New York, USA, 28 July 2006: MapInfo announced on July 28 the financial results for its third quarter of fiscal 2006. For the quarter ended June 30, 2006, MapInfo reported total revenue of $43.0 million, an increase of 11 percent compared to the prior year period. On an organic basis, excluding acquisitions completed in the third and fourth quarters of fiscal year 2005, worldwide total revenue grew six percent compared to the prior year period.
Mark Cattini, President and Chief Executive Officer of MapInfo, stated “Enterprise organizations are increasingly realizing the significant ROI and business benefits associated with location intelligence solutions, and MapInfo believes it stands out as the clear market leader and innovator. This growing awareness is a key factor in the strong growth we delivered in both the Americas and Asia Pacific regions in the third quarter. In fact, within the Americas region, our U.S. operations grew 15 percent organically against a solid comparison quarter which marked its highest growth rate in over two years.”
For the quarter ended June 30, 2006, MapInfo delivered record non-GAAP operating income, which led to reported non-GAAP net income, which excludes the impact of stock-based compensation expense and unanticipated employee severance costs, of $3.6 million, or $0.17 per share. The net impact of the stock-based compensation expense for the quarter was approximately $0.6 million, or $0.03 per share, and the net impact of the employee severance costs was $0.2 million, or $0.01 per share. As a result, GAAP net income was $2.8 million, or $0.13 per share.
MapInfo had cash and investments of $86.1 million at June 30, 2006, an increase of $6.9 million compared to the end of the prior quarter. Deferred revenue was $21.7 million at June 30, 2006, an increase of 10 percent on a year-over-year basis. The company generated $6.7 million in cash from operations during the quarter, and $13.0 million for the first nine months of fiscal 2006.