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Manhattan Associates Reports Record Third Quarter 2012 Performance

ATLANTA, Oct. 16, 2012 (GLOBE NEWSWIRE) -- Leading supply chain optimization provider Manhattan Associates, Inc. (Nasdaq:MANH) today reported record third quarter 2012 non-GAAP adjusted diluted earnings per share of $0.75 compared to $0.67 in the third quarter 2011, on license revenue of $16.2 million and record total revenue of $95.8 million. GAAP diluted earnings per share was $0.69 compared to $0.70 in the prior year third quarter.  

Manhattan Associates CEO Pete Sinisgalli commented, "We're pleased with our third quarter performance. The financial results were good, our competitive win rate was strong and our substantial investments in research and development position us well for the future."

THIRD QUARTER 2012 FINANCIAL SUMMARY:

  • Adjusted diluted earnings per share, a non-GAAP measure, was $0.75 in the third quarter of 2012, compared to $0.67 in the third quarter of 2011.  
  • GAAP diluted earnings per share was $0.69 in the third quarter of 2012, compared to $0.70 in the third quarter of 2011. Third quarter results for 2011 included a $0.12 per share benefit for the recovery of a previously impaired auction rate security investment.  
  • Consolidated total revenue was $95.8 million in the third quarter of 2012, compared to $85.6 million in the third quarter of 2011. License revenue was $16.2 million in the third quarter of 2012, compared to $13.6 million in the third quarter of 2011.  
  • Adjusted operating income, a non-GAAP measure, was $23.8 million in the third quarter of 2012, compared to $19.7 million in the third quarter of 2011.  
  • GAAP operating income was $21.7 million in the third quarter of 2012, compared to $19.4 million in the third quarter of 2011. Results for the third quarter of 2011 included a $2.5 million recovery of a previously impaired auction rate security investment.  
  • Cash flow from operations was $17.5 million in the third quarter of 2012, compared to $16.9 million in the third quarter of 2011. Days Sales Outstanding was 70 days at September 30, 2012, compared to 63 days at June 30, 2012.  
  • Cash and investments on-hand was $106.8 million at September 30, 2012, compared to $100.9 million at June 30, 2012.  
  • For the three months ended September 30, 2012, the Company repurchased 418,932 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $21.2 million. In October 2012, the Board of Directors approved raising the Company's remaining share repurchase authority to an aggregate of $50.0 million of the Company's outstanding common stock.

NINE MONTH 2012 FINANCIAL SUMMARY:

  • Adjusted diluted earnings per share, a non-GAAP measure, was $2.12 for the nine months ended September 30, 2012, compared to $1.72 for the nine months ended September 30, 2011.  
  • GAAP diluted earnings per share for the nine months ended September 30, 2012 was $1.93, compared to $1.59 for the nine months ended September 30, 2011. Results for the nine months ended September 30, 2011 included a $0.12 per share benefit for the recovery of a previously impaired auction rate security investment.  
  • Consolidated revenue for the nine months ended September 30, 2012 was $280.9 million, compared to $245.7 million for the nine months ended September 30, 2011. License revenue was $47.1 million for the nine months ended September 30, 2012, compared to $37.7 million in the nine months ended September 30, 2011.  
  • Adjusted operating income, a non-GAAP measure, was $66.8 million for the nine months ended September 30, 2012, compared to $51.1 million for the nine months ended September 30, 2011.  
  • GAAP operating income was $61.0 million for the nine months ended September 30, 2012, compared to $45.2 million for the nine months ended September 30, 2011. Results for the nine months ended September 30, 2011 included a $2.5 million recovery of a previously impaired auction rate security investment.  
  • For the nine months ended September 30, 2012, the Company repurchased 1,418,205 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $68.5 million.

SALES ACHIEVEMENTS:

  • Closing two contracts of $1.0 million or more in recognized license revenue during the third quarter of 2012.  
  • Completing software license wins with new customers such as: Happigo Home Shipping Co., Integracolor and TwinMed.  
  • Expanding relationships with existing customers such as: ACCO Brands, Alliance Healthcare, American Eagle Outfitters, AMSCAN, ATB Market, Better Life Commercial Chain, Bollore Logistics, Bulova Corporation, Cabela's, Chanel, Chico's Retail Services, Cotton On Group Services, Dalepak, Design Within Reach, Fashion Biz, Five Below, Hayneedle, Keystone Distribution UK, Kuehne & Nagel, Nalsani SA, Nike, Inc., National Logistics Services, Nature's Best, RockTenn, Rocky Brands, SF Express, Southern Wine & Spirits of America, Super Cheap Auto, The Beistle Company and Wolverine Worldwide.

2012 GUIDANCE

Manhattan Associates provides the following revenue and diluted earnings per share guidance for the full year 2012:

   
  Guidance Range - 2012 Full year
($'s in millions, except EPS) $ Range % Growth range
         
Total revenue - current guidance $370 $375 12% 14%
         
Total revenue - previous guidance $365 $375 11% 14%
         
Diluted earnings per share (EPS):        
Adjusted EPS (1)  - current guidance $2.75 $2.80 19% 21%
GAAP EPS - current guidance $2.49 $2.54 19% 22%
         
Adjusted EPS (1)  - previous guidance $2.65 $2.75 14% 19%
GAAP EPS - previous guidance $2.37 $2.47 13% 18%
         
(1) Adjusted EPS is Non-GAAP        

Manhattan Associates currently intends to publish, in each quarterly earnings release, certain expectations with respect to future financial performance. These statements are forward-looking. Actual results may differ materially, especially in the current uncertain economic environment. These statements do not reflect the potential impact of mergers, acquisitions or other business combinations that may be completed after the date of this release.

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