-- Total Revenue of $17.7 Million Increased 12% Compared to
Fiscal First Quarter 2007
-- GAAP Loss Per Share Was $0.04 Compared to GAAP Earnings Per
Diluted Share of $0.01 in Fiscal First Quarter 2007
-- Non-GAAP Earnings Per Share Were $0.06, Up from $0.03 in the
Fiscal First Quarter 2007
-- Net Deferred Revenue Was $22.3 Million, Up 51% Compared to
December 31, 2006
-- Approximately 1.5 Million Shares of Common Stock Repurchased
Since Program Established in November 2007
-- In January 2008 the Board Authorized Purchase of an Additional
2 Million Shares
SAN MATEO, Calif.--(Business Wire)--Fourteenth graph, second sentence of release should read: Total
stock-based compensation expense and amortization of intangible assets
is currently expected to be approximately $1.8 million, and
depreciation is expected to be approximately $1.3 million (sted Total
stock-based compensation expense and amortization of intangible assets
is currently expected to be approximately $1.1 million, and
depreciation is expected to be approximately $1.3 million).
The corrected release reads:
KEYNOTE REPORTS FISCAL FIRST QUARTER 2008 RESULTS
-- Total Revenue of $17.7 Million Increased 12% Compared to
Fiscal First Quarter 2007
-- GAAP Loss Per Share Was $0.04 Compared to GAAP Earnings Per
Diluted Share of $0.01 in Fiscal First Quarter 2007
-- Non-GAAP Earnings Per Share Were $0.06, Up from $0.03 in the
Fiscal First Quarter 2007
-- Net Deferred Revenue Was $22.3 Million, Up 51% Compared to
December 31, 2006
-- Approximately 1.5 Million Shares of Common Stock Repurchased
Since Program Established in November 2007
-- In January 2008 the Board Authorized Purchase of an Additional
2 Million Shares
Keynote Systems (Nasdaq:KEYN), the global leader in on-demand
mobile and Internet test & measurement solutions for continuously
improving the online experience, announced financial results for its
fiscal first quarter ended December 31, 2007.
Umang Gupta, chairman and CEO of Keynote, said: "Historically,
bookings and new orders in the quarter ending December 31st have been
strong for Keynote SIGOS, which constitutes the largest part of our
Mobile Test and Measurement (MTM) business. This year was no
exception, as evidenced by the significant increase in our deferred
revenue balance. However, since many of our orders and bookings
occurred in the tail end of the quarter, GAAP revenue of $17.7 million
was approximately $80,000 below the low end of our guidance and
non-GAAP earnings of $0.06 per share were at the low end of guidance."
"In Internet Test and Measurement (ITM) business we continued to
displace our single-page single-device subscriptions revenues with
multi-page transaction and broadband revenues. We believe single-page
single-device subscriptions revenues will constitute less than 10
percent of ITM subscription revenues by the end of 2008. As stated
earlier, the aggressive migration from single-page to multi-page
products is likely to have a tempering effect on total ITM revenue for
the next couple of quarters. In anticipation of overall ITM revenue
growth past this transition period, we continue to invest in our sales
and marketing infrastructure," Gupta added.
First Quarter 2008 Financial Summary
Revenue for the first quarter of fiscal year 2008 was $17.7
million, down from $17.8 million in the fourth quarter of fiscal year
2007 and up 12 percent from $15.8 million in the first quarter of
fiscal year 2007. Net loss for the first quarter of fiscal year 2008
was $744,000, or $0.04 per share, reflecting the company's continued
investment in sales and marketing. The net loss included a $244,000
charge for estimated income tax expense, $1.1 million in stock-based
compensation expenses and a $742,000 charge for amortization of
intangible assets required under generally accepted accounting
principles (GAAP). This compared to net loss of $3.5 million, or $0.19
per share, for the preceding quarter, which included a $2.8 million
charge for deferred tax asset adjustment, $1.0 million in stock-based
compensation expenses, and a $717,000 charge for amortization of
intangible assets. Net income for the first quarter of fiscal year
2007 was $264,000, or $0.01 per diluted share, which included a $1.0
million income tax benefit, $920,000 in stock-based compensation
expenses, and a $759,000 charge for amortization of intangible assets.
