Deltek Reports Record Revenues for Third Quarter 2007

HERNDON, Va.—(BUSINESS WIRE)—November 29, 2007— Deltek, Inc. (Nasdaq: PROJ), the leading provider of enterprise applications software for project-focused businesses, today announced financial results for its third quarter ended September 30, 2007.

License revenue for the quarter was $21.4 million, an increase of 28% from the third quarter of 2006. Q3 2007 consulting services revenue increased 34% to $22.8 million, and maintenance and support services revenue increased 24% to $26.1 million over the prior year period. Total revenue for Q3 2007 increased 28% from Q3 2006 to $70.4 million, a new Company record.

GAAP net income for the third quarter of 2007 increased 138% to $5.8 million, or $0.14 per diluted share, compared to $2.4 million, or $0.06 per diluted share, in the third quarter of 2006. Non-GAAP net income for Q3 increased 114% to $7.6 million, or $0.19 per diluted share, compared to $3.6 million, or $0.09 per diluted share, in the third quarter of 2006. Non-GAAP net income excludes the net impact of the following charges: New Mountain Capital advisory and transaction fees, stock-based compensation, retention payments associated with the Company's 2005 recapitalization and amortization of acquired intangible assets (see the reconciliations included in this press release).

"Our strong top line and bottom line performance across all aspects of our business reflects our ability to deliver mission critical business applications to project-based organizations," said Kevin Parker, president and CEO of Deltek. "Our broad range of industry leading solutions and our commitment to our customers' success have been the key contributors in driving our growth to date and position us well to successfully compete in this large and growing market."

Key Developments

-- Deltek recently announced the general availability of Vision 5, the latest version of its industry leading software solution for project-focused professional services firms. Vision 5 delivers enhanced resource management capabilities that complement the specialized project management, accounting, sales and marketing, time and expense capture, and billing capabilities that have made Vision the enterprise software system of choice for project-focused professional services firms. Customers of all sizes rely on Vision to provide real-time visibility into key business functions so they can maximize profitability, improve cash flow and increase resource utilization across the enterprise.

-- Deltek also recently announced the general availability of Costpoint 6, the latest version of its industry leading financial management and project accounting software designed for project-driven organizations, including government contractors and other entities requiring sophisticated compliance and cost management functionality. Costpoint 6 delivers significant enhancements, including Wide Area Workflow for improved Department of Defense compliance requirements, streamlined billing, enhanced cash forecasting, multicurrency consolidations, and a new master production scheduling capability.

-- In September, Deltek expanded its senior leadership team by hiring Dave Hare as the executive vice president of global support. Hare's 30+ years of enterprise software customer support experience, including strategic positions at Oracle, PeopleSoft and Redback Networks, will enhance Deltek's world-class customer support initiatives.

-- Deltek also recently made another significant executive hire with the addition of Chris Hodge as the managing director in charge of Deltek's UK operations. With over 25 years of experience leading international business initiatives for several world-class organizations, Hodge will be instrumental in driving Deltek's international expansion plans.

Conference Call Information

Deltek will host a conference call at 5:00 p.m. Eastern Standard Time today to discuss the Company's third quarter 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 December 6, 2007. To access this replay, dial 1-800-642-1687 in North America and 1-706-645-9291 outside North America, confirmation number 23959906.

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. 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 and adjusted EBITDA. The Company defines non-GAAP net income as GAAP net income before the impact of the following charges, each net of tax: New Mountain Capital advisory and transaction fees, stock-based compensation, retention payments associated with the Company's recapitalization and amortization of acquired intangible assets. Adjusted EBITDA is defined as GAAP net income before depreciation, amortization, interest expenses (net of interest income and other), provision for (benefit from) income taxes, stock-based compensation expenses, New Mountain Capital advisory and transaction fees and retention payments associated with the Company's 2005 recapitalization.

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.

Adjusted EBITDA is also used as the basis for the Company's calculations to determine compliance with its debt covenants and to assess its ability to borrow additional funds to finance or expand its operations.

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 net income and Adjusted EBITDA, which are set forth below.

Forward-Looking Statements

This press release and related conference call contain forward-looking statements that involve substantial risks and uncertainties. You can identify forward-looking statements by words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "should," "will," "would" or similar words. You should consider these statements carefully because they discuss our plans, targets, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. There will be events in the future, however, that we are not able to predict accurately or control. Our actual results may differ materially from the expectations we describe in our forward-looking statements. Factors or events that could cause our actual results to materially differ may emerge from time to time, and it is not possible for us to accurately predict all of them. Before you invest in our common stock, you should be aware that the occurrence of any such event or of any of the additional events described as risk factors in the Company's filings with the Securities and Exchange Commission could have a material adverse effect on our business, results of operation and financial position. Any forward-looking statement made by us in this press release or related conference call speaks only as of the date on which we make it. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

1 | 2 | 3 | 4 | 5 | 6  Next Page »



Review Article Be the first to review this article

Jobs
GIS Support Specialist for Palm Beach County at West Palm Beach, Florida
Upcoming Events
2018 South Florida GIS Expo at 12300 Forest Hill Blvd Wellington FL - Aug 23 - 24, 2018
International Conference on Sustainable Civil Engineering Structures and Construction Materials 2018 at Karaton Ballroom , 8th floor in Hotel Royal Ambarrukmo Building Yogyakarta Indonesia - Sep 5 - 7, 2018
IDE International Drone Expo & Business Conference 2018 at Los Angeles Convention Center Los Angeles CA - Sep 12 - 14, 2018
2018 SEAOC CONVENTION at JW Marriott Desert Springs Resort & Spa 74-855 Country Club Drive Palm Desert CA - Sep 12 - 14, 2018
Canon: oce crystalPoint
Kenesto: 30 day trial
Bentley: -YII 2018 Awards
CADalog.com - Countless CAD add-ons, plug-ins and more.



Internet Business Systems © 2018 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
TechJobsCafe - Technical Jobs and Resumes EDACafe - Electronic Design Automation GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise