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Solera Holdings, Inc. Reports First Quarter Fiscal Year 2010 Results.

Article Excerpt
First Quarter Revenue of $150.8 million, up 5.4% on a GAAP Basis and up 13.2% on a Constant Currency Basis; GAAP Diluted Net Income Attributable to Solera Holdings, Inc. Per Common Share of $0.29, up 29.8%; Company Increases Fiscal 2010 Guidance; Company Announces Quarterly Cash Dividend

SAN DIEGO, Nov. 3 /PRNewswire-FirstCall/ -- Solera Holdings, Inc. , the leading global provider of software and services to the automobile insurance claims processing industry, today reported results for the first quarter of fiscal year 2010.

Results for the First Quarter Ended September 30, 2009: GAAP Results: -- Revenue for the first quarter was $150.8 million, a 5.4% increase over the prior year first quarter revenue of $143.0 million. After adjusting for changes in foreign currency exchange rates ("FX Changes"), revenue for the first quarter of fiscal year 2010 increased by approximately 13.2% over the prior year first quarter; -- GAAP net income attributable to Solera Holdings, Inc. for the first quarter was $20.0 million, a 39.3% increase over the prior year first quarter GAAP net income of $14.3 million; -- Diluted net income attributable to Solera Holdings, Inc. per common share for the first quarter was $0.29, a 29.8% increase over the prior year diluted net income attributable to Solera Holdings, Inc. per common share of $0.22.

"The first quarter represented a solid quarter for us. While the global economy continues to be volatile, our year-over-year growth in the first quarter accelerated compared to the fourth quarter of fiscal 2009," said Tony Aquila, founder, chairman and CEO of Solera Holdings, Inc. "Our continued discipline on eliminating waste and focus on global operations is helping us drive better efficiencies in the business as we achieved an Adjusted EBITDA margin of 41.2% - up 310 basis points year-over-year. I am pleased to report that we are increasing our guidance for fiscal 2010."

Non-GAAP Results: -- Adjusted EBITDA for the first quarter was $62.1 million, a 14.0% increase over the prior year first quarter Adjusted EBITDA of $54.5 million. After adjusting for FX Changes, Adjusted EBITDA for the first quarter of fiscal year 2010 increased by approximately 25.7% over the prior year first quarter; -- Adjusted Net Income for the first quarter was $34.5 million, a 22.3% increase over the prior year first quarter Adjusted Net Income of $28.2 million; -- Adjusted Net Income per diluted common share for the first quarter was $0.50, a 13.6% increase over the prior year first quarter Adjusted Net Income per diluted common share of $0.44. Business Statistics for the First Quarter September 30, 2009: -- EMEA revenue was $99.1 million for the first quarter, representing a 9.7% increase over the prior year period revenue of $90.3 million. After adjusting for FX Changes, EMEA revenue for the first quarter increased 19.9% over the respective prior year period. After excluding HPI, Ltd.'s run rate revenue from the first quarter, EMEA revenue increased 7.5% over the prior year period, and after adjusting for FX changes, increased 5.9% over the prior year period. HPI's run rate revenue is its GAAP revenue during the three months...

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