The non-GAAP net income for the quarter was $1.1 million, or $0.06
per diluted share, compared to $2.2 million, or $0.11 per diluted
share, for the preceding quarter, and $551,000, or $0.03 per diluted
share, for the first quarter a year ago. The company defines non-GAAP
net income as net income adjusted for provision for income tax,
stock-based compensation expense, and amortization of purchased
intangibles less cash tax expense. Non-GAAP net income per share
equals non-GAAP net income divided by the weighted diluted share count
as of the period end.
Cash Flow and Deferred Revenue Summary
In the first quarter of fiscal year 2008, cash provided by
operating activities of $330,000 was impacted by the timing of orders,
many of which came in during the last month of the quarter and,
therefore, the related cash would not have been collected as of the
end of the quarter. This compared to cash provided by operating
activities of $2.9 million in the prior quarter and $4.7 million in
the first quarter of 2007. Cash used for purchases of property,
equipment and software totaled $1.4 million for the first quarter of
2008, compared to $1.3 million in the prior quarter and $704,000 for
the same period last year.
"While fiscal 2007 was a stellar year for generation of cash
provided by operating activities, it was very much due to a
significant build-up of deferred revenue primarily from our Keynote
SIGOS acquisition. In fiscal 2008, we do not expect increases of
deferred revenue of the same magnitude, and, therefore, we expect our
annual operating cash flows will be more in line with our pre-tax
income plus amortization and depreciation minus cash taxes."
Keynote's net deferred revenue was $22.3 million at December 31,
2007, compared to $22.0 million at September 30, 2007 and up 51
percent from $14.7 million at December 31, 2006. Keynote's gross
deferred revenue, defined as the sum of net deferred revenue and
unpaid deferred revenue, was $28.8 million at December 31, 2007, up 8
percent compared to $26.6 million at September 30, 2007 and up 22
percent from $23.6 million at December 31, 2006.
The company had $99.4 million in total cash, cash equivalents and
short-term investments as of December 31, 2007.
As announced on November 1, 2007, the board authorized a
repurchase program of up to 2.0 million shares of Keynote's common
stock. During the quarter, the company repurchased approximately
711,000 shares for approximately $9.8 million. Since November 1, 2007
through January 28, 2008, the company repurchased approximately 1.5
million shares of common stock for approximately $21 million. The
board has authorized another 2.0 million shares of Keynote's common
stock to be repurchased.
The total shares outstanding, net of treasury shares, as of
December 31, 2007 was 17.8 million as compared to 17.2 million as of
December 31, 2006.
Operational Metrics Summary
As of December 31, 2007, Keynote's total worldwide customer base
was approximately 2,700 companies, up from approximately 2,650
companies in the same quarter a year ago. Keynote currently provides
its services to 56 percent of the comScore Media Metrix's top 50 Web
sites and approximately 45 percent of the Fortune 100 companies. As of
December 31, 2007, Keynote measured 11,840 Internet pages, as compared
to 10,150 Internet pages in the same quarter a year ago.
Expectations for the Second Quarter of Fiscal Year 2008
The statements in this section of this press release are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. Keynote currently expects the following for the second fiscal
quarter ending March 31, 2008:
-- Total revenue is expected to be between $17.4 million and
$18.0 million.
-- Net loss per share is expected to be between ($0.11) and
($0.05).
-- Non-GAAP (loss) / earnings per share are expected to be
between ($0.03) and $0.01.
The above guidance was based on the following assumptions. Total
stock-based compensation expense and amortization of intangible assets
is currently expected to be approximately $1.8 million, and
depreciation is expected to be approximately $1.3 million. Interest
income, net is expected to be approximately $1.0 million, assuming no
material changes in interest rates and currently planned uses of cash.
Cash paid for income taxes is expected to be approximately $800,000,
assuming no changes in required tax payments. Basic weighted average
shares outstanding are expected to be approximately 17.2 million
shares and diluted weighted average shares outstanding are expected to
be approximately 18.1 million shares, assuming no additional issuances
of equity or equity-related securities.
