For the fourth quarter of fiscal 2003, revenues were comprised of software license fees of $36.6 million, maintenance fees of $20.5 million and services fees of $14.7 million. The Companys recurring revenue was $43.1 million, or 60 percent of revenue, and non-recurring revenue was $28.7 million, or 40 percent of revenue. Recurring revenue consisted of monthly license fees of $21.4 million, maintenance fees of $20.5 million and facilities management fees of $1.2 million. Operating income was $11.9 million with an operating margin of 16.5 percent. During the quarter, the Company added 25 new customers and increased its worldwide presence to 73 countries. For ACI Worldwide, the Companys largest business unit, new customer activity for the quarter included the following: four customers for BASE24(R), one customer for BASE24-es, two customers for ACI Proactive Risk Manager, five WINPAY24 customers and one customer for NET24. ACI Worldwide also licensed capacity upgrades to 12 customers and licensed 14 new applications to existing customers during the fourth quarter. Insession Technologies, the Companys e-infrastructure business unit, added 12 new customers and licensed nine new applications to existing customers during the quarter. IntraNet, the Companys corporate banking software provider expanded its relationship with twenty existing customers and sold four capacity upgrades during the quarter. The Company completed the fourth quarter of fiscal 2003 with $232.8 million in backlog, an increase of $6.9 million sequentially, consisting of $167.1 million in recurring backlog and $65.7 million in non-recurring backlog. Recurring backlog includes monthly license fees, maintenance fees and facilities management fees specified in executed contracts to the extent that the Company believes that recognition of the related revenue will occur within one year. Non-recurring backlog includes all other fees specified in executed contracts to the extent that the Company believes that recognition of the related revenue will occur within one year. For the fiscal year ended September 30, 2003, the Companys revenues were $277.3 million, compared to $284.7 million for fiscal 2002. Operating income in fiscal 2003 was $35.3 million, compared to $41.7 million in fiscal 2002. Net income for the year ended September 30, 2003 was $14.3 million, or $.40 per diluted share, compared to $15.3 million, or $.43 per diluted share, for fiscal 2002. The operating results for fiscal 2003 and 2002 reflect goodwill impairment charges of $9.3 million and $1.5 million, respectively, which are not tax deductible, related to the 2001 acquisition of MessagingDirect Ltd. As a result of on-going tax planning initiatives, the Company has reduced its effective tax rate for fiscal 2003. The Companys revenue estimate for fiscal 2004 is $266 million to $287 million, and its EPS estimate is $.60 to $.72.
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