NICE announced results for the first quarter ended March 31, 2014.
NICE announced results for the first quarter ended March 31, 2014.
First Quarter 2014 non-GAAP Financial Highlights:
* Revenues of $229 million
* Fully diluted earnings per share of $0.57
* Cash from operations $58 million
“I'm excited to have stepped into the role of the CEO as of early April.” said Barak Eilam, CEO of NICE, “I believe what sets NICE apart is the combination of our great assets, including established relationships with thousands of customers, industry-leading products and technologies, world class go-to-market organization, domain expertise, and our strong financial position that enables us to invest in the Company's future growth, both organically and inorganically. In the coming months, I will focus my efforts on further defining NICE's long-term growth strategy and thoroughly reviewing our operational model. I look forward to capitalizing on the opportunities ahead.”
Dividend Declaration
The company declared a cash dividend for the first quarter of 2014 of $0.16 per share. The record date will be May 27th, 2014 and the payment date will be June 10th, 2014. Tax will be withheld at a rate of 15%.
Non-GAAP Financial Highlights for the First Quarter Ended March 31:
Revenues: First quarter 2014 non-GAAP total revenues were $229.0 million, up 1.9% from $224.7 million for the first quarter of 2013.
Gross Profit: First quarter 2014 non-GAAP gross profit and non-GAAP gross margin were $149.8 million and 65.4%, respectively, compared to $150.4 million and 66.9%, respectively, for the first quarter of 2013.
Operating Income: First quarter 2014 non-GAAP operating income and non-GAAP operating margin were $41.6 million and 18.2%, respectively, compared to $43.5 million and 19.4%, respectively, for the first quarter of 2013.
Net Income: First quarter 2014 non-GAAP net income and non-GAAP net margin were $34.8 million and 15.2%, respectively, compared to $37.6 million and 16.7%, respectively, for the first quarter of 2013.
Fully Diluted Earnings Per Share: First quarter 2014 non-GAAP fully diluted earnings per share reached $0.57, compared to $0.61 for the first quarter of 2013.
GAAP Financial Highlights for the First Quarter Ended March 31:
Revenues: First quarter 2014 total revenues increased 1.9% to $228.6 million compared to $224.3 million for the first quarter of 2013.
Gross Profit: First quarter 2014 gross profit and gross margin were to $138.9 million and 60.8%, respectively, compared to $138.5 million and 61.7%, respectively, for the first quarter of 2013.
Operating Income: First quarter 2014 operating income and operating margin were $16.8 million and 7.3%, respectively, compared to $18.6 million and 8.3%, respectively, for the first quarter of 2013.
Net Income: First quarter 2014 net income and net margin were $15.7 million and 6.9%, respectively, compared to $17.8 million and 7.9%, respectively, for the first quarter of 2013.
Fully Diluted Earnings Per Share: Fully diluted earnings per share for the first quarter of 2014 was $0.26 compared to $0.29 for the first quarter of 2013.
Operating Cash Flow and Cash Balance: First quarter 2014 operating cash flow was $58.4 million. In the first quarter, $26.5 million was used for share repurchases and $9.7 million for dividends. As of March 31, 2014, total cash and cash equivalents, and short and long term investments were $469.3 million, with no debt.
Second Quarter and Full Year 2014 Guidance:
Second Quarter 2014: Second quarter 2014 non-GAAP total revenues are expected to be in a range of $230 million to $240 million. Second quarter 2014 non-GAAP fully diluted earnings per share are expected to be in a range of $0.55 to $0.62.
Full Year 2014: Full year 2014 non-GAAP total revenues are expected to be in a range of $995 million to $1,025 million. Full year 2014 non-GAAP fully diluted earnings per share are expected to be in a range of $2.68 to $2.80.