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Manhattan Associates Inc. is on a profitable track.
Buoyed by several new and expanded contracts with retailers and other companies, Manhattan Associates Inc. is on a profitable track.
Sales at the provider of web-based supply chain systems, rose to $77.6 million for the second quarter ended June 30, up 33% compared to $58.4 million in the second quarter of 2009. For the first half, sales totaled $151.59 million, up 27% from $119.23 million a year earlier.
“Since the global economy began to stabilize in Q3 of 2009, we have posted four straight quarters of strong financial results,” says Pete Sinisgalli, Manhattan Associates president and CEO.
Net income for the quarter was $8.18 million compared with a loss of $556,000 for the same period a year earlier. For the first half, Manhattan reported net income of $15.38 million compared to a loss of $294,000 for the first half of 2009.
Revenue from software licenses totaled $15.48 million in Q2 compared with $4.12 million in 2009. For the half year, license revenue was $29.69 million, more than triple the $9.04 million for the first half of 2009. Services revenue rose to $54.78 million for the quarter, up 11% from $49.22 million a year earlier. For the first half of the year, services revenue was $108.24 million up 7.3% from $100.26 million a year earlier.
The economic uncertainty of 2009 resulted in many companies delaying their plans to make large supply chain investments, a Manhattan Associates spokesperson says. However, beginning in the third quarter of 2009 companies began to commit to previously planned supply chain investments. Additionally, Manhattan invested in new products and upgrades, which helped contribute to the company’s strong financials in the first half of 2010.
“We continue to make important investments in innovation,” Sinisgalli says. “I believe our ability to execute and our commitment to innovation will be well rewarded in the future.”
During the quarter, Manhattan recognized two contracts of $1.0 million or more in license revenue. It also signed software license contracts with 11 new customers including grocery distributor C.D. Hartnett Co. and The Chamberlain Group Inc., a manufacturer of garage door openers and other access-control products it sells to consumers on web sites including Liftmaster.com and Chamberlain-DIY.com. Manhattan also expanded contracts with several customers including Avon Products, Inc., Benjamin Moore & Co and Dick's Sporting Goods, Inc.