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For Immediate Release
Vice President, Corporate Communications
+1 (949) 783-1582
MKR Group Inc.
+1 (949) 468-2300
Sophie McMillan / Elodie Castagna
+44 (0) 20 7831 3113
Kofax Announces a Trading Update for its Fiscal Year Ended June 30, 2013
Results Are in Line with Company Expectations and Driven by Second Half Revenue Growth
Irvine, CA, July 24, 2013- Kofax plc (LSE: KFX), a leading provider of smart process applications for the business critical First Mile™ of customer interactions, today announces an unaudited trading update for its fiscal year ended June 30, 2013.
The Company expects to report software license revenue in the range of $111.5 to $112.5 million, total revenues in the range of $265.0 to $267.0 million and EBITDA in the range of $45.0 to $46.0 million. These results are in line with Company expectations previously communicated to the financial community, and were driven by growth in software license and total revenues during the second half of the fiscal year.
There have been no adverse changes in Kofax's financial position since March 31, 2013, its cash generation has been in line with Company expectations and its balance sheet remains strong, with no debt and $93.4 million of cash at June 30, 2013.
Commenting on today's announcement, Reynolds C. Bish, Chief Executive Officer, said: "We achieved strong results in the fourth quarter, realizing record software license and total revenues and returning to growth in both software license and total revenues for the second half of the fiscal year. We believe this represents a significant and positive turning point in the company's performance as a result of the continuing progress we've made in strengthening our sales organization and improving execution across all geographies and product lines. We were also pleased with results both in our core capture market as well as with our acquired and new product offerings."
The Company will announce its preliminary unaudited results for the fiscal year ended June 30, 2013 on Wednesday, September 4, 2013 and provide guidance for the fiscal year ending June 30, 2014 before the opening of the London Stock Exchange, and conduct a presentation for financial analysts thereafter at 9:00 am UK time / 1:00 am Pacific time in the London offices of FTI Consulting. That presentation will be web cast and available for viewing in the investor relations section of the Company website later that day. Access details for the webcast will be provided in advance of the same.
The teleconference previously scheduled at 8:00 am UK time / midnight Pacific time on July 24 has been canceled as there is no additional information to be disclosed at this time.
Kofax plc (LSE: KFX) is a leading provider of innovative smart capture and process automation software and solutions for the business critical First Mile of customer interactions. These begin with an organization's Systems of Engagement, which generate real time, information intensive communications from customers, and provide a fluid bridge to their Systems of Record, which are typically large scale, rigid enterprise applications and repositories not easily adapted to more contemporary technology. Success in the First Mile can dramatically improve an organization's customer experience and greatly reduce operating costs, thus driving increased competitiveness, growth and profitability. Kofax software and solutions provide a rapid return on investment to more than 20,000 customers in banking, insurance, government, healthcare, business process outsourcing and other markets. Kofax delivers these through its own sales and service organization, and a global network of more than 800 authorized partners in more than 75 countries throughout the Americas, EMEA and Asia Pacific. For more information, visit kofax.com
© 2013 Kofax, plc. "Kofax" is a registered trademark in the US, the EU and other regions. All other trademarks and registered trademarks are the property of their respective owners.
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