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Cognos Sales And Profits Leap In Q3

Demand for ReportNet remains upbeat as the business intelligence vendor beats expectations with earnings of $34.5 million on a topline of $210.4 million.
Cognos this week posted solid revenue and earnings gains for the third quarter, reporting strong demand for its ReportNet business intelligence software.

The Ottawa-based firm said it garnered sales of $210.4 million for the quarter, up 22 percent over the $172.2 million it reported in the same period last year. Earnings rose 42 percent to $34.5 million. The results surpassed Wall Street analysts' consensus forecasts.

Cognos said year-to-date license revenue from its ReportNet product reached $99.1 million in the quarter. New ReportNet customer wins from the period include Barclays Bank, Cambridge University, the U.S. Army and U.S. Strategic Command, and pharmaceutical firm Novartis.

Total license revenue grew 26 percent in the third quarter, with 45 percent of that growth coming from customers in the Americas, Cognos said.

The firm landed 15 contracts of greater than $1 million in the quarter, including DaimlerChrysler, Boeing and office supplies retailer Staples.