Bottomline Technologies Reports Fourth Quarter Results

Strong Fourth Quarter Results Complete Record Year

PORTSMOUTH, N.H. – August 5, 2009 –
Bottomline Technologies (NASDAQ: EPAY), a leading provider of collaborative payment, invoice and document automation solutions, today reported financial results for the fourth quarter and fiscal year ended June 30, 2009.
 
Revenues for the fourth quarter were $34.9 million, an increase of $1.6 million from the third quarter.  Revenues for the fourth quarter were impacted by $3.1 million on a year over year basis as a result of lower foreign exchange rates.  Year over year revenue growth was 6% in the fourth quarter and 14% for the full fiscal year on a consistent currency basis.
 
Gross margin for the fourth quarter was $19.8 million, an increase of $1.0 million from the prior quarter.  Net loss for the fourth quarter was $3.6 million, or net loss per share of $0.15.
 
Core net income for the fourth quarter was $5.3 million after excluding acquisition-related expenses of $4.1 million and equity-based compensation and restructuring expenses of $4.7 million.  Core net income was more than double the $2.6 million reported in the fourth quarter of last year.  Core earnings per share was $0.22 as compared with $0.11 last year and $0.15 in the prior quarter.
 
Cash flow from operations exceeded $6.5 million for the fourth quarter and $24.0 million for the year.  Cash and cash equivalents were $50.3 million as of June 30, 2009.
 
“We had a very strong fourth quarter in terms of both reported financial results and strategic advancement,” said Rob Eberle, President and CEO of Bottomline Technologies.  “I am pleased to report we have doubled our core net income from a year ago, grown our core operating margin from 7% to 15% and generated strong cash from operations.  At the same time, we have increased backlog, grown our pipeline and secured new strategic relationships.  We are well positioned to execute on our targeted market opportunities and look forward to successful results in the year ahead.”

Revenues for the fiscal year ended June 30, 2009 increased $6.8 million to $138.0 million as compared with $131.2 million last year.  Revenues for the year were impacted by $11.0 million on a year over year basis as a result of lower foreign exchange rates.  Year over year revenue growth for the year on a consistent currency basis was 14%.  Net loss for the fiscal year ended June 30, 2009 was $12.3 million, or net loss per share of $0.51.  Core net income for the fiscal year ended June 30, 2009 was $14.9 million, or core earnings per share of $0.62, after excluding acquisition-related expenses of $16.1 million and equity-based compensation and restructuring expenses of $11.0 million.

 
 

The following information was filed by Bottomline Technologies Inc (EPAY) on Wednesday, August 5, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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