Interactive Intelligence reports second quarter results
Interactive Intelligence Inc. has announced results for the quarter and six-month period ended June 30, 2008.
The company reported record 2008 second quarter revenues of $30.6 million, a 13 percent increase from $27.1 million in the same quarter last year.
Operating income for the 2008 second quarter was $1.3 million, compared to $2.2 million in the 2007 second quarter. Non-GAAP (non-generally accepted accounting principles) operating income was $2.2 million, compared to $3.0 million in the second quarter of 2007. Non-GAAP operating income excludes charges for stock-based compensation for the second quarter of $944,000 in 2008 and $806,000 in 2007.
Net income in the 2008 second quarter was $845,000, with diluted earnings per share (EPS) of $0.04, compared to $2.4 million and $0.12, respectively, in the 2007 second quarter. Net income includes fully taxed earnings in 2008. Non-GAAP net income was $2.4 million with EPS of $0.13, compared to $3.2 million and $0.17, respectively, in the 2007 second quarter. Non-GAAP net income excludes charges for stock-based compensation and non-cash tax expense.
“We received an increased number of orders in the second quarter and we were pleased with the number of new customers licensing our solutions,” said Interactive Intelligence founder and CEO, Dr. Donald E. Brown. “However, we did see a lower dollar amount of orders from existing customers, which we attribute to the current economic slowdown. While we see no change in our long-term market opportunity or in the competitive advantages our solutions offer, we are responding to this tougher sales environment by adjusting our previously planned operating expenses until general market conditions improve.”
For the six months ended June 30, 2008, revenues were a record $60.1 million, a 17 percent increase from $51.4 million in the same period in 2007.
Operating income for the first half of 2008 was $2.7 million, compared to $3.6 million for the first half of 2007. For the first half of 2008, non-GAAP operating income was $4.6 million, compared to $5.1 million in the first half of 2007. Non-GAAP operating income excludes charges for stock-based compensation of $1.9 million in 2008 and $1.5 million in 2007.
Net income for the six months ended June 30, 2008 was $2.0 million, with EPS of $0.10, compared to $4.1 million and $0.22, respectively, in the first half of 2007. Net income includes fully taxed earnings in 2008. Non-GAAP net income was $5.3 million with EPS of $0.28, compared to $5.6 million and $0.29, respectively, in the first half of 2007. Non-GAAP net income excludes charges for stock-based compensation and non-cash tax expense.
Cash and short-term investments as of June 30, 2008 totalled $49.7 million, up from $46.3 million on Dec. 31, 2007. Cash flow from operations for the first six months of 2008 was $6.8 million, compared to $6.9 million in the first half of 2007.
