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Quest Software Reports Second Quarter 2012 Results

Stocks in this article: QSFT

Quest Software, Inc. (Nasdaq: QSFT) today reported financial results for the quarter ended June 30, 2012. Total revenues were $215.7 million, a 6.3% increase compared to the prior year’s second quarter revenues of $203.0 million. Total revenues for the six months ended June 30, 2012, were $427.9 million, a 9.4% increase compared to $391.1 million for the same period in 2011. Operating margins were (12.5%) and (5.1%) for the quarter and six months ended June 30, 2012. GAAP results for the quarter and six months were impacted by costs associated with the previously announced Dell Inc. (“Dell”) transaction. For the quarter and six months ended June 30, 2011, operating margins were 5.0% and 4.0%, respectively. On a non-GAAP basis, which excludes the aforementioned Dell transaction costs and other items, operating margins were 17.1% and 16.1% for the quarter and six months ended June 30, 2012, respectively.

Cash and investments at June 30, 2012, totaled $249.6 million, a decrease of $32.8 million from the comparable balance at March 31, 2012. Cash flow from operations was ($19.2) million for the three months ended June 30, 2012. During the quarter, we paid $37.0 million in termination fees and expenses to Insight Venture Management, LLC and Vector Capital related to acceptance of the superior Dell offer.

GAAP Results

Net loss attributable to Quest Software, Inc. for the second quarter of 2012 was ($31.4) million, or ($0.36) per fully diluted share. This compares to net income of $5.7 million, or $0.06 per share on a fully diluted basis, for the second quarter of 2011. Operating margin was (12.5%) in the second quarter of 2012 compared to 5.0% in the comparable period of 2011, resulting in an operating loss of ($27.0) million, which compares to operating income of $10.2 million for the corresponding period in 2011. Net loss attributable to Quest Software, Inc. for the six months ended June 30, 2012, was ($28.7) million or ($0.33) per fully diluted share compared to net income of $9.1 million, or $0.10 per fully diluted share for the same period in 2011.

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