In a release on January 31, the Company noted that revenues for the second quarter were $55.1 million, an increase of $10.8 million, or 24 percent, from the second quarter of last year. Subscriptions and transactions revenue increased 46 percent from the second quarter of last year to $19.1 million.
Gross margin for the second quarter was $30.5 million, an increase of $5.3 million from the second quarter of last year. Net income for the second quarter was $2.5 million, or net income per share of $0.07.
Core net income for the second quarter was $9.5 million. Core net income increased $1.3 million from the second quarter of last year. Core net income excludes acquisition-related expenses, including amortization of intangible assets, of $3.6 million and equity-based compensation of $3.4 million. Core earnings per share was $0.27.
"We are pleased to report a very good quarter highlighted by strong financial performance and outstanding sales results," said Rob Eberle, President and CEO of Bottomline Technologies. "Driven by 46 percent growth in subscription and transaction revenues and record orders, our second quarter revenue increased 24 percent to $55.1 million. The leadership position of our SaaS-based offerings was evident particularly in the record thirteen new legal spend management customers we signed during the quarter. We continue to focus our time, attention and investment on innovative cloud-based solutions which provide exceptional value to our customers and compelling economics for Bottomline. With the continued advancement of our strategic plan, we are excited about our long term prospects."
Revenues for the six months ended December 31, 2011 increased 25 percent to $107.6 million as compared with $86.3 million in the same period last year. Net income for the six months ended December 31, 2011 was $4.2 million, or net income per share of $0.12.
Core net income for the six months ended December 31, 2011 was $18.4 million after excluding acquisition-related expenses of $7.6 million, restructuring expenses of $0.1 million and equity-based compensation of $6.5 million. Core earnings per share was $0.53 for the six months ended December 31, 2011.
Second Quarter Customer Highlights
-Chosen by thirteen insurance companies and corporations, including Western Guaranty Fund Services, FCCI Insurance Group and Mountain States Insurance Group, to provide Bottomline's SaaS-based technology to automate, manage and control their legal spend.
-Selected by a global bank to provide cash management capabilities to improve its competitive position and better serve its clients.
-Organizations, including Aviva Life and Annuity Company, CEVA Logistics, Cigna, Constellation Energy Group, EGA Insurance, Herbalife, Lions Club International, L'Oreal, Marks & Spencer Financial Services, National Steel & Shipbuilding, Nationwide Building Society, Oppenheimer & Co., Philadelphia Insurance, The Related Companies, Sampora Company Limited, State Street, Teck Resources, Travelex America and Turner Industries Group, chose Bottomline's payment automation solutions.
-Selected for SWIFT connectivity and experience by leading organizations including Barclays Bank, Manulife Financial, Diageo Great Britain, F & C Management Limited, Golden Crown Finance, Mediolanum Asset Management Limited, Moneynet International Money Transfers, Origo Secure Internet Services, Royal Skandia, The Bank of Tokyo-Mitsubishi UFJ, The Co-Operative Bank and VocaLink.
-Deepened relationships in the healthcare vertical with customers including Asante Health Systems, San Joaquin General Hospital, John Muir Health, Novartis Pharmaceuticals and Peconic Bay Medical Center.
Second Quarter Strategic Corporate Highlights
-Announced the acquisition of Logical Progression, an early stage company focused on the development of mobile solutions for the healthcare industry, and IDT Ltd., a longtime partner and reseller of Bottomline's document automation solutions.
-Named a "Leader in Innovation" in Transaction Banking by Financial-i magazine.
-Hosted a Legal Spend Management Customer Symposium to foster collaboration among the many leading organizations who utilize the company's legal spend management solutions.
-For the sixth consecutive year, the company was named to the FinTech 100, an annual ranking of top technology providers completed by American Banker and Bank Technology News.
-Named a "Best Company to Work For" by Business NH Magazine. This was the fourth year in a row the company has been recognized as a "Best Company to Work For" finalist.
Bottomline Technologies provides collaborative payment, invoice and document automation solutions to corporations, financial institutions and banks around the world.
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