Manhattan Associates Reports Record First Quarter 2013 Earnings

ATLANTA, April 23, 2013 (GLOBE NEWSWIRE) -- Leading supply chain optimization provider Manhattan Associates, Inc. (Nasdaq:MANH) today reported record first quarter 2013 non-GAAP adjusted diluted earnings per share of $0.74 compared to $0.60 in the first quarter of 2012, on license revenue of $14.2 million and record first quarter total revenue of $96.6 million. GAAP diluted earnings per share for the first quarter was a record $0.68 compared to $0.55 in the prior year first quarter.

Manhattan Associates President and CEO Eddie Capel commented, "We're very pleased with our first quarter performance. We posted solid financial results and our competitive win rates remain strong.  While it remains somewhat difficult to predict the effect of the sluggish global economy, we are well positioned for a solid year in 2013 and beyond."

FIRST QUARTER 2013 FINANCIAL SUMMARY:
  • Adjusted diluted earnings per share, a non-GAAP measure, was $0.74 in the first quarter of 2013, compared to $0.60 in the first quarter of 2012.
  • GAAP diluted earnings per share was $0.68 in the first quarter of 2013, compared to $0.55 in the first quarter of 2012. 
  • Consolidated total revenue was $96.6 million in the first quarter of 2013, compared to $91.5 million in the first quarter of 2012. License revenue was $14.2 million in the first quarter of 2013, compared to $15.6 million in the first quarter of 2012.
  • Adjusted operating income, a non-GAAP measure, was $21.6 million in the first quarter of 2013, compared to $19.6 million in the first quarter of 2012. 
  • GAAP operating income was $19.7 million in the first quarter of 2013, compared to $17.9 million in the first quarter of 2012. 
  • Cash flow from operations was $20.1 million in the first quarter of 2013, compared to $13.1 million in the first quarter of 2012. Days Sales Outstanding was 56 days at March 31, 2013, compared to 60 days at December 31, 2012.
  • Cash and investments on-hand were $108.5 million at March 31, 2013, compared to $103.0 million at December 31, 2012.
  • During the three months ended March 31, 2013, the Company repurchased 225,632 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $15.9 million. In April 2013, the Board of Directors approved raising the Company's remaining share repurchase authority to an aggregate of $50.0 million of the Company's outstanding common stock.

SALES ACHIEVEMENTS:
  • Three contracts of $1.0 million or more in recognized license revenue during the first quarter of 2013.
  • Completing software license wins with new customers such as: eStore Logistics, Fulfillment Services Solution, Innnes, P T Chandra Supermarkets, Redmart, Target Australia and Zhejiang Yongsheng Pharmaceutical Logistics.
  • Expanding relationships with existing customers such as: AcuSport, Assuramed, ATB Market, Benjamin Moore & Co, Cabela's, Carolina Logistics Services, Cotton On Group Services, Devanlay, DOME Corporation, El Corte Ingles, Federal Emergency Management Agency (FEMA), Guthy-Renker Fulfillment Services, Hayneedle, Ingram Industries, Innotrac Corporation, Michael Kors, Niagara Bottling, Ozburn-Hessey Logistics, Performance Team Freight Systems, Primark Stores, ProSilver Star, Republic National Distributing Company, Retail Brand Alliance, Richline Group, Speed Transportation, The Container Store, The Hillman Group and Wolverine Worldwide.

2013 GUIDANCE

Manhattan Associates provides the following revenue and diluted earnings per share guidance for the full year 2013:
    Guidance Range - 2013 Full Year
  ($'s in millions, except EPS) $ Range % Growth Range
           
  Total revenue - current guidance $410 $415 9% 10%
           
Diluted earnings per share (EPS):        
  Adjusted EPS - current guidance $3.21 $3.27 14% 16%
  GAAP EPS - current guidance $2.91 $2.97 14% 16%
           
  Adjusted EPS - previous guidance $3.15 $3.21 12% 14%
  GAAP EPS - previous guidance $2.85 $2.91 11% 14%

Manhattan Associates currently intends to publish, in each quarterly earnings release, certain expectations with respect to future financial performance.  Those statements, including the guidance provided above, are forward-looking.  Actual results may differ materially, especially in the current uncertain economic environment. Those statements, including the guidance provided above, do not reflect the potential impact of mergers, acquisitions or other business combinations that may be completed after the date of the release.

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