Financial

posted on 06 August 2008 07:32

A good quarter indeed: in Q1 fy09 CommVault's revenues were $55 million, 25 percent higher than the year-ago quarter and 3 percent over Q4 fy08 revenues.

Its GAAP net income was $3.5 million ($0.08/share), up a sixth on the year-ago quarter's $3 million.

Software revenue in Q1 fy09 was $27.7 million, up 15 percent year-over-year but down 12% sequentially. Q1 fy09 services revenue was $27.3 million, up 37 percent year-over-year and 8 percent sequentially.

Operating cash flow totaled $14.1 million for Q1 fy09 compared to $5.8 million in the year-ago quarter. Total cash and cash equivalents as of June 30, 2008 were $98.2 million.

CommVault’s board has approved a $40 Million increase to the stock repurchase program.

Robert Hammer, CommVault’s chairman, president and CEO, said, “The biggest issue that negatively impacted the quarter was the timing of deal flow with several large deals moving into the second quarter. Our quarterly results were not affected by the macro economic climate. Even with a few large deals falling into the second quarter, our overall sales funnel has increased significantly. As a result of the underlying strength of our business, we are raising our guidance for fiscal 2009.”

On the good news front CommVault has announced a new 3-year deal with Dell which gives it access to all Dell's vertical markets. The company announced 326 new customers in the quarter compared to 295 in the previous quarter.

However there was a year-on-year decline in its Dell OEM business. It was offset by rises in OEM business from Hitachi Data Systems and Bull. Overall, CommVault's OEM business grew by $300,000.  

For Q2 fy09 CommVault currently expects total revenues of approximately $63 million. For the full fiscal CommVault expects revenue of aproximately $250 million, which would be a 26 percent rise year on year.

Due to the uncertainties in the equity markets and the macro economic environment, CommVault won't provide quarterly guidance for the rest of this fiscal year. When conditions become more stable, it may do so.

CommVault supplies Simpana, unified data management software. The next release, expected to be announced in March or April 2009, may well contain a block-level deduplication capability, building on the current single-instance file-level deduplication.

^{[Chris Mellor.]}