscal year ended March 31, 2009.
N. Robert Hammer, CommVault’s chairman, president and CEO stated: “Despite solid execution from our worldwide sales teams during the quarter, the continued global macroeconomic decline had a significant impact on our fourth quarter fiscal 2009 results. However, for the full fiscal year we were still able to achieve 18% growth in revenues. We continue to believe that the outlook for our business is strong and that our Simpana 8 software suite will enable us to sustain our track record of innovation and double digit growth, even during the current economic environment.”
Total revenues for the fourth quarter of fiscal 2009 were $56.1 million, a decrease of 1% over the fourth quarter of fiscal 2008 and a decrease of 7% over the prior quarter. Software revenue in the fourth quarter of fiscal 2009 was $27.5 million, down 12% year-over-year and sequentially. Services revenue in the fourth quarter of fiscal 2009 was $28.7 million, up 13% year-over-year and flat sequentially.
For the full fiscal year, total revenues were $234.5 million, an increase of 18% over fiscal 2008. Software revenue was $121.7 million, up 12% from the prior year. Services revenue for the full fiscal year was $112.8 million, an increase of 26% over fiscal 2008.
Income from operations (EBIT) was $2.1 million for the fourth quarter compared to $8.6 million in the same period of the prior year. Non-GAAP income from operations (EBIT) was $5.4 million in the fourth quarter of fiscal 2009 compared to $10.9 million in the fourth quarter of the prior year. Income from operations (EBIT) for the full fiscal year was $20.5 million compared to $23.7 million for fiscal 2008. Non-GAAP income from operations (EBIT) for the full fiscal year was $32.1 million compared to fiscal 2008 non-GAAP income from operations (EBIT) of $32.8 million.
For the fourth quarter of fiscal 2009, CommVault reported net income of $0.2 million which compared to net income of $6.2 million in the same period of the prior year. Non-GAAP net income was $3.8 million in the fourth quarter of fiscal 2009 compared to $8.5 million in the fourth quarter of the prior year. Non-GAAP diluted earnings per share was $0.09 for the fourth quarter of fiscal 2009 compared to $0.19 for the fourth quarter of fiscal 2008.
Net income for the full fiscal year was $12.3 million compared to $20.8 million for fiscal 2008. Non-GAAP net income for the full fiscal year was $23.5 million, or $0.53 per diluted share, compared with $26.1 million, or $0.57 per diluted share in the prior year.
Operating cash flow totaled $6.5 million for the fourth quarter of fiscal 2009 compared to $11.0 million in the fourth quarter of fiscal 2008. Operating cash flow totaled $43.1 million for fiscal 2009, an increase of 25% over fiscal 2008 operating cash flows of $34.4 million. Total cash and cash equivalents as of March 31, 2009 were $105.2 million.
CommVault did not repurchase any shares of common stock under its share repurchase plan during the fourth quarter of fiscal 2009. As of May 13, 2009, CommVault has repurchased $40.2 million of common stock (2,853,305 shares) out of the $80.0 million in total that is authorized under its stock repurchase program. As a result, CommVault may repurchase an additional $39.8 million of its common stock under the current program, which has been extended until March 31, 2010.
Recent Business Highlights:
- On May 11, 2009, CommVault announced that it surpassed the 10,000 customer milestone as global organizations embrace Simpana software for Enterprise Data Management.
- On April 29, 2009, CommVault announced that it launched a Managed Service Partner Program in EMEA that will provide partners and customers with access to CommVault’s entire suite of award-winning Simpana software.
- On March 30, 2009, CommVault announced enhanced data management capabilities for Microsoft environments. CommVault Simpana 8 has been tightly integrated with Microsoft’s key applications to provide superior data and information management for Microsoft Windows Server 2008, Microsoft Exchange Server 2007, Microsoft SQL Server, Microsoft Office SharePoint Server 2007 and Active Directory.
- On March 23, 2009, CommVault announced that it released to its worldwide reseller and OEM partners a comprehensive new program of professional services, education and customer support designed to enhance their Simpana software delivery skills, fuel adoption of CommVault software in the market and accelerate customer ROI.
- On March 4, 2009, CommVault announced that its Simpana software suite won the 2009 Datamation Product of the Year award in the network and systems management category.
- On January 26, 2009, CommVault launched the much-anticipated unveiling of CommVault Simpana 8, a major new release of the market-leading enterprise data management software – which includes advances in recovery management, data reduction, virtual server protection, and content organization. As the company’s largest software release to date, Simpana 8 culminates 18 months of development and includes more than 300 enhancements and 140 newly added product features.