Deltek Reports Q4 License Revenue of $27 Million and Total Revenue of $77 Million

HERNDON, Va.—(BUSINESS WIRE)—February 20, 2008— Deltek, Inc. (Nasdaq: PROJ), the leading provider of enterprise applications software for project-focused businesses, today announced financial results for its fourth quarter and full year ended December 31, 2007.

Fourth Quarter 2007 Results

License revenue for the fourth quarter was $27.1 million, an increase of 15% from the fourth quarter of 2006, a new Company record. For the quarter, consulting services revenue increased 8% to $22.3 million, and maintenance and support revenue increased 21% to $27.4 million from the prior year period. Total revenue for the fourth quarter increased 15% from the fourth quarter of 2006 to $77.0 million, also a new Company record.

Non-GAAP net income for the fourth quarter increased 22% to $9.2 million, or $0.21 per diluted share, compared to $7.6 million, or $0.19 per diluted share, in the fourth quarter of 2006. Non-GAAP net income excludes the net-of-tax impact of stock-based compensation, retention payments associated with the Company's 2005 recapitalization, amortization of acquired intangible assets and New Mountain Capital fees.

GAAP net income for the fourth quarter of 2007 increased 12% to $7.1 million, compared to $6.4 million in the fourth quarter of 2006. Diluted earnings per share was $0.16 in the fourth quarter of both 2007 and 2006, primarily as a result of additional shares issued in the Company's November 2007 initial public offering offset by the increase in GAAP net income during the quarter.

Full-Year 2007 Results

License revenue for 2007 was $87.1 million, an increase of 16% over 2006. 2007 consulting services revenue increased 25% to $83.4 million, and maintenance and support revenue increased 24% to $102.9 million over 2006. Total revenue for 2007 increased 22% from 2006 to $278.2 million.

Non-GAAP net income for 2007 increased 43% to $29.5 million, or $0.71 per diluted share, compared to $20.6 million, or $0.51 per diluted share, in 2006.

Full-year 2007 GAAP net income increased 47% to $22.5 million, or $0.54 per diluted share, compared to $15.3 million, or $0.38 per diluted share, in 2006.

For details regarding the reconciliation of GAAP to non-GAAP financial measures, please refer to the reconciliation tables included in this press release.

"Our strong Q4 performance was driven by growing demand for our comprehensive suite of solutions for project-based organizations," said Kevin Parker, president and CEO of Deltek. "Looking back over 2007, it was a very successful year for Deltek. We saw 22% growth in our total revenue driven by 16% growth in our full year license revenue, delivered new versions of our solutions and significantly expanded our presence internationally. The market response to our strategy, coupled with our focus on our strategic initiatives, makes us confident in our outlook for 2008."

Key Developments

-- Deltek recently launched Vision 5.1 - the latest version of its industry-leading software solution for project-focused professional services firms. Utilizing the innovative business intelligence capabilities of Microsoft SQL Server, Vision 5.1 takes analytical reporting to a whole new level by consolidating project and general ledger data into flexible views that can be tailored to a user's needs. With the adoption of Vision 5.1, professional services firms can drive increased operational efficiency and gain greater insight into the financial health of their organizations.

-- Deltek recently expanded its senior leadership team by hiring Taylor Macdonald as the Vice President of Worldwide Channels and Sales Alliances. In this new position, Macdonald will be responsible for driving the further expansion of Deltek's global channel and alliance operations. Macdonald brings over 19 years of experience to Deltek and, among many accolades he has received, has been named one of the "Top 100 Most Influential People" in the accounting profession by Accounting Today.

-- To further accelerate the Company's international presence, Deltek recently announced a reseller agreement with Wilde FEA Ltd., a leading U.K.-based engineering consulting company. Wilde will be a key business partner responsible for selling and supporting Deltek's Vision enterprise software solution into the architectural and engineering markets. This move follows Wilde's own successful implementation of Vision and is consistent with Deltek's commitment to extend its partner network and offerings into the U.K. and other European markets.

-- Deltek continues to build a strong presence in the Canadian market. Challenger Geomatics Ltd., based in Edmonton, Canada, recently moved to Deltek Vision to dramatically streamline its accounting and planning processes. Challenger Geomatics provides innovative professional land surveying services throughout Canada and the world to a wide range of industries including oil and gas, construction and local government entities.

-- Deltek received CustomerSat's 2007 Achievement in Customer Excellence (ACE)(TM) Award for "Customer Support Satisfaction." Deltek received this award for demonstrating industry-leading customer service throughout 2007.

Conference Call Information

Deltek will host a conference call at 5:00 p.m. Eastern Standard Time today to discuss the Company's fourth quarter and full-year results. To access this call, dial 1-877-381-6419 in North America and 1-706-643-9496 outside North America. The conference call also will be available via webcast at investor.deltek.com A replay of this call will be available through February 27, 2008. To access this replay, dial 1-800-642-1687 in North America and 1-706-645-9291 outside North America. The confirmation number is 30713090.

About Deltek

Deltek (NASDAQ: PROJ) is the leading provider of enterprise applications software designed specifically for project-focused businesses. For more than two decades, our software applications have enabled organizations to automate mission-critical business processes around the engagement, execution and delivery of projects. More than 12,000 customers worldwide rely on Deltek to measure business results, optimize performance, streamline operations and win new business. For more information, visit www.deltek.com.

Use of Non-GAAP Financial Measures

This press release and the related conference call described above contain certain non-GAAP financial measures, including non-GAAP net income. Information about other non-GAAP financial measures that are referred to in the related conference call may be accessed on the Company's website at investor.deltek.com The Company defines non-GAAP net income as GAAP net income before the net-of-tax impact of stock-based compensation, retention payments associated with the Company's 2005 recapitalization, amortization of acquired intangible assets and New Mountain Capital fees.

The Company believes that the presentation of these non-GAAP financial measures provides useful information to its investors and lenders because these measures enhance their overall understanding of the Company's financial performance and the prospects for the future of the Company's ongoing business operations. The Company believes that by reporting these measures, it provides insight and consistency in its financial reporting and presents a basis for comparison of its business operations between current, past and future periods. In addition, the measures provide a basis for the Company to compare its financial results to those of other comparable publicly traded companies and are used by its management team to plan and forecast its business.

Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance which are prepared in accordance with U.S. GAAP and may be different from non-GAAP financial measures used by other companies. Investors are encouraged to review the reconciliations of our GAAP to non-GAAP financial measures, which are set forth below and on our website.

1 | 2 | 3 | 4 | 5 | 6  Next Page »



Review Article Be the first to review this article
Aldec


Featured Video
Jobs
Senior HID Sensor Algorithm Architect for Apple Inc at Cupertino, California
ASIC Engineer for Amazon at seattle, Washington
Physical Design Engineer for Cirrus Logic, Inc. at Austin, Texas
Pre-silicon Design Verification Engineer for Intel at Santa Clara, California
Entry Level Design Verification Engineer for Cirrus Logic, Inc. at Austin, Texas
Technical Marketing Mmanager for EDA Careers at Fremont, California
Upcoming Events
Si2 AI/ML Winter Workshop at United States - Jan 29, 2021
virtual DATE 2021 at France - Feb 1 - 5, 2021
SEMI Technology Unites Global Summit at United States - Feb 15 - 19, 2021
DVCon U.S. 2021 at Virtual - Mar 1 - 4, 2021
Verific: SystemVerilog & VHDL Parsers
TrueCircuits:



© 2021 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise