Business intelligence software developer Qlik Technologies Inc. (QLIK), Thursday reported a lower fourth-quarter profit, hurt mainly by increased operating costs. However, the company's earnings and revenue topped Street estimates, as a result of growth in licensing business. Qlik shares jumped 14 percent in after-hours trade on the Nasdaq, following the news.
The company also detailed strong earnings and revenue outlook for fiscal year 2013, although first quarter guidance is set to miss current estimates.
Qlik also announced the resignation of its Chief Financial Officer Bill Sorenson, citing personal reasons. Sorenson, who has been CFO since 2008, will continue until a replacement has been found.
Qlik's revenues for the quarter rose 27 percent to $137.5 million from $108 million a year ago, with License revenue up 24 percent.
On average, 16 analysts polled by Thomson Reuters estimated revenues of $126.85 million for the quarter.
The impact of foreign exchange rate fluctuations reduced total revenue by less than 1 percent.
On a constant currency basis, revenue in the Americas increased 42 percent from a year ago, Europe gained 20 percent, and Rest of World was up 34 percent.
"We continue to see strong demand for our products and we are focused on broadening our service offerings, further improving our customer ROI and driving significant levels of growth, while also targeting modest improvements in our profit margins," said CEO Lars Björk.
But results were impacted by operating expenses that escalated to $97 million from $73 million a year ago, due to higher spend on research and sales. Provision for income tax rose to $13 million from $10 million from a year ago.
As a result, the Radnor, Pennsylvania-based company's net income for the quarter dropped to $13.3 million or $0.15 per share from $15.6 million or $0.18 per share in the prior year.
Excluding items, adjusted earnings for the quarter were $22 million or $0.25 per share, compared with $20.4 million or $0.23 per share a year ago.
Analysts on consensus estimated earnings of $0.23 per share for the quarter. Analysts' estimates typically exclude special items.
For the first quarter, Qlik expects adjusted loss of $0.15 to $0.12 per share on revenues of $87 million to $91 million. Analysts currently estimate loss of $0.01 per share on revenues of $94.23 million.
For fiscal year 2013, Qlik expects adjusted earnings of $0.39 to $0.42 per share on revenues of $465 million to $475 million. Analysts currently expect earnings of $0.38 per share on revenues of $452.70 million.
Qlik closed Thursday at $22.76, up 3.50%, on a volume of 3.8 million shares. In after hours, the stock gained $3.24 or 14.24%.
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