Profit Shrinks at Tibco Software

But the company beats Wall Street estimates.

Author:: Katie Dean
Publish date:: Mar 28, 2006 4:53 PM EST

But the company beats Wall Street estimates.

Tibco Software

(TIBX)

surpassed Wall Street analysts' expectations for its first-quarter earnings and revenue on Tuesday, but the company collected a smaller profit than it had a year ago.

In recent after-hours trading on Instinet, shares of the enterprise software company were up by a penny to $8.21.

Tibco made a profit of $5.6 million, or 3 cents a share. The figure includes stock-based compensation expense of $4.6 million. A year ago, the company made $10.4 million in the same quarter.

Excluding items such as stock-based compensation and amortization of acquired intangibles, the company made $12.6 million, or 6 cents a share. The figure was a shade lower than the same quarter last year, when the company earned a profit $12.7 million.

The enterprise software company's first-quarter revenue totaled $114.6 million, up from $104.1 million in the same period last year.

For the quarter, analysts polled expected the company to make 5 cents a share on sales of $110.5 million.

"This was a strong

first quarter for Tibco and a strong start to our fiscal year, especially in the areas of profit and cash flow growth," Vivek Ranadive, the chairman and CEO of the company, said in a statement. "I continue to see a significant opportunity for Tibco as the foundation for enterprise software shifts from being database-centric to being

service oriented architecture- and integration-centric."

Tibco also reported that it added 56 new customers in the first quarter and made "significant sales" to new and current customers including

Telcom Italia

Qwest

(Q)

Devon Canada

Smart & Final

(SMF)

Merrill Lynch

( MER) and

Merck

(MRK) - Get Report