News

posted on 14 May 2008 08:54

CommVault earned more money but made less profit in its Q4fy08 results. The full year results were better as the skewed Q4fy07 quarter's results were diluted.

In Q4fy08 its revenues were $56.6 million, a nicely satisfying 33 percent up on the year-ago quarter. Income from operations was also strongly up, 52 percent on Q4fy07. But netcome was dramatically lower, $6.2 million ($0.19/share) compared to Q4 fy07's $51.9 million.

That was inflated by a $45.6 million tax benefit. Excluding this the Q4fy07 net income was $6.5 million, still higher than the latest quarter.

For the full fiscal 2008 CommVault's revenues were $198.3 million, 31 percent up of fy07. The net income was, on the surface, contrastingly poor; $20.8 million ($0.57/share) versus $64.3 million, which was again boosted by a $45.4 million tax gain. Excluding that fy07's net income was $18.9 million making fy08's figure $1.9 million higher.

The man where all of CommVault's bucks stop, chairman, president and CEO N. Robert Hammer, said: "We again achieved another record quarter as we continue to execute on our business plans and strategies. Our 33 percent growth in total revenues in the fourth quarter compared to the prior year was driven by increased market penetration and acceptance of our Simpana Software Suite."

"The demand for our Simpana Software Suite was very strong and helped drive the accelerated growth of our emerging products. Our international investments continue to have high returns as we had another excellent quarter from our international operations. All of the key elements of our business are in place for us to execute and achieve our fiscal 2009 objectives."

Hammer's company certainly earned more bucks but fewer of them passed through the company's operation to the bottom line in the Q4 fy08 period, even taking the FY07 tax benefit into account.

For the fiscal year ending March 31, 2009, CommVault's initial guidance is:

-- Total revenues of approximately $245 million.
-- Non-GAAP gross margin of approximately 86.7%.
-- Non-GAAP income from operations (EBIT) margin to increase approximately 150 basis points over fiscal 2008 Non-GAAP income from operations (EBIT) margin.
-- Non-GAAP diluted EPS in the range of $0.70 per share to $0.72

^{[Chris Mellor.]}