Bish bashes economic woes as Kofax bucks trend

Kofax CEO Reynolds C. Bish

From Jap meltdowns to market-making miasmas, political and economic machinations do little to upset document bellwether’s steady growth strategy

By PAUL QUIGLEY

ECM Plus +++ Kofax has just revealed figures for its Interim Management Statement for the third quarter of its financial reporting year ending on June 30, 2011.

According to the Irvine-Calif-based firm, 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, the company said in a statement.

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.”

According to Bish, the company is continuing to expect the sale of its hardware business to close during May 2011, while there have been no significant changes in the company’s financial position since December 31, 2010.

The company’s cashflow has continued as expected and its balance sheet remains strong, the company stated.


Related links:

Kofax podcast interview with Martyn Christian, Chief Marketing Officer on DocumenTALK

ECM Plus podcasts

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Filed under Business process automation (BPA), Document Management, Document scanning & imaging, Industry News

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