Conference Call
Keynote will host a conference call and simultaneous webcast at
2:00 pm (PST) today, January 29, 2008. To access the call in the U.S.,
please dial (866) 271-6228; international callers please dial (706)
679-4457, approximately 10 minutes prior to the start of the
conference call. The webcast of the call will be available at the
investor section of the company's web site at www.keynote.com. The
replay will be available after the call by telephone by dialing (800)
642-1687 in the U.S. and (706) 645-9291 internationally; the pass code
is #29614523. The webcast is at the investor section of the company's
web site at www.keynote.com.
Forward-Looking Statements
This press release contains forward-looking statements that are
not purely historical regarding the Company or management's
intentions, hopes, beliefs, expectations and strategies for the
future. Because such statements deal with future events, they are
subject to various risks and uncertainties, and actual results could
differ materially from the Company's current expectations.
Forward-looking statements in this release include, but are not
limited to, forecasts concerning Keynote's expected revenue, GAAP and
Non-GAAP earnings per share, cash flow from operations, free cash
flow, income tax payments and other future financial results,
including ITM revenues. It is important to note that actual outcomes
and Keynote's actual results could differ materially from those in
such forward-looking statements. Factors that could cause actual
results to differ materially include risks and uncertainties such as
Keynote's ability to successfully market and sell its current services
to new or existing customers, Keynote's ability to develop and
introduce new services in a timely manner and customer acceptance of
new services, timing of sales, the extent to which demand for
Keynote's various services fluctuates and the extent to which revenue
from other service lines can increase, the extent to which existing
customers renew their subscriptions and purchase additional services,
particularly enterprise customers, Keynote's ability to retain key
employees, pricing pressure with respect to Keynote's services,
Keynote's ability to maintain costs, unforeseen expenses, competition
in Keynote's markets, costs associated with any future acquisitions,
the effect of acquisitions by competitors in Keynote's target markets,
Keynote's ability to manage international operations, Keynote's
ability to keep pace with changes in the mobile and Internet
infrastructure as well as other technological changes, and the success
of Keynote's international operations. Readers should also refer to
the risks outlined in Keynote's reports filed with the Securities and
Exchange Commission, including its Annual Report on Form 10-K for its
fiscal year ended September 30, 2007, and its quarterly reports on
Form 10-Q and any current reports on Form 8-K filed during the fiscal
year.
All forward-looking statements and reasons why results might
differ included in this release are made as of the date of this press
release, based on information available to Keynote as of the date of
this press release, and Keynote assumes no obligation to update any
such forward-looking statement or reasons why results might differ.
About Keynote
Keynote Systems (Nasdaq "KEYN") is the global leader in on-demand
test & measurement solutions for continuously improving the online
experience. As an independent and trusted third-party, Keynote
provides IT and marketing executives with an unbiased view into their
Internet services from around the world. For over a decade, Keynote
has been providing measurement data and testing capabilities that
allow companies to understand and improve their customer's online and
mobile experience. Keynote has four test and measurement businesses:
Web performance, mobile quality, streaming & VoIP, and customer
experience/UX. In addition, Keynote's industry analysis group called
Keynote Competitive Research publishes proprietary studies measuring
customer experience and service levels across a wide range of
industries.
Known as The Mobile and Internet Performance Authority(TM),
Keynote has a market-leading infrastructure of 2,400 measurement
computers and mobile devices in over 240 locations around the world.
Keynote also maintains one of the most representative panels of online
users consisting of 160,000 consumers. Keynote's on-demand,
hassle-free infrastructure allows businesses to access services they
need, when they need them to pinpoint and fix mobile quality and
Internet problems before they impact customers.
Keynote helps over 2,700 corporate customers become "the best of
the best" by helping them improve online business performance and
mobile communications quality. Keynote's customers represent top
Internet and mobile companies including American Express, BP,
Caterpillar, Dell, Disney, eBay, ESPN Mobile, E*TRADE, Expedia, FedEx,
Microsoft, SonyEricsson, Sprint, T-Mobile, Verizon and Vodafone.
Keynote Systems, Inc. is headquartered in San Mateo, California
and can be reached at www.keynote.com or by phone in the U.S. at (650)
403-2400.
Keynote, The Internet Performance Authority and Perspective are
registered trademarks and The Mobile and Internet Performance
Authority and True Experience are trademarks of Keynote Systems, Inc.
