Epicor’s 2010 First Quarter Results
Epicor, the ERP software vendor, has announced their financial results for Q1 2010. Epicor’s financial quarter ended March 31, 2010, but as ERP giants continue to battle it out, it is important to analyze results so we can find some insight on things to come. Epicor’s ERP software is geared towards midmarket and divisions of Global 1000 companies.
Epicor CEO, George Klaus commented, “We had a strong start to 2010 highlighted by organic first quarter software license revenue growth of 23% over the first quarter of 2009, which helped drive $8.8 million in free cash flow. This strong year-over0year organic software growth validates our belief that our markets are strengthening and that Epicor 9 is creating more opportunities for our sales force. WE expect to maintain this momentum as pipelines continue to grow across all of the industry verticals and geographies we address.”
Klaus adds, “We believe we have the unique opportunity to drive software growth rates that will outpace the market. Software growth ultimately drives additional significant revenue streams for Epicor since more than 80% of our revenues from a customer come after the initial software sale. We plan to capitalize on our strengthening pipelines and improving close rates by continuing to prudently invest in our business, while ensuring we continue to drive revenue growth, strong cash flows and profitability.”
Epicor’s total revenue for Q1 of 2010 was $99.3 million with a breakeven GAAP net income. In 2009, Epicor’s Q1 resulted in $98.7 million with a GAAP loss of $1.6 million.
Epicor’s 2010 first quarter license revenue was $16.2 million, up more than 23% versus the previous year’s first quarter license revenue of$ 13.2 million. Epicor’s 2010 first quarter maintenance revenue grew to $48 million from 2009’s $46.9 million. Epicor even lowered consulting costs in 2010 from $31.5 million in 2009 to $31.1 million in 2010.
Basically, Epicor had a pretty successful first quarter of 2010. The business outlook for Epicor is looking bright and profitable. Total revenue for Q2 of 2010 is expected to be $104-$106 million.
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