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Last Update: 05-Dec-12 08:15 ET
Tibco Software shares lower by 13% following disappointing earnings
TIBCO Software (TIBX $21.25 -3.47) announced preliminary financial results for the fourth quarter and fiscal year ended November 30, 2012. TIBCO will report complete and final results for the fourth quarter and fiscal year on Thursday, December 20, 2012. For the fourth quarter, TIBCO expects total revenue to be in the range of $292-295 million (versus $315.97 million Capital IQ consensus Estimate). License revenue is expected to be in the range of $135 to $136 million. Earnings per share, calculated in accordance with U.S. generally accepted accounting principles (GAAP) are expected to be in the range of $0.26 to $0.27, with an assumed tax rate of 22%. Non-GAAP earnings per share are expected to be in the range of $0.37 to $0.38 (vs $0.44 Capital IQ Consensus Estimate), with an assumed tax rate of 27%. "It has been our philosophy to be a 'no excuses' management team, and the fact is that we could have done better executing in our core infrastructure business, particularly in the Americas. Having said that, there were additional factors, such as government spending pullbacks and deal delays caused by storm Sandy, which ultimately had a real and tangible impact. On the other hand, we continued to see strong growth globally in our Spotfire business, growth in our European infrastructure business, and strengthening demand for our cloud offerings, especially tibbr. We are well on our way to righting the ship in the infrastructure Americas business, having recently announced new leadership that took effect December 1. We will continue to make adjustments as needed. In summary, while we are disappointed in our results this quarter, we remain confident in the demand for our products, our competitive position, and our ability to execute and regain momentum quickly."
