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September 24, 2004
1 Min Read
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.
About the Author(s)
Editor at Large, Cloud
Charles Babcock is an editor-at-large for InformationWeek and author of Management Strategies for the Cloud Revolution, a McGraw-Hill book. He is the former editor-in-chief of Digital News, former software editor of Computerworld and former technology editor of Interactive Week. He is a graduate of Syracuse University where he obtained a bachelor's degree in journalism. He joined the publication in 2003.
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