MapInfo joins Forbes

MapInfo joins Forbes

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Troy, New York, November 6, 2006 – MapInfo Corporation, provider of location intelligence solutions, today announced it has been named to the 2006 Forbes list of the 200 Best Small American Companies. Ranking at 199, MapInfo is the only company from the geospatial industry listed in the prestigious list: http://www.forbes.com/lists/2006/23/biz_06200best_The-200-Best-Small-Companies_Rank_8.html .

The Forbes 200 Best Small Companies annual list is comprised of small, but growing, publicly-traded businesses demonstrating superior performance in the marketplace. To qualify, a company must have sales between $5 million and $750 million. In addition, candidates must carry profit margins of greater than 5 percent, with positive sales and profit growth, on average, over both the last five years and last 12 months. The complete list of the 200 Best Small Companies in America is available online at www.forbes.com/200best. “Being added to Forbes’ list of companies underscores MapInfo’s strong business model and highlights the value our location intelligence solutions provide to our customers,” said Mark Cattini, President and CEO, MapInfo.

In another important development MapInfo announced financial results for its fourth quarter of fiscal 2006. For the quarter ended September 30, 2006, MapInfo reported total revenue of $43.1 million, an increase of seven percent compared to the prior year period. For the fiscal year ended September 30, 2006, MapInfo reported total revenue of $165.5 million, an increase of 11 percent compared to the prior fiscal year. On an organic, year-over-year basis, worldwide total revenue grew four percent in the fiscal fourth quarter 2006 and seven percent for the full fiscal year 2006, excluding acquisitions completed in the respective year ago time periods.

For the quarter ended September 30, 2006, MapInfo delivered non-GAAP operating income of $5.6 million, which excludes the impact of stock-based compensation expense and European severance costs, an increase of 24 percent compared to $4.5 million in the prior year period, and an operating margin of 13 percent.

Non-GAAP net income for the quarter ended September 30, 2006 was $4.1 million, or $0.18 per share. The net impact of the stock-based compensation expense for the quarter ended September 30, 2006 was approximately $0.7 million, or $0.03 per share, and the net impact of European severance costs was $0.5 million, or $0.02 per share. As a result, GAAP operating income was $4 million and net income was $2.8 million, or $0.13 per share for the quarter ended September 30, 2006, compared to GAAP operating income of $4.5 million and net income of $3.9 million, or $0.18 per share, in the prior year period.

For the fiscal year ended September 30, 2006, MapInfo delivered non-GAAP operating income of $17.8 million, an increase of 14 percent compared to $15.7 million in the prior year period and an operating margin of 11 percent. Non-GAAP net income for the fiscal year ended September 30, 2006 was $12.9 million, or $0.59 per share, compared to $10.2 million, or $0.48 per share, in the prior fiscal year.

This represented year-over-year growth of 26 percent in non-GAAP net income and 23 percent in non-GAAP EPS. The net impact of the stock-based compensation expense for the fiscal year ended September 30, 2006 was approximately $2.5 million, or $0.12 per share, and the net impact of the European severance costs was $0.7 million, or $0.03 per share. As a result, GAAP operating income was $13.3 million and GAAP net income was $9.7 million, or $0.44 per share during fiscal 2006, which compares to GAAP operating income of $15.7 million and GAAP net income of $10.2 million, or $0.48 per share, in the prior fiscal year.

MapInfo had cash and investments of $90.4 million at September 30, 2006, an increase of $4.3 million from $86.1 million at the end of the prior quarter. Deferred revenue was $22.5 million at September 30, 2006, an increase of $0.8 million from $21.7 million at the end of the prior quarter. The company generated approximately $16.0 million in cash from operations during fiscal 2006.

Mark Cattini, President and Chief Executive Officer of MapInfo, stated, “During the fourth quarter and full year fiscal 2006, MapInfo made progress with our strategic initiatives, including penetrating our key target vertical markets; increasing the adoption of our Envinsa platform; expanding the number of joint customer engagements with leading business intelligence players and growing the awareness of the location intelligence market as we continue to invest in marketing to establish MapInfo’s industry leadership position.”

– About MapInfo Corporation
MapInfo is a global company and the 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 20 languages through a network of strategic partners and distribution channels in 60 countries. Headquartered in Troy, New York, MapInfo is on the World Wide Web at www.mapinfo.com.