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Integrated Research Limited Announces Results for 2006 Financial Year

  • 16 August, 2006 07:30

<p>Integrated Research (ASX:IRI), leading developer and provider of systems and application management solutions for high availability computing environments, released the following results for the financial year ended 30 June 2006.</p>
<p>Net profit for the period was $7.0 million, or 4.21 cents per share (diluted), compared to $6.2 million (3.75 cents per share, diluted) in the previous corresponding period, an increase of 12%. Total revenue for the period increased by 4% to $34.5 million, compared to $33.1 million in the prior year, after absorbing the impact of a 5% stronger Australian dollar. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 10% to $12.1 million.</p>
<p>Net profit for the second half of the year was $5.4 million, compared to $1.6 million in the first half, an increase of 229% and $3.6 million in the second half last year, an increase of 50%.</p>
<p>Financial result highlights ($’000)-------- 2006---------- 2005---------- % Change</p>
<p>Revenue from licence fees--------------- 19,040---------- 17,790-------- 7%</p>
<p>Revenue from maintenance fees-------- 14,909--------- 14,877-------- -</p>
<p>Total revenue---------------------------------- 34,523---------- 33,113---------- 4%</p>
<p>EBITDA----------------------------------------- 12,130---------- 11,026---------- 10%</p>
<p>Net profit after income tax------------------- 7,003------------ 6,238---------- 12%</p>
<p>Cash and cash equivalents at balance date 10,736----- 9,699---------- 11%</p>
<p>Net assets----------------------------------- 23,288---------- 19,958---------- 17%</p>
<p>Both 2006 and 2005 results have been prepared using the Australian equivalents of International Financial Reporting Standards.</p>
<p>In 2004 the company provided for $806,000 additional tax due to a retrospective change in legislation covering franking deficit tax offsets. Amending legislation in 2006 allowed the company to claim back the prior charge in the current financial year.</p>
<p>Steve Killelea, Chairman of Integrated Research said: “The results demonstrate our ability to deliver consistent growth in revenue and earnings. Combined with 98% retention of recurring maintenance revenue, the company has a strong platform for future growth.”</p>
<p>Chief Executive Officer, Keith Andrews, added: “All three geographic regions performed strongly with increased sales in 2006, and have established strong pipelines for the next year. I am pleased to report that sales of the traditional NonStop products increased by 7% and sales of the new product lines increased by 36%. The strong performance in the second half reflects the positive impact of the organisational changes we made during the first half. With continued investment in R&amp;D and sales, I expect the momentum to continue.”</p>
<p>Integrated Research continues to hold a strong financial position, with cash at 30 June 2006 of $10.7 million, compared to $9.7 million a year ago, and remains free of debt. Net cash flow provided by operating activities was $5.1 million.</p>
<p>Directors have declared a final dividend of 1.5 cent per share, unfranked, payable on 15 September 2006, bringing the total unfranked dividend for the year to 2.5 cents per share.</p>
<p>-end-</p>
<p>About Integrated Research Ltd</p>
<p>Integrated Research – the people behind PROGNOSIS - is a publicly listed company with an 18-year heritage of providing precise performance monitoring solutions for business-critical computing and IP telephony environments.</p>
<p>The company services customers in more than 50 countries through direct sales offices in the USA, Europe, and Australia, and via a global channel-driven distribution network. Customers include the world’s largest bank, telecommunications company, stock exchange, computer hardware manufacturer and Internet service provider.</p>
<p>Media Contact:</p>
<p>Amanda Brown</p>
<p>Kinetics Pty Ltd</p>
<p>Ph: + 61 7 5501 5722</p>
<p>amanda@kinetics.com.au</p>

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