Business News
Kofax Releases Its Interim Management Statement for the Third Quarter of Its Fiscal Year Ending June 30, 2011
Friday 29. April 2011 - Results Continue to Meet Expectations
Kofax plc (LSE:KFX), the leading provider of document driven business process automation solutions, releases its Interim Management Statement for the third quarter of its fiscal year ending June 30, 2011.
Kofaxs software business revenue growth has continued to progress in line with Board and management expectations of 14% year over year growth for fiscal year 2011 on an organic, constant currency basis and ahead of those expectations on an “as reported” basis due to favorable exchange rate movements. Expenses and earnings before interest, taxes and amortization (EBITA) also continued to progress in line with expectations.
Reynolds C. Bish, Chief Executive Officer, commented: “Im pleased to report that we continued to make good progress this past quarter despite the distraction and uncertainty caused by the turmoil in the Middle East and Africa, the earthquake in Japan, concerns about Portugals debt and the now resolved U.S. Federal Government budget impasse. We believe these events and their effect on market conditions reinforce our caution and often stated view that the global economic environment is fragile and the extent, strength and sustainability of a recovery is difficult to predict. We nonetheless remain confident in our business and our ability to deliver 14% year over year growth in our software business revenues for fiscal year 2011 on an organic, constant currency basis.”
The Company continues to expect the sale of its hardware business to close during May 2011.
There have been no significant changes in the Kofaxs financial position since December 31, 2010, its cash flow has continued as expected and its balance sheet remains strong.