Singapore, 28 April 2006: MapInfo Corporation reported net income for the second quarter of fiscal 2006 calculated on a non-GAAP basis (excluding the impact of stock-based compensation expense) of $3.0 million or $0.14 per share, on record revenue of $40.4 million. The net impact of the stock-based compensation expense for the quarter was approximately $0.6 million, or $0.03 per share. On a GAAP basis, net income was $2.3 million, or $0.11 per share. Second quarter revenue and earnings per share, on both a GAAP and non-GAAP basis, are in line with management’s previous guidance.
For the second quarter of fiscal 2005, the company reported net income of $2.5 million, or $0.12 per share, on revenue of $35.5 million. Worldwide organic revenue growth on a constant currency basis was 10 percent. As of March 31, 2006, cash and investments stood at $79.2 million and deferred revenue was $21.2 million. The company generated $3.2 million in cash from operations during the quarter.
“Through solid execution of our vertical market strategy, the Americas delivered 12 percent organic growth in the second quarter, which marked the third consecutive quarter of strong revenue growth for that geography,” said Mark Cattini, president and chief executive officer.
For the third quarter, the company anticipates revenue in the range of $42.0 million to $45.0 million and GAAP earnings per share of $0.13 to $0.16. The company reaffirms its previous full year guidance of revenue between $166 million and $172 million and earnings per share in the range of $0.44 to $0.51. Included in the company’s earnings guidance is an estimate for options-based compensation expense of approximately $0.03 and $0.12 per share for the third quarter and fiscal 2006, respectively.