Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener.
reported on April 22, 2009, that its earnings for Q1 FY09 increased 29.4% year-over-year as revenue grew. Net income attributable to Sybase Inc. surged to $28.09 million, or $0.33 per share, from $21.70 million, or $0.24 per share, in Q1 FY08. Excluding several one-time items, non-GAAP earnings grew 16.1% to $41.12 million, or $0.49 per share, which beat the most recent consensus estimate of $0.42 per share.
Total revenue increased 2.8% to $267.51 million from $260.15 million a year ago. License fees grew 14.3% to $89.28 million, whereas services revenue inched down 3.2% to $134.97 million. Messaging revenue increased 1.5% to $43.26 million from $42.63 million. Revenue from North America accounted for 52.0% of total revenue. Revenue from Europe, the Middle East, and Africa represented 33.0% of the total revenue, while revenue from the Intercontinental region added 15.0% to the total revenue. Cost of license fees and services dipped 15.5% and 9.9%, respectively. Cost of messaging spiked 7.4% to $26.97 million. Sales and marketing, product development and engineering, and general and administrative costs dropped 6.0%, 2.3%, and 11.6%, respectively.
Sybase entered into a partnership with Xtivia, an IT Business Solutions provider based in Edison, New Jersey. The company announced a distribution agreement with Avnet Technology Solutions in India to offer analytics and mobility services.
Looking ahead to Q2 FY09, Sybase raised its total revenue guidance by 5.0% to 6.0% in the range of $270.00 to $275.00 million. The company forecasts its non-GAAP EPS to be in the range of $0.50 to $0.52 per share and GAAP EPS of $0.37 to $0.39 per share. For FY09, SY raised its non-GAAP EPS in the range of $2.20 to $2.24 per share, while GAAP EPS of $1.64 to $1.68 per share on revenue of around $1.10 billion representing 5.0% growth.