Retalix Announces Fourth Quarter And FY 2010 Results
RA'ANANA, Israel, March 2, 2011 (GLOBE NEWSWIRE) -- Retalix ® Ltd. (Nasdaq:RTLX), a leading provider of software and services for retailers and distributors, announced today results for the fourth quarter and full year ended December 31, 2010.
Summarized financial highlights for the fourth quarter and twelve-month period ended December 31, 2010:
- Total Revenues for the full year were $207.4 million, compared with $192.4 million in 2009. Total revenues for the fourth quarter of 2010 were $53.8 million, compared to $46.4 million in the fourth quarter of 2009.
- Adjusted Income from Operations (Non-GAAP)* for the full year was $19.8 million, compared to $15.5 million in 2009. In the fourth quarter of 2010 adjusted income from operations (non-GAAP) was $4.5 million, compared to $0.2 million in the fourth quarter of 2009.
- Income from Operations (GAAP) for the full year was $12.4 million, compared to $7.8 million in 2009. In the fourth quarter of 2010 income from operations (GAAP) was $2.7 million, compared to a loss of ($3.1) million in the fourth quarter of 2009.
- Financial Income for the full year was $3.5 million, compared to financial income of $1.8 million in 2009. In the fourth quarter of 2010 financial income was $2 million, compared to $0.2 million the fourth quarter of 2009. Included in the financial income is $0.8 million in the fourth quarter of 2010 and a total of approximately $2 million for the full year in interest income related to tax refunds, in addition to the impact of currency fluctuations on the Company's non-dollar assets and the value of the Company's forward currency transactions.
- Adjusted Net Income (Non-GAAP)* for the full year grew to a record level of $17.1 million, or $0.70 per diluted share, compared to $12 million, or $0.57 per diluted share, in 2009. In the fourth quarter of 2010 the adjusted net income (non-GAAP) was $4 million, or $0.16 per diluted share, compared to a loss of ($0.9) million, or ($0.04) per diluted share, in the fourth quarter of 2009. The per diluted share calculation for the fourth quarter includes an increase in the weighted diluted shares outstanding to approximately 24.6 million versus 22.1 million shares in the fourth quarter of 2009 and for the full year 2010 the weighted diluted shares outstanding was 24.5 million versus 21 million shares for the full year 2009. The increases reflect the private placement to the Alpha Group completed in November 2009.
- GAAP Net Income for the year was $10.8 million, or $0.44 per diluted share, versus $5.8 million, or $0.28 per diluted share, in 2009. For the fourth quarter of 2010, GAAP net income was $2.6 million, or $0.11 per diluted share, versus a loss of ($4.0) million, or a loss of ($0.18) per diluted share, in the fourth quarter of 2009. The per diluted share figures again reflect the increase in shares outstanding mentioned above.
- Cash Flow from Operating Activities generated for the full year was $33.9 million, of which $15.3 million was generated during the fourth quarter of 2010. The cash flow from operating activities for the full year includes $10.6 million related to a tax refund and interest.
- Balance Sheet grew to about $134.6 million in cash and cash equivalents, deposits and marketable securities with negligible debt as of December 31, 2010.
Shuky Sheffer, Chief Executive Officer of Retalix, said, "2010 was an important transition year for Retalix. We grew total revenues and profitability coming in at the higher end of our guidance, including a new record level of over $17 million in Net Income (Non-GAAP) for Retalix. We built a clear strategy for the company and are executing on this plan. In our first full year the new management team produced consistent performance, achieved its targets and took important steps including investing in building our growth engines, enhancing the infrastructure and customer facing teams and creating a sales driven organization to enable future growth. We are beginning 2011 with a lot of excitement, including the launch of our breakthrough new store suite, the Retalix 10 Store Suite, which offers advanced software applications and a unique architecture that seamlessly combines major customer-centric retail functions while enabling quicker time-to-market and reducing the total cost of ownership. We are also continuing to build and expand our value-added service offerings and pursuing new opportunities created by the blurring of lines between the retail verticals and in new geographies for Retalix."
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