Actuate Q1 2014 revenues down from prior year's Q1

Actuate Corp. (NASDAQ: BIRT) said its GAAP revenues for the first quarter of 2014 were USD24.1m, compared with USD34.9m in the first quarter of 2013.

License revenues for the first quarter of 2014 were USD6.2m, compared with USD15.5m in the first quarter of 2013. Service revenues for the quarter were USD17.9m, compared with USD19.4m reported in the same quarter last year.

It is important to note that the end of the first quarter of 2013 marked the end of the quarterly revenue stream associated with the company´s June 2010 settlement agreement with Oracle (NASDAQ: ORCL) . The terms of the agreement called for equal cash payments of USD1.3m by Oracle to Actuate over 12 consecutive quarters ending March 31, 2013. Accordingly, Actuate has recognized USD1.3m of associated revenues in the first quarter of 2013.

GAAP operating loss was USD4.5m for the first quarter of 2014, compared with operating income of USD2.8m in the first quarter of 2013. GAAP net loss for the first quarter of 2014 was USD3.4m, or USD(0.07) per diluted share, compared with net income of USD3.0m, or USD0.06 per diluted share, in the first quarter of 2013.

Non-GAAP net loss for the first quarter of 2014 was USD470,000, or USD(0.01) per diluted share, compared with non-GAAP net income of USD4.2m, or USD0.08 per diluted share in the first quarter of 2013.

Actuate provides software to BIRT developers and OEMs who build scalable, secure solutions that save time and improve brand experience by delivering personalized analytics and insights to their customers, partners and employees. Actuate founded and supports BIRT the open source IDE and develops BIRT iHub the world-class deployment platform to significantly improve productivity of developers working on customer facing applications. Visit actuate.com and developer.actuate.com.

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