Intervoice CEO Robert Ritchey to retire, suceeded by Jim Milton; company reports revenue of $51.5M, up 8% year on year, GAAP earnings of $0.08

July 10, 2008

5 Min Read

DALLAS -- Intervoice, Inc. (NASDAQ: INTV - News) today reported revenues of $51.5 million for its first fiscal quarter ended May 31, 2008, up 8 percent from $47.7 million recorded in the same quarter of the prior year and down from revenues of $53.1 million posted in the prior quarter. The Company’s solutions backlog of $62.0 million at May 31, 2008 was up 3 percent from $60.4 million at the end of the same quarter of the prior year, and down 6 percent from $65.7 million at the end of the fourth quarter of fiscal 2008.

On a non-GAAP basis, the Company reported first fiscal quarter income of $5.0 million, or $0.13 per diluted share up from $1.4 million, or $0.04 per diluted share in the same quarter of the prior year, and up from $3.1 million, or $0.08 per diluted share in the prior quarter. Also on a non-GAAP basis, operating income for the quarter was $7.1 million, up $5.4 million from $1.7 million non-GAAP operating income in the same quarter of the prior year and up from $4.1 million in the prior quarter. First quarter of fiscal 2009 non-GAAP operating expenses exclude $1.6 million of restructuring charges, $0.6 million related to acquisition amortization expenses and $1.2 million related to stock-based compensation expenses.

“In this challenging economic environment, Intervoice continues to perform well due to the compelling value proposition our software and services deliver,” said Bob Ritchey, the Company’s CEO. “I currently believe revenues for the second quarter of fiscal 2009 will be in the $51 million to $54 million range. I look forward to discussing details of our first fiscal quarter and outlook for the future in today’s conference call with investors.”

On a GAAP basis, the Company reported first fiscal quarter net income of $3.0 million, or $0.08 per diluted share, an increase from $0.9 million net loss, or $0.02 per share loss in the same quarter of the prior year, and an increase from $2.1 million net income, or $0.05 per diluted share in the prior quarter. Also on a GAAP basis, first fiscal quarter operating income of $3.7 million is an increase from $1.4 million operating loss in the same quarter of the prior year, and an increase from $1.9 million operating income in the prior quarter.

The Company further reported that cash flow from operations was $14.6 million for the first fiscal quarter, up from $14.1 million in the same quarter of the prior year and up from $12.7 million in the prior quarter. The Company’s cash balance as of May 31, 2008 was $52.7 million, up from $38.7 million at the end of the prior quarter.

“Fiscal 2009 is off to a good start with increased profits and cash flow during the first quarter,” said Craig Holmes, the Company’s Executive Vice President and Chief Financial Officer. “Improved project execution and other cost management initiatives led to our best quarterly profitability in over two years.”

In a separate release:

DALLAS -- Robert Ritchey, CEO of Intervoice, Inc. (NASDAQ: INTV - News) today announced his intention to retire from the company effective August 31, 2008. In anticipation of Mr. Ritchey’s retirement, the Intervoice Board of Directors has elected Jim Milton, currently President and Chief Operating Officer, to become President and Chief Executive Officer effective September 1, 2008.

Mr. Ritchey will continue to serve as a director of the company and is a nominee for re-election to the Intervoice Board of Directors at our annual meeting of shareholders scheduled for July 16, 2008. He will continue to actively support the company as a member of the Board of Directors.

David Brandenburg, Chairman of Intervoice, stated, “Bob has been a major contributor to Intervoice over the past eight years, and I wish him all the best during his retirement. I look forward to his active participation on the Intervoice Board of Directors.” David added, “The Board of Directors is very confident in the future of the company with Jim Milton at the helm. His strong leadership will help guide the company into its next phase of growth.”

Ritchey joined Intervoice in December of 2000 from Honeywell Fire and Security Systems where he was Vice President and General Manager of their Integrated Security Systems Division. Prior to this assignment, he enjoyed a career that spanned over 30 years serving in senior and general management positions with Tyco/Sensormatic, Nortel and Sprint. In 1992, Ritchey started the Interactive Voice Response (IVR) product line at Nortel which became a major competitor to Intervoice. Since joining Intervoice, Ritchey served as President of the Enterprise Product Division until his appointment to President and Chief Operating Officer of the company in July of 2002. He was elected to the Board of Directors in June of 2004 and became President and Chief Executive Officer in November of 2004. Ritchey is a graduate from the University of Pittsburgh and will turn 62 years old in September, 2008.

Mr. Milton joined Intervoice in January of 2006 after 25 years of high technology sales, marketing and general management experience at Digital Equipment Corporation, Compaq, Hewlett-Packard and UGS Corporation. Most recently, he was Executive Vice President at UGS Corporation (now a Siemens company). He previously rose to the level of Senior Vice President and Managing Director of the Americas for Hewlett-Packard.

Mr. Milton received a Bachelor of Mathematics degree with Joint Honors in Computer Science and Economics from the University of Waterloo in Canada.

In announcing his retirement Ritchey said, “We are fortunate to have an executive, with the experience and leadership ability that Jim Milton exemplifies, ready to assume the position of President and CEO. I am very confident that the company will continue to prosper under his leadership.”

Intervoice Inc.

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like