Other trademarks are the property of their respective owners. (C) 2007
Keynote Systems, Inc.
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Keynote Systems, Inc. and Subsidiaries
----------------------------------------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three months ended
Dec 31 Sep 30 Dec 31
2007 2007 2006
-------- -------- --------
Net revenue:
Subscription services $10,872 $10,541 $10,507
Ratable licenses 4,002 4,368 2,206
Professional services 2,846 2,929 3,102
-------- -------- --------
Total revenue, net 17,720 17,838 15,815
Costs and expenses:
Costs of revenue:
Direct costs of subscription services 2,111 2,046 2,058
Direct costs of ratable licenses 1,603 1,329 1,083
Direct costs of professional services 1,805 1,887 2,123
Operations 2,003 2,030 1,842
Development 3,133 2,860 2,872
Amortization of intangible assets -
software 205 193 183
-------- -------- --------
Total costs of revenue 10,860 10,345 10,161
Sales and marketing 5,767 5,218 4,629
General and administrative 2,487 2,609 2,379
Excess occupancy income, net (281) (184) (27)
Amortization of intangible assets - other 537 524 576
-------- -------- --------
Total costs and expenses 19,370 18,512 17,718
-------- -------- --------
Loss from operations (1,650) (674) (1,903)
Interest income and other, net 1,150 1,312 1,121
-------- -------- --------
(Loss) income before (provision) benefit
for income taxes (500) 638 (782)
(Provision) benefit for income taxes (244) (4,090) 1,046
-------- -------- --------
Net (loss) income $ (744) $(3,452) $ 264
======== ======== ========
Net (loss) income per share:
Basic $ (0.04) $ (0.19) $ 0.02
Diluted $ (0.04) $ (0.19) $ 0.01
Weighted average common shares outstanding:
Basic 18,237 18,068 17,116
Diluted 18,237 18,068 17,686
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CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
December September
31, 2007 30, 2007
---------- ----------
Assets
Current assets:
Cash and cash equivalents $ 41,563 $ 42,875
Short-term investments 57,851 65,060
---------- ----------
Total cash, cash equivalents and
short-term investments 99,414 107,935
Accounts receivable 7,732 5,988
Prepaids, deferred costs and other current
assets 3,720 2,703
Inventories 1,173 1,059
Deferred tax assets 3,954 3,922
---------- ----------
Total current assets 115,993 121,607
Deferred costs 3,105 1,301
Property and equipment, net 35,724 35,480
Goodwill 64,061 63,129
Identifiable intangible assets, net 7,374 7,963
---------- ----------
Total assets $ 226,257 $ 229,480
========== ==========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 1,959 $ 2,285
Accrued expenses 15,052 11,656
Current portion of capital lease obligation 21 24
Deferred revenue 20,795 19,824
---------- ----------
Total current liabilities 37,827 33,789
Long-term portion of capital lease obligation 28 31
Deferred rent and other long term liability 366 292
Long-term deferred revenue 1,457 2,136
Long-term deferred tax liability 2,420 2,347
---------- ----------
Total liabilities 42,098 38,595
---------- ----------
Stockholders' equity:
Common stock 19 18
Treasury stock (10,944) (1,151)
Additional paid-in capital 328,098 325,525
Accumulated deficit (140,932) (140,188)
Accumulated other comprehensive income 7,918 6,681
---------- ----------
Total stockholders' equity 184,159 190,885
---------- ----------
Total liabilities and stockholders' equity $ 226,257 $ 229,480
========== ==========
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----------------------------------------------------------------------
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three months ended
Dec 31 Sep 30 Dec 31
2007 2007 2006
-------- -------- --------
Cash flows from operating activities:
Net (loss) income $ (744) $(3,452) $ 264
