Bottomline Technologies (NASDAQ: EPAY), a leading provider of cloud-based payment, invoice and digital banking solutions, reported financial results for the first quarter ended September 30, 2014.
Revenues for the first quarter were $81.3 million, an increase of $14.1 million, or 21%, from the first quarter of last year. Subscription and transaction revenues, which are primarily related to the company’s cloud platforms, increased 30% from the first quarter of last year to $40.9 million.
Gross margin for the first quarter was $47.0 million, an increase of $9.2 million from the first quarter of last year. Net loss for the first quarter was $3.3 million, representing a net loss per share of $0.09.
Core net income for the first quarter was $13.9 million. Core net income excludes acquisition and integration-related expenses (including amortization of intangible assets) of $7.6 million, equity-based compensation of $6.3 million, restructuring expenses of $0.3 million and non-cash interest expense of $3.0 million associated with our convertible notes. Core earnings per share was $0.37.
“We had a strong start to the fiscal year, highlighted by 30% growth in subscription and transaction revenue” said Rob Eberle, President and CEO of Bottomline Technologies. “We are successfully developing and delivering innovative cloud-based solutions which extend our competitive advantage, represent new revenue streams and will drive future growth and enterprise value. We see significant growth opportunities in the markets we serve and are focused on capitalizing on those opportunities”.
First Quarter Customer Highlights
AllianceBernstein L.P., chose Bottomline’s payment automation solutions to extend their payments capabilities and improve efficiencies.
First Quarter Strategic Corporate Highlights