TSAI, parent company to ACI Worldwide reports $74.0 million revenue for 1st quarter

For the first quarter of fiscal 2004, revenues were comprised of software license fees of $41.2 million, maintenance fees of $21.3 million and services fees of $11.5 million. The Companys recurring revenue was $44.3 million, or 60 percent of revenue, and non-recurring revenue was $29.7 million, or 40 percent of revenue. Recurring revenue consisted of monthly license fees of $21.0 million, maintenance fees of $21.3 million and facilities management fees of $2.0 million. Operating income was $15.5 million, with an operating margin of 21 percent, compared to operating income of $7.5 million last year, an increase of 107.5 percent. During the quarter, the Company added 15 new customers and brought its worldwide presence to 74 countries. ACI Worldwide, the Companys largest business unit, added eight new customers during the quarter. Solutions licensed included BASE24-es, BASE24, ACI Commerce Gateway, and ACI Proactive Risk Manager. ACI Worldwide also licensed capacity upgrades to five customers and licensed thirteen new applications to existing customers during the quarter. Insession Technologies, the Companys e-infrastructure business unit, added seven new customers and licensed 13 new applications to existing customers during the quarter. IntraNet, the Companys corporate banking software provider, licensed two new applications, one capacity upgrade and entered into 11 services contracts with existing customers during the quarter. The Company completed the first quarter of fiscal 2004 with $231.8 million in backlog, consisting of $166.2 million in recurring backlog and $65.6 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 the next twelve months. 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 the next twelve months. The Company has revised its revenue estimate for fiscal 2004 from a range of $266 million to $287 million to a range of $271 million to $287 million. The Company has revised its EPS estimate from a range of $.60 to $.72 to a range of $.65 to $.77.