ENGLEWOOD, Colo.--(BUSINESS WIRE)--CSG Systems International, Inc. (Nasdaq: CSGS - News), a leading provider of customer interaction management and billing solutions, today reported results for the quarter ended March 31, 2010.Key Financial Highlights:
Results for the quarter ended March 31, 2010, were as follows:
Total revenues were $130.3 million, an increase of five percent over the same period in 2009.
Non-GAAP operating income was $24.1 million, or 18.5% of total revenues, and GAAP operating income was $16.4 million, or 12.6% of total revenues.
Non-GAAP earnings per diluted share (EPS) was $0.49, which includes a negative $0.02 impact as a result of a higher than expected tax rate. GAAP EPS was $0.03.
Cash flows from operations for the quarter were $31.3 million.
On March 1, 2010, CSG completed an offering of $150 million of 3.0% senior subordinated convertible notes due 2017. Net proceeds from this offering were approximately $145 million and were used primarily to:
Repurchase $119.9 million (par value) of its 2004 2.5% senior subordinated convertible contingent debt securities due 2024 for $125 million; and
Repurchase 1.5 million shares of its common stock for $29.3 million ($19.56 per share).
“We are pleased with our first quarter results and believe that our performance provides insight into the quality of our client relationships and the value that we provide to some of the nation’s leading content and information providers,” said Peter Kalan, president and chief executive officer for CSG Systems. “We believe that our value proposition---providing highly scalable, integrated outsourced solutions that maximize and monetize every customer interaction---will help our clients execute on their business objectives and fuel our growth.”
CSG Systems International Inc. (Nasdaq: CSGS)