Interactive Intelligence, a global provider of unified IP business communications solutions, has announced operating results for the three months ended 31 March, 2011.
The company reported revenues of $47,7-million, an increase of 36% from revenues of $35-million in the first quarter of 2010. Product revenues increased by 32%, recurring revenues by 30$, and services revenues by 88% compared to the 2010 first quarter.
First-quarter operating results included the following:
* On a generally accepted accounting principles (GAAP) basis, net income of $3,1-million in 2011, with diluted earnings per share (EPS) of $0.16, compared to net income of $1,9-million in 2010, or EPS of $0.10.
* Net income on a non-GAAP basis of $5,5-million in 2011, with EPS of $0.28, compared to non-GAAP net income of $4,2-million in 2010, or EPS of $0.22.
* GAAP operating income of $4,9-million in 2011, up 23% from $4-million in 2010.
* Non-GAAP operating income of $6,8-million in 2011, up 34% from 2010.
* Other expense of $123,000 in 2011, compared to $733,000 in 2010, reflecting foreign currency translation losses in both years.
* An increase in cash flows from operations to $6,7-million in 2011, compared to $5,3-million in 2010.
For the first quarter of 2011, non-GAAP net income and EPS excluded charges for stock-based compensation of $1,3-million, or EPS of $0.07, purchase accounting adjustments of $510,000, or EPS of $0.03, and non-cash income tax expense of approximately $549,000, or EPS of $0.02.
For the first quarter of 2010, non-GAAP net income and EPS excluded charges for stock-based compensation of $1-million, or EPS of $0.05, and non-cash income tax expense of $1,2-million, or EPS of $0.07.
Cash and investment balances, including long-term investments, as of 31 March, 2011, increased to $91,9-million with no debt.
“We again saw strong year-over-year order increases across all major geographies and product groups,” says Interactive Intelligence founder and CEO, Dr. Donald E. Brown.
“Total orders were up 55% over the first quarter of 2010, which included a near tripling in cloud-based contracts year-over-year. We’re executing well on our sales and marketing plans and are benefiting from an increase in new opportunities as a result of our relationships with key strategic partners.”
During the first quarter of 2011, the company was also named a “2011 Service Leader” by CRM Magazine and a "Need to Know Vendor” by Computer Reseller News.
On 11 April, 2011, Interactive Intelligence announced that it will ask shareholders at its 2011 annual shareholder meeting to vote on a proposal to re-organise the company as a holding company incorporated in Indiana.
The annual meeting is scheduled for 10 June, 2011 at the company's world headquarters located in Indiana. Shareholders of record as of the close of business on 21 April, 2011 will be entitled to vote by proxy or in person at the annual meeting.