Tibco's Revenue, Profit Jump 2

Tibco Software Inc. on Tuesday reported a 60% jump in revenue in its third quarter, ended Aug. 29, beating estimates by 2 cents. The business-integration-software vendor also revealed plans to buy back as much as $50 million of its stock over the next two years.

Net income amounted to $8.6 million, or 4 cents a share, compared with $2.7 million, or 1 cent per share, a year ago. Third-quarter revenue was $105.9 million, compared with $66.1 million a year ago.

New-license revenue was $57.4 million versus $34.6 million for the same period a year ago. Tibco added 82 customers in the quarter, chairman and CEO Vivek Ranadive says.

Tibco's Enterprise Application Integration middleware is frequently used to connect enterprise apps to customer-management and other operational systems. Tibco's Staffware Process Suite, stemming from its acquisition of business-process-software company Staffware, is frequently used to build business-process-management systems. "Our third-quarter performance reflects these trends," Ranadive says.

The company will repurchase common stock, depending on market conditions, he says. The stock closed Tuesday at $7.51 a share. The company has 209 million shares outstanding.