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TheStreet Open House

Actuate Reports Third Quarter 2010 Financial Results

Actuate Corporation (NASDAQ: ACTU)(NASDAQ: BIRT), the people behind BIRT ® and the leading open source Business Intelligence vendor, today announced financial results for the third quarter of 2010.

Third Quarter Financial and Operational Highlights:

  • Record non-GAAP revenue of $40.5 million, up 38% year-over-year;
  • Q3 license revenues of $17.8 million, up 106% year-over-year;
  • Record non-GAAP operating margins of 36%;
  • Record non-GAAP diluted EPS of $0.23, up 156% year-over-year;
  • Year-to-date operating cash flow of $19.0 million, up 63% year-over-year;
  • Over $5.1 million in BIRT-related business for Q3; up 8% over the prior year, year-to-date BIRT-related license business up over 50%;
  • Booked more than 140 BIRT-related transactions in Q3, bringing the total since beginning of 2008 to over 1,200;
  • Q3 revenue included three transactions with a license component in excess of $1.0 million.

“We had a solid third quarter, with many positives to highlight across the business, including a positive resolution with IBM and continued BIRT momentum,” said Pete Cittadini, President and CEO of Actuate. “BIRT is recognized as a Leader in open source BI. There are now over one million BIRT developers worldwide and we passed the 10 million BIRT downloads mark.”

Tweet this: #Actuate ACTU Q3 License Rev +106% YOY; Non-GAAP Diluted EPS $0.23; #BIRT Downloads 10MM+

Revenues as reported in accordance with U.S. generally accepted accounting principles (GAAP) for the third quarter of 2010 were $39.8 million, compared with $29.4 million in the third quarter of 2009. License revenues for the third quarter of 2010 were $17.8 million, up 106% when compared with $8.6 million in the year-ago quarter. Included in the third quarter revenues is $11.0 million related to the favorable resolution of a software licensing dispute with IBM. Maintenance revenues for the quarter were $20.1 million, compared with $19.3 million reported in the same quarter last year. Professional services revenues for the third quarter of 2010 totaled $1.9 million, compared with $1.4 million in the third quarter of 2009. On a non-GAAP basis, total revenues for Q3 were $40.5 million. The difference between GAAP and non-GAAP revenue is approximately $0.7 million of maintenance revenue that was not able to be recognized due to the impact of purchase accounting on the acquired Xenos revenue contracts.

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