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Bottomline Technologies Reports Record Second Quarter Results

Bottomline Technologies (NASDAQ: EPAY), a leading provider of cloud-based payment, invoice and banking solutions, today reported financial results for the second quarter ended December 31, 2012.

Revenues for the second quarter were $63.6 million, an increase of $8.5 million, or 15%, from the second quarter of last year. Subscription and transaction revenues, which are primarily related to the company’s banking, legal spend management and Paymode-X ® cloud-based applications, increased 59% from the second quarter of last year to $30.4 million.

Gross margin for the second quarter was $32.9 million, an increase of $2.4 million from the second quarter of last year. Net loss for the second quarter was $7.0 million, or net loss per share of $0.20.

Core net income for the second quarter was $11.8 million. Core net income excludes acquisition-related expenses (including amortization of intangible assets) of $7.8 million, restructuring expenses of $0.8 million, equity-based compensation of $4.7 million and non-core charges of $5.5 million associated with the convertible notes we issued during the quarter. Core earnings per share was $0.33.

“We had an outstanding quarter with record revenues, record subscription and transaction revenues and record levels in several of our other key financial performance metrics, and significant advancement of our strategic plan. Our focus on cloud-based offerings is clearly paying off as evidenced by subscription and transaction revenues of over $30 million,” said Rob Eberle, President and CEO of Bottomline Technologies. “Strategically, we saw significant advancement in each of our major growth drivers during the quarter. We also completed a convertible debt offering on very favorable terms raising $167 million in additional capital. The combination of our continued execution, the strategic advancement of our growth plan and the additional capital on our balance sheet is expected to drive future predictable and profitable revenue growth for Bottomline.”

Revenues for the six months ended December 31, 2012 increased 16% to $125.3 million as compared with $107.6 million last year. Subscription and transaction revenues increased 61% to $58.9 million in the six months ended December 31, 2012. Net loss for the six months ended December 31, 2012 was $7.0 million, or $0.20 per share.

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