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Bottomline Technologies Reports Third Quarter Results

(GLOBE NEWSWIRE via COMTEX) -- Strong Growth in Subscription and Transaction Revenue Highlights Third Quarter

EPAY, -19.37% a leading provider of cloud-based payment, invoice and digital banking solutions, today reported financial results for the third quarter ended March 31, 2016.

Subscription and transaction revenues, which are primarily related to the company's cloud platforms, increased 17% on a constant currency basis from the third quarter of last year to $49.5 million. Revenues overall for the third quarter were $86.2 million, an increase of $4.3 million, or 7% on a constant currency basis, from the third quarter of last year.

Gross margin for the third quarter was $49.0 million, an increase of $2.0 million from the third quarter of last year. Net loss for the third quarter was $4.2 million compared to $7.8 million for the third quarter of last year. Net loss per share was $0.11 in the third quarter compared to $0.21 in the third quarter of last year.

Core net income for the third quarter was $15.3 million. Core net income excludes certain items as discussed in the "Non-GAAP Financial Measures" section that follows. Core earnings per share was $0.40 for the three months ended March 31, 2016.

"Our strategic plan focuses on producing subscription and transaction revenue growth and we are clearly executing against that plan," said Rob Eberle, President and CEO of Bottomline Technologies. "We produced strong financial results in the quarter, highlighted by 17% growth in subscription and transaction revenue on a constant currency basis. Our market position, product set and strong new annual recurring revenue (ARR) bookings in the quarter give us visibility to future years' growth and confidence that we will continue to drive increased shareholder value."

Revenues for the nine months ended March 31, 2016 were $255.2 million compared to $245.5 million in the nine months ended March 31, 2015. Subscription and transaction revenues increased 15% on a constant currency basis to $144.3 million in the nine months ended March 31, 2016 from $126.7 million in the nine months ended March 31, 2015. Net loss for the nine months ended March 31, 2016 was $13.7 million as compared to $13.1 million for the nine months ended March 31, 2015. Net loss per share was $0.36 for the nine months ended March 31, 2016 compared to $0.35 for the nine months ended March 31, 2015.

Core net income for the nine months ended March 31, 2016 was $44.2 million as compared to $41.8 million for the nine months ended March 31, 2015. Core net income excludes certain items as discussed in the "Non-GAAP Financial Measures" section that follows. Core earnings per share was $1.15 for the nine months ended March 31, 2016 compared to $1.10 for the nine months ended March 31, 2015.

Third Quarter Customer Highlights

- Twenty-four leading institutions selected Paymode-X, Bottomline's leading cloud-based payments automation platform.

- Signed five new Digital Banking deals, enabling banks to compete and win business in their corporate and SMB segments by deploying innovative digital capabilities.

- Chosen by nine leading organizations, including National Claim Services and Atlas Financial Holdings, to provide Bottomline's cloud-based legal spend management solutions to automate, manage and control their legal spend.

- Companies such as MetroBank and Trailstone Plc selected Bottomline's Financial Messaging solution to improve operating efficiencies and optimize the effectiveness of their financial transactions by utilizing the SWIFT global network.

- Organizations such as BankUnited, Acclaris and TD Ameritrade Trust chose Bottomline's payment automation solutions to extend their payments capabilities and improve efficiencies.

Third Quarter Strategic Corporate Highlights

- Awarded Best Technology Initiative of the Year, as recognized by The Card and Payment Awards 2016. This prestigious award ceremony recognizes excellence and innovation in the UK and Irish card and payments industry. Judged by an independent panel of industry experts, Bottomline was selected from initial submissions and shortlisted against six influential and dominant contenders to achieve this impressive award. The Best Technology Initiative award recognized Bottomline Technologies Agency Services as a solution that delivers innovation in payments.

- Named a top 100 global provider of risk and compliance technologies on the 2016 Chartis RiskTech100(R) report. Bottomline offers a variety of Cyber Fraud and Risk Management solutions that earned the company its position on this prestigious list, including anti-money laundering, compliance monitoring and management and enterprise case management solutions.

- Announced that the Paymode-X electronic payment network had achieved accelerated adoption and record growth in 2015. Paymode-X surpassed 330,000 network members and processed more than $182 billion in spend in 2015. The combination of new partnerships, product innovation, and a growing network deepens the value of the platform by broadening its reach and further simplifying payment automation for more businesses.

- Expanded the capabilities of the Healthcare Privacy and Data Security solution to enable hospitals to better protect themselves and their patients' data from the growing threat posed by the misuse of valid user credentials. The enhanced user behavior analytics, profiling and risk scoring engine allows healthcare organizations to more effectively detect user behavior changes, showing the shift from appropriate use to inappropriate reconnaissance and data collection in real-time.

Non-GAAP Financial Measures

We have presented supplemental non-GAAP financial measures as part of this earnings release...


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