MapInfo Corporation recently reported net income for the first quarter of fiscal 2006 calculated on a non-GAAP basis (excluding the impact of stock-based compensation expense) of $2.3 million, or $0.11 per share. On a GAAP basis, net income for the first fiscal quarter of 2006 was $1.6 million, or $0.08 per share, on revenue of $38.9 million. The net impact of the stock-based compensation expense for the quarter was approximately $0.7 million, or $0.03 per share. Both the first quarter revenue and earnings per share are in line with management’s previous guidance.
Supplemental schedules, including a reconciliation of GAAP to non-GAAP measures and the allocation of stock-based compensation expense included in net income are provided at the end of this release. For the first quarter of fiscal 2005, the company reported net income of $1.2 million, or $0.06 per share, on revenue of $34.7 million. Included in first quarter fiscal year 2005 earnings per share was $0.05 in net charges primarily related to the write-off of the remaining value of the company’s equity investment in Alps Mapping, Co. As of December 31, 2005, cash and investments stood at $75.6 million and deferred revenue was $19.4 million. The company generated $2.6 million in cash from operations during the quarter.
For the second quarter, the company anticipates revenue in the range of $40.0 million to $42.0 million and GAAP earnings per share of $0.09 to $0.12. The company reaffirms its previous full year guidance of revenue between $166 million and $172 million and earnings per share in the range of $0.44 to $0.51. Included in the company’s earnings guidance is an estimate for options based compensation expense of approximately $0.03 and $0.12 per share for the second quarter and fiscal 2006, respectively.
The company is presenting non-GAAP net income and earnings per share. These measures are determined by excluding stock-based compensation expense associated with the adoption of SFAS 123(R), in addition to the results presented in accordance with generally accepted accounting principles (GAAP) in this press release. Management believes that these non-GAAP measures viewed in addition to and not in lieu of the company’s reported GAAP results, will assist investors in understanding MapInfo’s results of operations on a comparative basis.