Adjustments to reconcile net income
(loss) to net cash provided by operating
activities:
Depreciation and amortization 1,287 1,221 1,093
Stock-based compensation 1,100 1,027 920
Charges to bad debt and billing
adjustment reserves 51 187 83
Accretion of debt investment discount (551) (302) (245)
Amortization of identifiable
intangible assets 742 717 759
Deferred tax assets and liabilities - 1,333 525
Changes in operating assets and
liabilities, net of acquired assets
and liabilities:
Accounts receivable (1,768) 98 (648)
Inventories (87) 280 217
Prepaids, deferred costs and other
assets (1,159) 203 (1,021)
Accounts payable and accrued
expenses 1,501 4,325 (1,108)
Deferred revenue (42) (2,716) 3,841
-------- -------- --------
Net cash provided by operating
activities 330 2,921 4,680
-------- -------- --------
Cash flows from investing activities:
Purchase of property, equipment and
software (1,351) (1,332) (704)
Purchase of businesses and assets, net - (85) (307)
Sales (purchases) of short-term
investments, net 7,528 (591) 1,033
-------- -------- --------
Net cash provided by (used in)
investing activities 6,177 (2,008) 22
-------- -------- --------
Cash flows from financing activities:
Payment of capital lease obligations (7) (5) (15)
Repurchase of outstanding common stock (9,815) (1,154) -
Proceeds from issuance of common stock
and exercise of stock options 1,595 3,696 745
-------- -------- --------
Net cash provided by (used in)
financing activities (8,227) 2,537 730
-------- -------- --------
Effect of exchange rate changes on cash and
cash equivalents 410 712 83
-------- -------- --------
Net increase (decrease) in cash and cash
equivalents (1,310) 4,162 5,515
Cash and cash equivalents at beginning of
the period 42,873 38,711 45,662
-------- -------- --------
Cash and cash equivalents at end of the
period (1) $41,563 $42,873 $51,177
======== ======== ========
(1) Excludes $57.8 million, $65.1 million, and $44.4 million of short-
term investments at December 31, 2007, September 30, 2007, and
December 31, 2006, respectively.
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GAAP TO NON-GAAP RECONCILIATION
(In thousands, except per share data)
(Unaudited)
Three months ended
Dec 31 Sep 30 Dec 31
2007 2007 2006
-------- -------- --------
Revenue categories:
Internet Subscriptions $ 8,877 $ 8,858 $ 8,884
Internet Engagements 1,596 1,426 1,497
-------- -------- --------
Subtotal Internet Revenue 10,473 10,284 10,381
Mobile Subscriptions 1,340 1,080 997
Mobile Ratable Licenses 4,002 4,368 2,206
-------- -------- --------
Subtotal Mobile Revenue 5,342 5,448 3,203
CEM Subscriptions 655 603 627
CEM Engagements 1,250 1,503 1,604
-------- -------- --------
Subtotal CEM Revenue 1,905 2,106 2,231
-------- -------- --------
Total Revenue, net $17,720 $17,838 $15,815
======== ======== ========
Non-GAAP net income (loss) and income
(loss) per share:
GAAP net (loss) income $ (744) $(3,452) $ 264
Provision (benefit) for income taxes 244 4,090 (1,046)
Stock-based compensation (1) 1,100 1,027 920
Amortization of intangible assets -
other 537 524 576
Amortization of intangible assets -
software 205 193 183
Non GAAP income before income tax 1,342 2,382 897
Cash tax expense 221 224 346
-------- -------- --------
Non GAAP net income $ 1,121 $ 2,158 $ 551
======== ======== ========
Weighted average common shares outstanding
(diluted): 19,091 19,055 17,686
Non GAAP income per share $ 0.06 $ 0.11 $ 0.03
(1)Stock-based compensation by category:
Direct costs of ratable licenses $ 49 $ 45 $ 41
Direct costs of professional services 115 107 136
Operations 145 146 146
Development 230 237 210
Sales and marketing 327 328 280
General and administrative 234 164 107
-------- -------- --------
$ 1,100 $ 1,027 $ 920
======== ======== ========
