Business News
ATG Reports First Quarter 2009 Financial Results
Tuesday 05. May 2009 - Year-Over-Year, Revenue Increased 15%, Product License Bookings Increased 8%, and Non-GAAP Net Income Increased 195%
Art Technology Group, Inc. (NASDAQ: ARTG), the leading e-Commerce solutions provider, today reported financial results for the first quarter ended March 31, 2009.
Revenue for the first quarter of 2009 grew to $41.9 million, a 15% increase over first quarter 2008 revenue of $36.5 million.
“ATG posted a strong first quarter with very impressive gains in net income,” stated Bob Burke, ATGs president and CEO. “Our ability to achieve profitable growth in this macroeconomic environment is a testament to the strength of our solution offerings and the underlying positive trends for e-Commerce.”
Product license revenue recognized in accordance with United States Generally Accepted Accounting Principles (GAAP) during the first quarter of 2009 increased 39% to $12.9 million, compared to $9.3 million in the year ago quarter.
Product license bookings, a non-GAAP measure which the company defines as product license revenue recognized plus net change in deferred product license revenue, grew 8% to $12.3 million for the first quarter from $11.4 million in the year ago quarter. Approximately 38% of product license bookings in the first quarter were deferred and will be recognized ratably.
Net income in accordance with GAAP for the first quarter of 2009 increased to $3.0 million, or $0.02 per diluted share compared with a net loss of $842 thousand, or $0.01 per share, in the first quarter of 2008.
Non-GAAP net income increased to $5.9 million for the first quarter of 2009, or $0.05 per diluted share compared with non-GAAP net income of $2.0 million, or $0.02 per diluted share for the first quarter of 2008.
Cash flow from operations for the first quarter of 2009 was $8.1 million, a 14% increase over cash flow from operations of $7.1 million in the first quarter of 2008.
At March 31, 2009, ATG had $67.9 million in cash, cash equivalents, and marketable securities.
Julie Bradley, ATGs senior vice president and CFO stated, “We are pleased with our first quarter financial results which met or exceeded our previously stated guidance ranges. Going into the second quarter, we are optimistic about the prospects for our business and expect to achieve growth in revenue and profit for the full-year 2009.”