- Adjusted EPS was $1.22, up 10%
- Quarterly free cash flow growth of 18% to $53 million
- $300 million expansion to the existing share repurchase program
NORWALK, Conn., Dec. 17, 2013 (GLOBE NEWSWIRE) -- FactSet Research Systems Inc. (NYSE:FDS) (Nasdaq:FDS), a leading provider of integrated global financial information and analytical applications to the investment community, today announced its results for the first quarter of fiscal 2014.
For the quarter ended November 30, 2013, revenues were $223.0 million, up 6% compared to the prior year. Operating income for the first quarter advanced to $74.7 million from $71.1 million last year. Net income rose to $52.2 million as compared to $49.8 million in the year ago quarter. Diluted earnings per share increased to $1.19, up from $1.11 in the same period of fiscal 2013.
Adjusted net income increased 7% to $53.3 million, while adjusted diluted EPS grew 10% to $1.22.
|(Condensed and Unaudited)||GAAP||Expiring U.S. Federal R&D Tax Credit (a)||Adjusted||YoY % Change|
|Net Income||$ 52,178||$ 1,111||$ 53,289||7%|
|Diluted EPS||$ 1.19||$ 0.03||$ 1.22||10%|
|(a) Adjusted net income and diluted EPS both add back income tax benefits as the U.S. Federal R&D tax credit is set to expire on December 31, 2013 and was not extended as of November 30 th, the end of FactSet's first quarter of fiscal 2014. If the U.S. Federal R&D tax credit had been re-enacted, then the annual effective tax rate would have been 29.0%. Since the R&D credit's original expiration date of December 31, 1985, the credit has expired 8 times and extended 15 times. The current extension expires on December 31, 2013. Most recently, the credit expired on December 31, 2011 and was not re-enacted until January 1, 2013. Refer to page 10 of this press release for a more complete history of the U.S. Federal R&D tax credit.|
|Consolidated Statements of Income|
|(Condensed and Unaudited)|
|Three Months Ended November 30,|
|(In thousands, except per share data)||2013||2012||Change|
|Adjusted net income||$53,289||$49,769||7%|
|Adjusted diluted earnings per share||$1.22||$1.11||10%|
|Diluted weighted average shares||43,773||44,984|