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Tibco Sales Grew 40% In First Quarter

Profits aren't growing at quite as fast a clip, though, for the integration software supplier

Sales for Tibco Software Inc., an integration software supplier, rose 40% in its first quarter compared with a year ago, and almost half came from new license growth. Tibco Thursday reported $104.1 million in revenue for the quarter ended Feb. 27, with net income rising 22% to $10.4 million.

The new license revenue was $51 million or 49% of total sales. Last year, it had revenue of $74.4 million and net income of $8.5 million in its first quarter. New license revenue that quarter amounted to $40.8 million of the total or 55%.

Tibco added 97 customers in the first quarter, compared to 50 last year, the company said. New and existing customers they did deals with in the quarter included Merck, Reuters, Bonneville Power Administration, Modesto Irrigation District, and Societe Generale. Despite the sales growth and new customers, Tibco chairman and CEO Vivek Ranadive in a statement characterized it as "a challenging quarter."

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