Business systems company Amdocs Ltd. (NYSE: DOX) has reported its financial results for the first fiscal quarter of 2016. Revenue was $922 million, up 1.7% from the corresponding fiscal quarter last year and within the $905-$945 million guidance range, despite foreign currency movements that negatively affected revenue by $5 million.
Non-GAAP net profit was $132.0 million ($0.86 per share), down from $139.5 million ($0.88 per share) in the first quarter of fiscal 2015.
The board of directors has approved a share repurchase plan of up to $750 million of ordinary shares and $100 million of shares were repurchased in the first fiscal quarter.
Twelve-month backlog was $3.09 billion at the end of the first fiscal quarter, up $10 million from the end of the fourth quarter of fiscal 2015.
The board of directors approved a $0.195 per share quarterly cash dividend to be paid on April 15, 2016, subject to shareholders’ approval at the February 2016 annual general meeting.
Amdocs expects revenue of approximately $905-$945 million in the second fiscal quarter, up slightly from $902.6 million in the corresponding quarter last year, expected diluted non-GAAP EPS of $0.84-$0.90. The company reiterated fiscal 2016 revenue growth of 2-6% year-over-year excluding the effects of foreign currency movements.
Amdocs president and CEO Eli Gelman said, "During the first quarter we also focused on developing the many new customer relationships we acquired through our purchase of the Comverse BSS assets in fiscal 2015. Along these lines, we are today pleased to announce new projects for Amdocs Kenan and Amdocs C1 solutions with a number of service providers. These include projects at Liberty Global in Switzerland and at Telefônica Brasil, following its acquisition of GVT. We believe activities such as these highlight sustained business momentum with former Comverse customers and demonstrate Amdocs’ commitment to providing additional value, innovation, and a broader range of products and services for these customers."
Published by Globes [online], Israel business news - www.globes-online.com - on February 3, 2016
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