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by Jeff Moad, MA Editorial Staff Posted on Thursday, October 26, 2006 5:42:00 PM Sign Up to receive Daily News Alerts in your E-mail Inbox    | Abstract: | Revenues grow 36.8% in the period, fueled by healthy migrations to Vantage 8 as well as strong performance in retail systems; net earnings, however, decline 38.3% due to higher taxes and expenses. |
Enterprise software provider Epicor Software Corp. continues to rebound from a tough first quarter, reporting record revenues and strong license sales in its third fiscal quarter, which ended September 30. Leveraging strong customer migration toward Vantage 8, its newest ERP software product, as well as healthy contributions from CRS Retail Systems Inc. -- which Epicor acquired at the end of last year -- the company reported $95.7 million in third-quarter revenues, up 36.8% compared to the like period last year. License revenue for the quarter, at $23.9 million, showed a 37.7% improvement on the year-earlier period. Epicor's strong third-quarter revenue performance did not, however, translate into net earnings gains. The company reported $5.4 million in GAAP (generally accepted accounting practices) net earnings, down 38.3% compared with the corresponding period last year. The company blamed a significantly higher tax rate in part for the earnings slide. Epicor's cost of revenues grew by 63.1% during the quarter to $45.7 million, and its operating expenses, at $39.7 million, were up 22.4%. [Click to continue] |
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