Real-time middleware vendor Tibco Software Inc has reported its first set of financial results since the company went public in July, posting a third-quarter net loss of $3.9m on revenue up 121% at $24m, down from a loss of $5.8m in the year-ago quarter. Excluding non-cash charges related to stock compensation, the company says its operating net loss for the quarter was $1.9m, or $0.03 per share, when analysts surveyed by First Call were expecting a wider loss of $0.06.
Palo Alto, California-based Tibco reported total license revenue for the quarter of $13.2m, up from $3.3m a year ago – with roughly $4.9m of the total coming from majority owner Reuters Plc. On the service and maintenance revenue side of the business, total revenue rose 44.6% to $10.9m, while the Reuters-related portion was $642,000. For the nine-month period, net loss was $12.9m on revenue up 76.6% at $63.1m, against a loss of $9.8m last year.
The company says net proceeds from the IPO – in which it sold a total of 9.2 million shares – were about $124m, which it intends to use for general corporate purposes. As part of the offering, Yahoo! Inc and Sun Microsystems Inc took equity positions in the company, joining Reuters and Cisco Systems Inc. As of August 31, the company had cash and cash equivalents of $127m, total assets of $166m and stockholders’ equity of $143m. Tibco shares closed Friday down $0.625 at $35.125, well up from their initial offering price of $15 but trailing the 52-week high of $41.375.
