Q1 revenues increased 11% year-on-year, or up 24% on corrected revenues for the comparable quarter in the previous year
October 30, 2007
PARIS and HERNDON, Va. -- InfoVista (Euronext: IFV, ISIN: FR0004031649), the leading service-centric performance management software company, today announced financial results for the first quarter of its fiscal year 07/08, ended September 30, 2007.
Following the correction of InfoVista's Q1 numbers for fiscal year 06/07 (see below), comparisons are provided based on both reported and corrected numbers for that period.
Total revenues for the quarter were €10.2 million, up 11% from the reported revenues of €9.2 million or 24% from the corrected revenues in the comparable quarter last year. Revenues benefited from a 15% increase in the sales of services mainly driven by a 37% increase in professional services. For the first time ever in the first quarter of its fiscal year, InfoVista reported positive operating profit, totaling €0.2 million. However, net loss for the quarter was €0.2 million, due primarily to negative financial income.
Commenting on the quarter, Chief Executive Officer Alain Tingaud said: "Our performance this quarter starts to show the impact of the reorganization we undertook two quarters ago. Though we are far from where we wish to be, we are confident that this improving trend will continue as we launch new solutions and have reshaped our US operations. The acquisition of Accellent, which we announced separately today, fits right into our strategy and should enable us to consolidate our growth prospects. Unfortunately, the progress we are making on the operational and strategic fronts was marred in the quarter by the need for a correction of our prior fiscal year numbers. We are extremely saddened by this incident, due to the deliberate actions of one of our employees, and are taking far-reaching measures to ensure that it cannot be repeated."
InfoVista SA
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