Kofax cautious optimism
Kofax, plc one of the leading provider of document driven business process automation solutions, releases its Interim Management Statement for the third quarter of its fiscal year ending June 30, 2011.
Kofax’s software business revenue growth has continued to progress in line with Board and management expectations of 14% year over year growth for fiscal year 2011 on an organic, constant currency basis and ahead of those expectations on an “as reported” basis due to favorable exchange rate movements. Expenses and earnings before interest, taxes and amortization (EBITA) also continued to progress in line with expectations.
Reynolds C. Bish, Chief Executive Officer, commented: “I’m pleased to report that we continued to make good progress this past quarter despite the distraction and uncertainty caused by the turmoil in the Middle East and Africa, the earthquake in Japan, concerns about Portugal’s debt and the now resolved U.S. Federal Government budget impasse. We believe these events and their effect on market conditions reinforce our caution and often stated view that the global economic environment is fragile and the extent, strength and sustainability of a recovery is difficult to predict. We nonetheless remain confident in our business and our ability to deliver 14% year over year growth in our software business revenues for fiscal year 2011 on an organic, constant currency basis.”