Schnitger Corporation

ESI reports currency helped license growth in April quarter

ESI Group reported preliminary results for the quarter ended April 30 that included surprising news: license revenue was up 3% as reported, helped by favorable exchange rates. Update:On a constant currency organic basis, license revenue dropped 6.3% in the period.

The company reports that sales "continue to suffer – albeit less than during the fourth quarter of 2008/09 – from the slowdown in new investments resulting from the deterioration in the economic situation around the world, and in Japan in particular." Total revenue for the quarter was EU 16.4 million, up 12% over a year ago, license revenue came to EU 11.1
million, services was EU 3.8 million while "other activities" contributed EU 2.5 million euros. The company’s recent Mindware acquisition recorded a first quarter that was "in line with expectations", contributing EU 1.5 million euros to total revenue. Mindware did shift ESI Group’s geographic revenue distribution towards the Americas, with 39% from Europe, 23%
from the Americas and 38% from Asia.

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