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Kofax Announces Record Results for the First Half of Fiscal Year 2011

02/07/2011 09:36:00 AM

Momentum in the Software Business Continues to Grow

Irvine, CA – Kofax plc (LSE: KFX), the leading provider of document driven business process automation solutions, today announces interim results for the six months ended December 31, 2010:

Financial Highlights

  • Software business
    • Revenues up 20% to $121.7M (2009: $101.5M) or 19% in organic, constant currency
    • Adjusted EBITA up 192% to $23.5M (2009: $8.0M)
    • Adjusted EBITA margin of 19.3% (2009: 7.9%)
  • Hardware business (discontinued operations)
    • Adjusted EBITA of $0.2M (2009: $2.0M)
  • Diluted EPS for the company was $.12 (2009: $.01)
  • Adjusted diluted EPS for the company was $.18 (2009: $.09)
  • Operating cash flow before restructuring payments of $16.2M (2009: $8.5M)
  • Cash of $69.0M ($55.5M at June 30, 2010)

Operating Highlights

  • Achieved major customer wins at Credit Mutuel, Intesa Sanpaolo, Iron Mountain, Japan Tobacco International, MegaFon, Ministry of the Interior in the Kingdom of Saudi Arabia, Stanlib, Synovus Financial and UBS
  • Announced an agreement to sell Kofax's hardware business, which is expected to close during March of 2011
  • Announced the company's intention to restructure and optimize its EMEA software business in light of the hardware business disposal
  • Introduced new releases of Kofax VirtualReScan and Kofax Communication Server
  • Appointed Martyn Christian as Kofax's Chief Marketing Officer

Reynolds C. Bish, Chief Executive Officer of Kofax said: "The first half of fiscal year 2011 yielded exceptional results. The performance in our software business exceeded our expectations and last month we were pleased to announce the pending disposal of our hardware business. Both of these achievements position us to better focus on and further grow our software business revenues and earnings both organically and via our acquisition strategy."

Commenting on Kofax's outlook, Bish said: "We believe we've built a strong foundation for our software business but plan to make further investments to grow this business during the second half of this fiscal year. We also believe that the global economic environment continues to be fragile and the extent and sustainability of any recovery is still difficult to predict. Our enthusiasm therefore remains cautiously optimistic and, as a result, management and the Board now expect our software business revenues to grow by approximately 14% on an organic, constant currency basis during this current fiscal year."

He continued: "Finally, we've previously said we would expect to eventually achieve a 15% EBITA margin in our software business. In light of the adjusted EBITA margin realized in this business during the first half of this fiscal year and the recently announced restructuring to further optimize this business in EMEA, we have now raised our longer term, sustainable target closer to a 20% margin."

About Kofax

Kofax plc (LSE: KFX) is the leading provider of document driven business process automation solutions. For more than 20 years, Kofax has provided award winning solutions that streamline the flow of information throughout an organization by managing the capture, transformation and exchange of business critical information arising in paper, fax and electronic formats in a more accurate, timely and cost effective manner. These solutions provide a rapid return on investment to thousands of customers in financial services, government, business process outsourcing, healthcare, supply chain and other markets. Kofax delivers these solutions through its own sales and service organizations, and a global network of more than 700 authorized partners in more than 60 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit www.kofax.com.

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