Irvine-based Epicor Software Corp. raised revenue expectations for the year and met earnings guidance during the third quarter, according to its financial report released Wednesday.
Epicor increased its revenue forecast to $286 million from $284 million for
2005 and said it expects to meet a previously announced income target of
$56 million.
For the third quarter, the business software maker posted adjusted earnings of $12.3 million, up 29% from the year-ago period. That was in line with estimates, according to a survey by Thomson Financial. The company’s adjusted earnings don’t include stock compensation costs, among other things.
The company’s revenue rose 13% to $70.1 million from the year-ago period, but just barely missed estimates of $70.24 million.
The company expects 2006 revenue of about $314 million, up 10% from this year’s expected results. Analysts were looking for revenue of $315 million.
The company expects adjusted earnings to fall 22% to $43.5 million next year.
“We have strong momentum entering our final quarter of the year driven by strong organic revenue growth and operating leverage in our business model,” said George Klaus, chief executive of Epicor. “We added 159 new customers during the quarter.”
Shares of Epicor were up slightly in afterhours trading.
