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Access Commerce announces a 22% Jump in Q3 2009 Revenue
- Sharp rebound in Cameleon license sales
- Completion of the sale of non-core businesses
Chicago, Illinois and Toulouse, France, October 21, 2009
Access Commerce (FR0000074247), a leading provider of multichannel selling and configurator software, today announced its provisional revenue for the third quarter of 2009.
Business review
Access Commerce’s provisional consolidated revenue for the third quarter of 2009 totalled €1.98m, up 22% from €1.62m in the third quarter of 2008.
(€M) | Q3 2009 | Q3 2008 |
Software revenue | 1.47 | 0.84
|
Services revenue | 0.52 | 0.78 |
Total Revenue Q3 2009 | 1.98 | 1.62 |
This strong revenue growth in a challenging economic environment can be attributed to a 75% increase in software revenue. Access Commerce has won significant contracts with major companies – both in its installed base and with new customers – including Gras Savoye, France’s leading insurance broker, Thyssen Krupp Elevator, one of the world’s largest elevator suppliers, and SFR, Europe’s leading alternative mobile phone operator.
Services revenue fell relative to the same period last year, due notably to the creation of a new systems integrator network that is designed to promote the Cameleon suite among the Company’s target markets. Nevertheless, total services revenue for the year-to-date is in line with management forecasts.
Outlook
Jacques Soumeillan, Chairman of Access Commerce, commented, “We are extremely pleased with our progress in the third quarter. We completed the sale of our non-core businesses under good terms, despite the sluggish economy, and won several important new contracts that confirm Cameleon’s growth potential in key industries in both Europe and the US. Our business portfolio and pre-sales activities are encouraging, especially in the insurance and telecommunications markets. We also saw a pick-up in business among manufacturing companies.”
Adoption of IFRS 5 and restated revenue data
Access Commerce sold its stake in its Innocad SAS subsidary (which supplies and installs CAD and data management software) on October 5, 2009, as announced in a press release issued on the same date. This sale was recognized in accordance with IFRS 5; that is, Innocad’s income and expenses were recorded under a single line item, “Net income from disposed businesses,” in Access Commerce’s consolidated income statement. Therefore, in order to provide data on a comprable scope, Access Commerce’s consildated revenue for the first three quarters of 2009 and 2008 were restated to exclude revenue from Innocad; these restated figures are given below.
The Company also began reporting revenue from Cameleon products (licences, SaaS, and maintenance) separately from Cameleon services (consulting, training, support, etc.).
(€M) | Q1 2009 | Q1 2008 |
Software revenue | 1.07 | 1.26 |
Services revenue | 0.64 | 0.81 |
Total Revenue Q1 2009 | 1.71 | 2.07 |
(€M) | Q2 2009 | Q2 2008 |
Software revenue | 0.93 | 1.62 |
Services revenue | 0.54 | 0.67 |
Total Revenue Q2 2009 | 1.46 | 2.29 |
(€M) | Q3 2009 | Q3 2008 |
Software revenue | 1.47 | 0.84
|
Services revenue | 0.52 | 0.78 |
Total Revenue Q3 2009 | 1.98 | 1.62 |
(€M) | Q1-Q3 2009 | Q1-Q3 2008 |
Software revenue | 3.46 | 3.72
|
Services revenue | 1.69 | 2.25 |
Total Revenue Q1-Q3 2009 | 5.15 | 5.97 |
Non audited |
|
|
New breakeven revenue
Access Commerce estimates its breakeven revenue for the full-year 2009 to be around €7.4m, after accounting for business disposals recognized in accordance with IFRS 5 and other non-recurring items.
Press Release October 21, 2009