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TheStreet Open House

FactSet Research Systems Reports Results For The First Quarter Of Fiscal 2011

NORWALK, Conn., Dec. 14, 2010 (GLOBE NEWSWIRE) -- FactSet Research Systems Inc. (NYSE:FDS) (Nasdaq:FDS), a leading provider of integrated financial information and analytical applications to the global investment community, today announced its results for the first quarter of fiscal 2011.

For the quarter ended November 30, 2010, revenues were $173.3 million, up 12% compared to the prior year. Operating income for the first quarter increased to $59.4 million, a rise of 10% from $54.0 million in the same period of fiscal 2010. Net income advanced to $41.6 million as compared to $36.1 million a year ago. Diluted earnings per share increased to $0.88, up 19% from $0.74 in the same period of fiscal 2010. Included in this quarter's EPS were income tax benefits of $0.03 per share from adjustments to certain reserves to reflect settlements with taxing authorities regarding previously filed tax returns.

   
Consolidated Statements of Income  
(Condensed and Unaudited) Three Months Ended
  November 30,  
(In thousands, except per share data) 2010 2009 Change
Revenues $173,289 $155,243 11.6%
Operating income 59,429 54,047 10.0%
Other income 125 238 (47.5)%
Provision for income taxes 17,953 18,142 (1.0)%
Net income 41,601 36,143 15.1%
Diluted earnings per share $0.88 $0.74 18.9%
Diluted weighted average shares 47,487 48,876  

"Our first quarter results illustrate the strength of FactSet's business model. We continue to be able to provide superior workflow solutions to our clients and grow both our ASV and EPS," says Philip A. Hadley, Chairman and Chief Executive Officer. "We again delivered strong ASV growth, adding $11 million over the past three months while EPS was up 15%."

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