Double-Take Reports Results

Double-Take Software announced its financial results for the first quarter 2007

April 26, 2007

2 Min Read
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SOUTHBOROUGH, Mass. -- Double-Take Software, Inc. (NASDAQ: DBTK), a leading provider of recovery solutions, today announced its financial results for the first quarter 2007.

Total revenue for the quarter, which consists of software revenue and maintenance and professional services revenue, increased 67.9% to $17.9 million in the first quarter of 2007 from $10.7 million in the first quarter of 2006. Revenue for the first quarter of 2007 includes revenue from Double-Take EMEA for the entire quarter. Double-Take EMEA was acquired by the Company on May 23, 2006. (Formerly Sunbelt Systems Software S.A.S., Double-Take EMEA was Double-Take Softwares near exclusive distributor in Europe.)

Software revenue increased 63.1% to $10.4 million in the first quarter of 2007 from $6.4 million in the first quarter of 2006. Maintenance and professional services revenue increased 74.9% to $7.5 million in the first quarter of 2007 from $4.3 million in the first quarter of 2006.

Operating expenses for the first quarter of 2007 increased 49.3% to $13.5 million from $9.1 million in the first quarter of 2006. Included in operating expenses in the first quarter of 2007 were the following items:

  • Stock option expense of $0.3 million related to SFAS 123R.

  • Amortization of intangible assets of $0.2 million related to the acquisition of Double Take EMEA in May 2006.

Included in operating expenses in the first quarter of 2006 was $0.4 million of stock option expense resulting from the adoption of SFAS 123R and the vesting of stock options for the former CEO and $0.1 million related to the issuance of Series C Preferred shares to management.

Income from operations was $2.5 million in the first quarter of 2007 compared to $0.3 million in the first quarter of 2006. Net income attributable to common stockholders was $2.9 million, or $0.13 per diluted share, in the first quarter of 2007 compared to a loss of ($1.7) million, or ($.44) per diluted share, in the first quarter of 2006.

Double-Take Software Inc.

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