NORWALK, Conn., March 15, 2011 (GLOBE NEWSWIRE) -- FactSet Research Systems Inc. (NYSE:FDS) (Nasdaq:FDS), a leading provider of integrated financial information and analytical applications to the global investment community, today announced its results for the second quarter of fiscal 2011.

For the quarter ended February 28, 2011 revenues increased to $177.6 million, up 13% compared to the prior year. Operating income for the second quarter rose to $58.1 million from $54.5 million in the same period of fiscal 2010. Net income advanced to $45.3 million as compared to $36.1 million a year ago. Diluted earnings per share increased to $0.95, up 27% from $0.75 in the same period of fiscal 2010. Included in this quarter's results were income tax benefits of $0.10 per diluted share or $4.9 million from the reenactment of the U.S. Federal R&D credit. In addition, a pre-tax charge of $2.5 million or $0.04 per diluted share was recorded in the quarter related to an increase in the estimated number of performance-based stock options that will be eligible to vest in August 2011.

GAAP financial measures including operating income, net income and diluted earnings per share have been adjusted to report non-GAAP financial measures that exclude the $4.9 million of income tax benefits and the $2.5 million incremental charge related to performance-based options. Non-GAAP operating income for the quarter was $60.5 million, up 11%. Non-GAAP net income advanced 16% to $42.0 million and non-GAAP diluted earnings per share increased 19% to $0.89.

A reconciliation between GAAP and non-GAAP financial measures is presented on page 8 of this press release.

Consolidated Statements of Income
 
(Condensed and Unaudited)   Three Months Ended February 28, Six Months Ended February 28,
(In thousands, except per share data) 2011 2010 Change 2011 2010 Change
Revenues $177,635 $157,281 12.9% $350,924 $312,524 12.3%
Operating income 58,093 54,473 6.6% 117,522 108,520 8.3%
Other income 132 151 (12.6)% 257 389 (33.9)%
Provision for income taxes 12,971 18,505 (29.9)% 30,924 36,647 (15.6)%
Net income $45,254 $36,119 25.3% $86,855 $72,262 20.2%
Diluted earnings per share $0.95 $0.75 26.7% $1.83 $1.48 23.6%
Diluted weighted average shares 47,427 48,066   47,495 48,704  

"We're pleased with our second quarter results and our record of delivering strong performance. It reflects the consistency of our subscription business model and our continued focus on enhancing long-term shareholder value," says Philip A. Hadley, Chairman and Chief Executive Officer. "We continue to experience ASV, user count and client growth due to momentum across our products and geographies."

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