As expected, Kofax has posted a strong Q4 for its fiscal 2012. This included 17.2% growth in terms of organic constant currency for applications software-the company’s core business. Applications software generated $30.2 million for the quarter and software licensing overall was about 50% of Kofax’s overall revenue of $75.3 million. To give you an idea of what positive trend this is, for the fiscal year 2012 (including Q4), software licensing made up just 45% of overall revenue.
Commented CEO Reynolds Bish in a press release, ““Our fourth quarter produced strong results, with software license revenues, service revenues and revenues in all geographic regions, our core capture business and acquired businesses being equal to or greater than our expectations. This allowed us to meet the guidance we had provided and realize record total revenues and Adjusted EBITDA for the fiscal year. In light of our transition from focusing on EBITA to Adjusted EBITDA and for purposes of clarity, during fiscal year 2012 we achieved an EBITA of $42.0 million compared to $40.2 million in fiscal year 2011.”
For fiscal 2013 Bish is projecting “mid to high single digit total revenue growth on a constant currency basis and an adjusted EBITDA margin of at least that reported in fiscal year 2012.”
Two geographic notes:
1. EMEA saw the strongest growth in Q4 with a 53.2% growth in software licenses contributing to $30 million in total revenue.
2. Kofax continues to struggle to gain a foothold in Asia-Pac, generating just $5.4 million in revenue for the quarter – a decline of 27% over fiscal Q4 2011.
For the second half of FY2012, Kofax reported 56% of application software license sales came through channel partners, which is pretty close the mix Bish envisioned when he took over the company.
Kofax released its results on Monday (a holiday here in the States) and its stock share price seemed to dip slightly before recovering today.