Clearly, the result we reported for the second quarter ending June 30 were disappointing especially since four days later after the end of the quarter we signed a very large contract valued between $10 million to $15 million, which provides very good comfort for the remainder of the year and beyond, what four days can do.
I recognize there have been some concerns in the market following our second early announcement this year. Let me start by clearly stating that while market condition in some parts of the world and especially in Europe are challenging, we believe that our business is well balanced and, therefore, we have the potential to prepare well in 2012 and beyond.
I normally do not go into fine details of our revenue composition plan for the rest of the year, but considering the uncertainty our investors feel these days I believe it is important to go into higher granularity so that you get the same comfort that we have. So here we are. Total revenue for the first two quarters of the year were slightly above $44 million. Based on signed contracts and firm commitment that we now have at hand, which includes the new contract signed since the end of Q2, we believe that an additional $48 million is achievable with very high probability. This includes deferred and committed revenues from licenses, support and professional services.
Together with the $44 million of Q1 and Q2 we reach a total of $92 million. So as you can see roughly 92% of the targeted revenues are already secured with very high probability.I strongly believe that we should be able to deliver the last 8% in the normal course of business during the remaining five months of the year. Read the rest of this transcript for free on seekingalpha.com