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February 10, 2010

Epicor Software Q4 revenue down 8% to $111.9m

Expects revenue to be in the range of $98 to $100m for first quarter

By CBR Staff Writer

Epicor Software, an enterprise business software provider, has reported total revenue of $111.9m for the fourth quarter of 2009, down about 8% compared to 122m for the same period last year.

The company’s gross profit for the fourth quarter was $57m, operating expenses were $46.1m, a decrease compared to $48.4m for the same period last year.

For the fourth quarter ended December 31, 2009, the company posted net income of $6.7m, or $0.11 per diluted share, an increase compared to $1.5m or $0.03 per dilute share.

License revenue was $25.8m, up 3% year-over-year and 88%, sequentially. Maintenance revenue grew 3% to $48.6m, consulting revenue was $33.2m, while hardware and other revenue was $4.4m.

For full year 2009, the company reported revenue of $409.6m, a decrease compared to $487.9m in 2008. Gross profit decreased to $198.3m from $215.1m in 2008. Net loss was $1.24bn or 0.02 per dilute share, compared to a net loss of $3.45bn or 0.06 per dilute share a year ago.

George Klaus, chairman, president and CEO of Epicor, said: With software license revenues increasing nearly 90% over the third quarter and exceeding our year earlier comparable for the first time in 2009, Epicor’s fourth quarter was a very strong finish to a respectable year. Epicor 9 is making a difference and is enabling Epicor to increase market share across all of the industries and geographies we address.

“All revenue lines grew over the 2009 third quarter, with the exception of hardware, and total gross margin hit a two-year high of 51%, helping drive fourth quarter adjusted EBITDA margin of 17.8%, at least three percentage points higher than any other quarter this year. We generated more than $17m in free cash flow – a total of approximately $47m for the year – which grew our cash balance to approximately $107m.”

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Looking ahead, the company expects all revenue lines to be up in the first quarter of 2010, compared to first quarter of 2009, with the exception of hardware. 2010 first quarter total revenue is expected to be $98m to $100m, with non-GAAP earnings per diluted share for the 2010 first quarter expected to be $0.10 to $0.11.

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