As it pre-announced it would on Monday, Platinum Technology Inc posted first-quarter net income of $0.05 per share, when the First Call consensus was only a penny. Actual net income came in at $3.7m on revenue that rose 36.9% to $158.3m, against a net loss of $25.3m in the year-ago quarter. The corresponding quarter last year was burdened with $14.1m in merger and acquisition charges. Both license and service revenue grew more than 40%, while the maintenance portion of the business grew about 19% year-over-year. While revenues soared, expense growth was kept to 17%. Interestingly, though, operating income for this quarter was only $995,000, with other income adding $4.2m, before a tax bill of $1.6m. The Oakbrook, Illinois company reckons its operating margin for the year should be in the 10% range. Platinum currently has $130.2m in cash reserves, down 26.9% from last year’s quarter.
