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NORWALK, Conn., March 18, 2014 (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 second quarter of fiscal 2014.
For the quarter ended February 28, 2014, revenues increased to $226.9 million, up 7% over the prior year. Included in this total was $2 million from the acquisition of Matrix. Operating income was $75.1 million compared to $56.2 million in the year ago quarter. Net income was $52.4 million versus $44.5 million a year ago. Diluted earnings per share was $1.22 compared to $1.00 in the same period of fiscal 2013.
Adjusted operating income for the quarter was up 4% over the prior year. Adjusted operating income in the fiscal 2013 period excludes the prior year non-cash pre-tax charge of $15.7 million for vesting performance-based stock options. Adjusted net income advanced 6%. Adjusted net income in the year ago quarter excludes both the after-tax charge of $11.0 million related to performance-based stock options and $6.3 million in income tax benefits from the U.S. Federal R&D credit. Adjusted diluted EPS rose 10%. Prior year adjusted diluted EPS of $1.11 excludes the net effect of a $0.25 decrease for the vesting of performance-based options, partially offset by a $0.14 increase in diluted EPS from the U.S. Federal R&D credit.
A reconciliation between GAAP and adjusted financial measures is presented on page 9 of this press release.
Consolidated Statements of Income
(Condensed and Unaudited)
Three Months Ended February 28,
(In thousands, except per share data)
Adjusted operating income
Adjusted net income
Adjusted diluted earnings per share
Diluted weighted average shares
"Our second quarter results reflect an improving buy-side client base, and include acquiring the remaining 40% interest in Matrix," said Philip Hadley, Chairman and CEO. "I'm pleased to see that our net client growth in the past three months was the highest quarterly total since 2006 and buy-side users grew at a level we've not seen since 2004. This is validation that our sizable reinvestment in our products and services is being recognized by the market."