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April 27, 2009

Amdocs second quarter earnings fall 19% to $81m

Europe revenue down 23% to $136m

By CBR Staff Writer

Billing and CRM vendor Amdocs has reported a 19% decline in net income to $80.63m for the second quarter 2009, compared to $100m in the year-ago quarter, on revenue down 8% at $711m.

Operating income fell 8% to $96m, while diluted EPS fell 15% to $0.39. Free cash flow was $62m during the quarter.

The company said license revenue grew 16% to $37.2m, while services revenue fell 9% to $674m. Geographically, North America revenue fell marginally to $540m from $541.5m, Europe revenue fell 23% to $136m, and rest of the world revenue fell 32% to $66.3m.

For the six-month period, the company reported a 21% decline in net income to $155m compared to $195.52m a year ago, on revenue down 3% at $1.46 billion.

Dov Baharav, chief executive at Amdocs, said: In the quarter difficult economic conditions continued to impact our customers’ buying decisions. Sales cycles remained extended, particularly for larger, transformational projects, and certain customers delayed commitments for new projects. We assume revenue for the year could be down 10%-12% relative to fiscal year 2008, with foreign currency effects contributing roughly 3% of the decline.

Looking ahead to the third quarter, the company expects revenue to be approximately between $670m and $690m and EPS between $0.33 and $0.38.

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