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REVENUE DETAIL
(In thousands)
(Unaudited)
Three months ended Year ended
Dec 31 March 31 June 30 Sept 30 Sept 30
------- -------- ------- ------- -------
FY 2008
Internet Subscriptions $ 8,877 $ - $ - $ - $ 8,877
Internet Engagements 1,596 - - - 1,596
------- -------- ------- ------- -------
Subtotal Internet Revenue 10,473 - - - 10,473
Mobile Subscriptions 1,340 - - - 1,340
Mobile Ratable Licenses 4,002 - - - 4,002
------- -------- ------- ------- -------
Subtotal Mobile Revenue 5,342 - - - 5,342
CEM Subscriptions 655 - - - 655
CEM Engagements 1,250 - - - 1,250
------- -------- ------- ------- -------
Subtotal CEM Revenue 1,905 - - - 1,905
------- -------- ------- ------- -------
Total Revenue, Net $17,720 $ - $ - $ - $17,720
======= ======== ======= ======= =======
FY 2007
Internet Subscriptions $ 8,884 $ 9,040 $ 9,129 $ 8,858 $35,911
Internet Engagements 1,497 1,333 1,720 1,426 5,976
------- -------- ------- ------- -------
Subtotal Internet Revenue 10,381 10,373 10,849 10,284 41,887
Mobile Subscriptions 997 1,113 1,158 1,080 4,348
Mobile Ratable Licenses 2,206 3,203 3,443 4,368 13,220
------- -------- ------- ------- -------
Subtotal Mobile Revenue 3,203 4,316 4,601 5,448 17,568
CEM Subscriptions 626 580 593 603 2,402
CEM Engagements 1,605 1,445 1,344 1,503 5,897
------- -------- ------- ------- -------
Subtotal CEM Revenue 2,231 2,025 1,937 2,106 8,299
------- -------- ------- ------- -------
Total Revenue, Net $15,815 $16,714 $17,387 $17,838 $67,754
======= ======== ======= ======= =======
FY 2006
Internet Subscriptions $ 8,782 $ 8,876 $ 8,909 $ 9,096 $35,663
Internet Engagements 1,127 905 714 1,103 3,849
------- -------- ------- ------- -------
Subtotal Internet Revenue 9,909 9,781 9,623 10,199 39,512
Mobile Subscriptions 539 488 855 962 2,844
Mobile Ratable Licenses - - 1,094 1,447 2,541
------- -------- ------- ------- -------
Subtotal Mobile Revenue 539 488 1,949 2,409 5,385
CEM Subscriptions 499 583 590 647 2,319
CEM Engagements 2,769 1,887 1,705 1,931 8,292
------- -------- ------- ------- -------
Subtotal CEM Revenue 3,268 2,470 2,295 2,578 10,611
------- -------- ------- ------- -------
Total Revenue, Net $13,716 $12,739 $13,867 $15,186 $55,508
======= ======== ======= ======= =======
FY 2005
Internet Subscriptions $ 8,625 $ 8,783 $ 9,160 $ 8,883 $35,451
Internet Engagements 822 1,082 881 1,026 3,811
------- -------- ------- ------- -------
Subtotal Internet Revenue 9,447 9,865 10,041 9,909 39,262
Mobile Subscriptions 803 338 442 585 2,168
CEM Subscriptions 595 531 441 432 1,999
CEM Engagements 2,743 2,431 2,541 2,548 10,263
------- -------- ------- ------- -------
Subtotal CEM Revenue 3,338 2,962 2,982 2,980 12,262
------- -------- ------- ------- -------
Total Revenue, Net $13,588 $13,165 $13,465 $13,474 $53,692
======= ======== ======= ======= =======
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DEFERRED REVENUE
(In thousands)
(Unaudited)
December 31, September 30, December 31,
2007 2007 2006
------------ ------------- ------------
Deferred revenue, net
Domestic $7,198 $7,511 $6,659
International 15,054 14,449 8,050
------------ ------------- ------------
Total $22,252 $21,960 $14,709
Add back: unpaid deferred
revenue
Domestic $1,406 $3,085 $1,820
International 5,145 1,564 7,090
------------ ------------- ------------
Total $6,551 $4,649 $8,910
Deferred revenue, gross
Domestic $8,604 $10,596 $8,479
International 20,199 16,013 15,140
------------ ------------- ------------
Total $28,803 $26,609 $23,619
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Keynote Systems, Inc.
Public Relations
Dan Berkowitz, 650-403-3305
dberkowitz@keynote.com
Investor Relations
Kirsten Chapman or Moriah Shilton, 415-433-3777
mshilton@lhai.com
Copyright Business Wire 2008
