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JDA Software Announces Third Quarter 2012 Results

Stocks in this article: JDAS

JDA® Software Group, Inc. (NASDAQ: JDAS), The Supply Chain Company ®, today announced financial results for the third quarter ended Sept. 30, 2012. In a separate announcement made today, JDA reported that it has entered into a definitive merger agreement with entities affiliated with RedPrairie under which JDA shareholders will receive $45.00 per share in an all-cash transaction.

JDA reported third quarter revenue of $164.5 million, compared to $173.1 million of revenue reported in third quarter 2011. Adjusted EBITDA was $44.5 million in third quarter 2012 compared to $52.9 million in the third quarter of 2011, generating an adjusted EBITDA margin of 27 percent in the current quarter compared to 31 percent in the third quarter of 2011.

JDA also reported adjusted non-GAAP earnings per share for third quarter 2012 of $0.53, compared to $0.67 per share reported in the third quarter 2011. Adjusted non-GAAP earnings exclude amortization of acquired software technology and intangibles, restructuring charges, stock-based compensation and costs related to the revenue recognition investigation and restatement in 2012. GAAP net income attributable to common shareholders for third quarter 2012 was $11.1 million or $0.26 per diluted share, compared to $18.3 million or $0.43 per share in the third quarter 2011.

Conference Call Information

In view of the separate announcement made today that JDA has entered into a definitive merger agreement with entities affiliated with RedPrairie, under which JDA shareholders will receive $45.00 per share in an all-cash transaction, JDA has cancelled its third quarter 2012 earnings conference call scheduled for 4:45 EDT on Nov 5, 2012. During the pendency of the transaction, the Company will report quarterly results consistent with its current schedule, but will not host quarterly conference calls.

Software and Subscription

Software and subscription revenue was $31.5 million in the third quarter 2012 compared to $38.5 million in the third quarter 2011. In 2012, the Europe, Middle East and Africa (EMEA) region license sales in Europe and license sales to manufacturing customers in North America were negatively impacted by the overall macro-economic conditions. License sales in the Asia-Pacific region continued to show a recovery as sales in this region increased 88 percent over Q3 2011, to $3.2 million. The Company closed 37 software deals, including six deals in excess of $1 million in the current quarter, compared to 49 deals, including 10 over $1 million in the prior year period. Additionally, the average sales price for the trailing 12 months ended Sept. 30, 2012 was $724,000 compared to $843,000 for the trailing 12 months ended Sept. 30, 2011.

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