Bottomline Technologies Reports First Quarter Results

PORTSMOUTH, N.H., Nov. 02, 2016 (GLOBE NEWSWIRE) -- Bottomline Technologies (NASDAQ:EPAY), a leading provider of cloud-based business payment, invoice and digital banking solutions, today reported financial results for the fiscal first quarter ended September 30, 2016.

Subscription and transaction revenues, which are primarily related to the company's cloud platforms, increased 13% as compared to the first quarter of last year to $52.1 million, or 16% on a constant currency basis, which is calculated as discussed in the "Non-GAAP Financial Measures" section that follows.  Revenues overall for the first quarter were $83.1 million.

Net loss for the first quarter was $10.5 million compared to a net loss of $4.3 million for the first quarter of last year.  Net loss per share was $0.28 in the first quarter compared to $0.11 in the first quarter of last year.

Adjusted EBITDA for the first quarter was $16.7 million, or 20% of overall revenue.  Adjusted EBITDA is calculated as discussed in the "Non-GAAP Financial Measures" section that follows.

Core net income for the first quarter was $8.4 million.  Core earnings per share was $0.22, as compared to $0.24 for the first quarter of last year. Core net income and core earnings per share exclude certain items as discussed in the "Non-GAAP Financial Measures" section that follows. 

"Our results in Q1 were a solid step forward and a good start to the fiscal year." said Rob Eberle, President and CEO of Bottomline Technologies. "Subscription and transaction revenue growth, adjusted EBITDA and core EPS all reflect disciplined execution against our plan.  Strategically, we entered into an important new relationship with Mastercard which further validates our status as a leader in business payments. Our continued growth in subscription and transaction revenue gives us visibility to future recurring revenues and confidence that our strategic plan will drive increased shareholder value."

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