Ipo Sync Outlook Calendar

Kofax Dual-List Prospect Emerges: Analyst

Kofax reported results for the fiscal year 2011 to June that were broadly in line with July's disappointing trading update.

Revenues of $243.9 million came in slightly below Jefferies' revised $244.8 million forecast and the $244 million to $246 million range provided by management in July. This represented organic growth of only 10 percent versus management's 14 percent organic growth target at the half-year.

The adjusted EBITA of $40.2 million was around 3 percent below Jefferies' forecast, but a lower-than-expected tax rate (34 percent versus 36 percent forecast), led to adjusted diluted EPS in-line at $0.31 (Jefferies $0.31).

Clark said cash conversion was healthy with Kofax confirming net cash balances of $98.3 million at the end of the year (Jefferies $97.9 million).

Clark said licence revenue growth deteriorated materially in the second half of 2011, as macroeconomic uncertainty caused at least two large deals to slip.

Organic application licence growth declined in the second half of 2011, having grown by 17 percent in the first half, with original equipment manufacturer (OEM) / point of sale (POS) licences also declining in the second half.

As expected, services revenue (maintenance and professional services) held up better, confirming double-digit organic growth for the year after reporting 24 percent growth in the first half, Clark said.

Clark said full-year 2011 results represent a further disappointment, with revenues falling below management's July guidance and the second half of 2011 licence decline being a key focus.

Having seen deals slip in second half of 2011 as macroeconomic uncertainty extended sales cycles, management confirmed that it expects the challenges of sales conversion to continue. That said, Kofax guided towards constant currency growth of 8 percent to 10 percent for fiscal 2012 versus Jefferies 5.6 percent forecast.

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