The following local companies have announced their third quarter financial results.
Manhattan Associates Inc.,
Supply Chain Commerce solutions provider Manhattan Associates Inc., 2300 Windy Ridge Parkway Southeast in the Cumberland area reported Oct. 23 their third quarter revenue and earnings.
The company had a record non-GAAP adjusted diluted earnings per share for the third quarter, which ended Sept. 30, of $1.05 compared to 75 cents in third quarter 2012, on license revenue of $14.8 million and record total revenue of $107.8 million. GAAP diluted earnings per share for third quarter 2013 was $1.02 compared to 69 cents in third quarter 2012.
Consolidated total revenue was $107.8 million in third quarter 2013, compared to $95.8 million in third quarter 2012. License revenue was $14.8 million in third quarter 2013, compared to $16.2 million in third quarter 2012. Adjusted operating income, a non-GAAP measure, was $32 million in third quarter 2013, compared to $23.8 million in third quarter 2012. GAAP operating income was $30.8 million in third quarter 2013, compared to $21.7 million in third quarter 2012.
Cash flow from operations was $32.7 million in third quarter 2013, compared to $17.5 million in third quarter 2012. Day Sales Outstanding were 58 days at Sept. 30, 2013, compared to 61 days at June 30, 2013. Cash and investments at Sept. 30, 2013 were $125.9 million, compared to $106.5 million at June 30, 2013.
During the three months ending Sept. 30, the company re-purchased 151,856 shares of Manhattan Associates common stock under the share repurchase program authorized by the board of directors, for a total investment of $13.5 million. In October 2013, the Board of Directors approved raising the company’s share re-purchase authority to an aggregate of $50 million of the company’s outstanding common stock.
As the leading enabler of Supply Chain Commerce, Manhattan Associates designs, builds and delivers market-leading supply chain solutions for its customers around the world. Manhattan Associates helps drive the commerce revolution with insight and technology solutions, connecting front-end revenue and relationships with back-end execution and efficiency-optimized on a common technology platform.
State Bank Financial Corporation
State Bank Financial Corporation, the holding company for State Bank and Trust Company — which has a Marietta branch at 250 Church St. Northeast, announced Oct. 24 the unaudited financial results for the quarter ending Sept. 30.
Net income for third quarter 2013 was $4.3 million, compared to $137,000 for second quarter 2013 and $3.4 million for third quarter 2012. Fully diluted earnings per share were 13 cents in the third quarter compared to zero cents in second quarter 2013 and 10 cents in third quarter 2012.
Separately, the company’s board of directors authorized the repurchase of up to one million shares, approximately three percent, of the company’s outstanding common stock. The shares may be repurchased from time to time in the open market or through privately negotiated transactions, depending upon market conditions and other factors.
Net interest income was $44.4 million in third quarter 2013, up from $41.6 million in second quarter 2013 and $34.2 million in third quarter 2012. Accretion income on covered loans increased $2.2 million from second quarter 2013 primarily due to closing out of loan pools in third quarter 2013. Interest income on non-covered loans for third quarter 2013 was $15.8 million, up from $15.1 million in the prior quarter and $14.7 million in third quarter 2012. Yield on non-covered loans of 5.52 percent was down 11 basis points in third quarter 2013 due to increasingly competitive pricing pressure.
Interest expense of $2 million in third quarter 2013 was down slightly versus the prior quarter and down from $2.2 million in third quarter 2012. Cost of funds for the third quarter was 38 basis points, up only one basis point from second quarter 2013, but down three basis points from the year ago period.
PRGX Global Inc.
PRGX Global Inc., 600 Galleria Parkway in the Cumberland area, announced Monday its unaudited financial results for the third quarter and nine months ending Sept. 30.
Operating highlights included a third quarter 2013 revenue of $53.4 million, which was an increase of 2.5 percent over third quarter 2012 and 6.4 percent over second quarter 2013; a third quarter 2013 adjusted EBITDA of $10.8 million, which was an increase of 21.9 percent over third quarter 2012 and 34.1 percent over second quarter 2013; the third quarter 2013 gross margin improved 450 basis points over third quarter 2012 and 496 basis points over second quarter 2013; and Global Recovery Audit Services achieved a gross margin of 45 percent as a cost-to-serve reduction program continued.
PRGX Global Inc., the world’s leading provider of recovery audit services, has more than 1,700 employees, operates in more than 30 countries and provides services to more than 75 percent of the top 30 global retailers.
BlueLinx Holdings Inc.
BlueLinx Holdings Inc., 4300 Wildwood Parkway in Marietta, announced Wednesday its financial results for the fiscal third quarter ending Sept. 28.
Revenues for the fiscal third quarter increased 12.3 percent to $558.0 million from $496.8 million for the same period a year ago. Overall unit volume increased 11.9 percent compared to the same period a year ago. On a comparable basis, same center revenues for the fiscal third quarter increased 14.2 percent.
The company incurred a net loss of $3.2 million, or four cents per diluted share for the fiscal third quarter of 2013, compared with a net profit of $3.1 million, or five cents per diluted share, for the fiscal third quarter of 2012. After adjusting for significant special items, fiscal third quarter adjusted net loss was $2.2 million compared to an adjusted net loss of $3.7 million for the same period a year ago.
Adjusted EBITDA increased 117.9 percent to $6.1 million from $2.8 million for the same period a year ago. The improvement in Adjusted EBITDA reflects an increase in unit volume and the company’s continued focus on operating efficiency and leveraging fixed costs as unit volume increased.
Gross profit for the fiscal third quarter totaled $62.5 million, up 3.2 percent from $60.5 million in the year-ago period. Gross margins were 11.2 percent compared to 12.2 percent a year ago. Overall gross margins were impacted by a higher mix of lower-margin structural sales, low margin sales related to the closure of five distribution centers, and a highly competitive pricing environment. Same center gross margins were 11.5 percent compared to 12.1 percent a year ago.
Fiscal third-quarter operating expenses of $59.4 million increased $9.1 million compared to the same period a year ago. Fiscal third-quarter operating expenses included $900,000 in net gains from significant special items compared to a $9.2 million gain from the sale of certain properties in the prior period. After adjusting for significant special items in the fiscal third quarters of 2013 and 2012, operating expense as a percentage of revenue improved to 10.8 percent in third quarter 2013 from 12.0 percent in third quarter 2012. Reported operating profit for the quarter was $3.1 million, compared to an operating profit of $10.3 million a year ago.
BlueLinx Holdings Inc., operating through its wholly owned subsidiary BlueLinx Corporation, is a leading distributor of building products in North America. It employees approximately 1,800 people and offers more than 10,000 products from more than 750 suppliers to service approximately 11,500 customers nationwide.