Irvine’s Kofax PLC, a maker of software that helps businesses cut down on paper and data entry, reported six-month results on Monday in which it saw sales grow and profits shrink.
For the six months through December, Kofax reported sales of $168 million, up 8% from a year earlier.
The company posted profits of about $13 million, down about 30%.
Kofax makes scanning software used by businesses to get rid of paper and speed up productivity.
The software collects paper documents, forms, invoices, e-mail and photos and organizes them into a searchable database of files.
Despite the sales growth, Chief Executive Reynolds Bish gave a conservative outlook for the 12 months through June.
“While market conditions seem to have stabilized and started to slowly improve it’s still a very unsettled economic environment,” he said. “As a result, for the full financial year ending 30 June we cautiously expect mid single digit organic growth in our software business revenues … and flat to a low single digit decline for our hardware business revenues.”
Bish, who was brought in from a competitor to streamline the company, has made sweeping changes at Kofax in the past two years.
He’s simplified the reporting structure at Kofax’s sites around the world, rebranded its portfolio of software and added several executives to its upper ranks.
The company has recently announced a slew of customer wins in healthcare, logistics and with government agencies.
Kofax, which got its start in Irvine in 1985, has about 400 workers here and some 1,200 in all.
The company is publicly traded in London but has its executive base in Irvine.
In September, Kofax bought Boston-based 170 Dstems Inc. for $33 million in cash and debt.
170 Systems is a venture-backed startup that makes invoice processing and accounting software.
