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Keynote Reports Third Fiscal Quarter 2012 Results

Stocks in this article: KEYN

Keynote® Systems (Nasdaq: KEYN), the global leader in Internet and mobile cloud testing & monitoring, reported financial results for its third fiscal quarter ended June 30, 2012.

Umang Gupta, Chairman and CEO of Keynote, said: “Our solid results for the third quarter demonstrate the strength of the business in light of a number of challenging headwinds including European foreign exchange rates, the 2011 change in revenue accounting and global economic pressures. This quarter, we focused on what we can best control in this uncertain environment, and in particular, we are pleased with the Keynote DeviceAnywhere business, which posted its second consecutive quarter of improved orders as well as increased revenue and approximately breakeven operations.”

Quarter Ended June 30, 2012 Compared to Quarter Ended June 30, 2011

Revenue was $30.3 million for third fiscal quarter of 2012, compared to $26.6 million in the third fiscal quarter of 2011. Total Internet revenue was $14.6 million, up from $13.4 million a year ago; and total mobile revenue was $15.7 million, increasing from $13.1 million a year ago. Keynote DeviceAnywhere contributed $4.6 million in revenue. Mobile ratable licenses revenue was $499,000 in the third fiscal quarter of 2012, compared to $3.4 million a year ago, resulting from a $2.9 million revenue accounting headwind. In addition, the average Euro exchange rate was 10% lower this quarter compared to the year ago quarter; on a constant currency basis this quarter’s total revenue would have been higher.

Total costs and expenses for the quarter were $30.3 million, compared to $22.1 million in the same quarter a year ago. Of this increase, $6.3 million was due to expenses associated with Keynote DeviceAnywhere, which included $1.6 million of amortization of purchased intangibles, depreciation and stock-based compensation. The remaining increase occurred as a result of investments in products, sales and marketing for both our Internet business and Keynote SIGOS.

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