Troy, New York, USA, 1 February 2007 – MapInfo Corporation, global provider of location intelligence solutions, has announced financial results for its first quarter of fiscal 2007.
Mark Cattini, President and CEO of MapInfo stated, “We are pleased with the company’s operational performance in our first fiscal quarter, highlighted by our product revenue growing at its highest organic rate in over a year, while total revenue growth improved as expected from the previous quarter. Key contributors to our solid performance were improvement in our European execution and a strong rebound in our business with communications customers. ”
Cattini added, “We believe that market awareness and demand for location intelligence solutions continues to grow, and MapInfo is uniquely positioned to capitalize on this market opportunity based on our domain expertise, large customer base and industry leading vertical solutions.”
For the quarter ended December 31, 2006, MapInfo reported total revenue of $42.0 million, an increase of eight percent compared to the prior year period. For the quarter ended December 31, 2006, MapInfo delivered operating income, in accordance with accounting principles generally accepted in the United States (GAAP) of $2.5 million, an increase of six percent compared to $2.4 million in the year ago period.
GAAP net income for the quarter ended December 31, 2006 was $2.0 million and GAAP earnings per share were $0.09 per share, including a $0.03 per share net impact from non-cash stock-based compensation expense, $0.01 per share net impact from previously disclosed European severance costs and a $0.02 per share net impact from a one-time charge related to the termination of our exclusive distributor relationship in a key Asia Pacific geography.
The $0.02 Asia Pacific charge resulted from a one-time expense of approximately $750,000. The company believes its restructured go-to-market partnership strategy will significantly improve its ability to expand MapInfo’s market presence in the Asia Pacific region. GAAP net income and earnings per share grew 20 percent and 13 percent, respectively, compared to the prior year period.
MapInfo had cash and investments of $95.9 million at December 31, 2006, an increase from $90.4 million at the end of the prior quarter. The company generated approximately $5.3 million in cash from operations during the first fiscal quarter 2007, an increase of 73 percent compared to the prior fiscal year period.
Cattini concluded, “Steady improvement in our global execution, progress against our strategic growth initiatives and the solid start to fiscal 2007 increases our confidence in improving our quarterly revenue growth rates while improving our profitability margins over the course of fiscal 2007.”
– About MapInfo
MapInfo is a global company and the leading provider of location intelligence solutions, integrating software, data and services to provide greater value from location-based information and drive more insightful decisions for businesses and government organizations around the world.
MapInfo solutions are available in multiple languages through a network of strategic partners and distribution channels in 60 countries. MapInfo is on the World Wide Web at www.mapinfo.com.