Manhattan Associates, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Provides Earnings Guidance for the First Quarter and Full Year of 2012
January 31, 2012 at 09:00 pm
Share
Manhattan Associates, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported total revenue was $83,539,000 against $71,513,000 a year ago. Operating income was $16,203,000 against $8,815,000 a year ago. Income before income taxes was $16,853,000 against $9,054,000 a year ago. Net income was $10,525,000 against $6,445,000 a year ago. Diluted earnings per share were $0.50 against $0.29 a year ago. Adjusted net income (Non-GAAP) was $12,490,000 against $8,409,000 a year ago. Adjusted diluted EPS (Non-GAAP) was $0.60 against $0.38 a year ago. Capital expenditure was $1,402,000 against $1,540,000 a year ago. Adjusted operating income, a non-GAAP measure, was $19.3 million in the fourth quarter of 2011, compared to $12.0 million in the fourth quarter of 2010. Cash flow from operations was $14.8 million.
For the year, the company reported total revenue was $329,253,000 against $297,117,000 a year ago. Operating income was $61,363,000 against $41,927,000 a year ago. Income before income taxes was $63,227,000 against $41,784,000 a year ago. Net income was $44,907,000 against $28,061,000 a year ago. Diluted earnings per share were $2.09 against $1.25 a year ago. Adjusted net income (Non-GAAP) was $49,770,000 against $35,360,000 a year ago. Adjusted diluted EPS (Non-GAAP) was $2.32 against $1.58 a year ago. Net cash provided by operating was $55,824,000 against $49,972,000 a year ago. Purchase of property and equipment was $5,074,000 against $5,871,000 a year ago. Capital expenditure was $5,074,000 against $5,871,000 a year ago. Adjusted operating income, a non-GAAP measure, was $70.4 million for the twelve months ended December 31, 2011, compared to $53.4 million for the twelve months ended December 31, 2010.
The company assumes first quarter 2012 total revenue growth to be about 20% over a modest first quarter 2011 comp. The company expects first quarter 2012 EPS to decline sequentially from fourth quarter. The company also expect the remaining 3 quarters of 2012 to average adjusted EPS of about $0.66 -plus-or-minus, reflecting typical patterns for license and services quarterly seasonality.
For the full year of 2012, the company expects total revenue in the range of $363 million - $370 million, growth of 10% to 12%, with operating profit growth of 13% to 15%. Adjusted EPS in the range of $2.50 - $2.55, growth of 8% to 10%. GAAP EPS in the range of $2.22 - $2.27, growth of 6% to 9%. Effective tax rate estimate remains at 34%. The company estimates CapEx to be about $68 million.
Manhattan Associates, Inc. sells, deploys, services and maintains software solutions designed to manage supply chains, inventory and omnichannel operations for retailers, wholesalers, manufacturers, logistics providers and other organizations. The Company operates through three geographical segments: North and Latin America; Europe, the Middle East and Africa (EMEA); and Asia Pacific (APAC). It provides companies the tools needed to manage distribution and optimize transportation costs throughout their entire commercial network. Its solutions consist of software, services, and hardware, which coordinate people, workflows, assets, events, and tasks holistically across the functions linked in a supply chain from planning through execution. These solutions also help coordinate the actions, data exchange, and communication of participants in supply chain ecosystems, such as manufacturers, suppliers, distributors, trading partners, transportation providers, channels, and consumers.
Manhattan Associates, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2011; Provides Earnings Guidance for the First Quarter and Full Year of 2012