Monday, marketing management software maker Unica Corp. (UNCA) reported a swing to first quarter loss despite lower revenues, helped primarily by a decline in operating expenses.
The Waltham, Massachusetts-based company reported a first-quarter net income of $1.8 million or $0.08 per share, compared to a net loss of $4.1 million or $0.20 per share a year ago.
Net income for the first quarter of 2009 included the impact of a $1.3 million tax benefit related to a net operating loss carryback, recorded as a discrete item upon a change in tax law.
On a non-GAAP basis, the company reported a net income of $1.7 million or $0.08 per share, compared to a net loss of $870 thousand or $0.04 per share a year ago.
On average, three analysts polled by Thomson Reuters estimated earnings of $0.02 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the first quarter declined to $25.1 million from $26.1 million in the prior-year quarter. Analysts expected revenues of $25.03 million for the quarter.
Subscription revenue rose 22% to $5.2 million, perpetual license revenue decreased 15% to $5.5 million, maintenance revenue dropped 2% to $11.3 million, and services revenue declined 18% to $3.1 million, compared to the first quarter of fiscal 2009.
Income from operations for the quarter was $929 thousand, compared to loss from operations of $2.44 million in the comparable quarter last year. Total operating expenses for the quarter declined to $17.44 million from $21.66 million in the year-earlier quarter.
The company ended the first quarter with total annual recurring contract value, which represents the annual value of subscription and maintenance contracts at the end of the quarter, of $68 million. This represented an increase of 5% compared to the end of fiscal 2009.
As of December 31, 2009, Unica had cash, cash equivalents and investments of $49.8 million, compared to $50.3 million at September 30, 2009.
UNCA closed Monday's regular trading at $7.93, up $0.01 or 0.13%, on the Nasdaq.
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