License revenue was €11 million euros, essentially flat when compared to last year’s reported results. But ESI is restating FQ1 of last year “for a 0.4 million euros contract recorded in this quarter that was then debooked during the second quarter of 2009/10 because of the renegotiation of the perpetual license into an annual license.” After this restatement, license revenue in the first quarter FY2011 was actually up 3%.
Services revenue was down 8% to €5 million as customers postponed contracts due to budget deferments.
ESI says that its new business increased nearly 30%, “thanks to the arrival of new clients and sales of new products to existing clients.”
On a geo basis, ESI saw “buoyant growth in Asia compared to Europe or the Americas, which are continuing to be affected by the economic situation.” As a result, 37% of revenue for the quarter came from Europe, 20% from the Americas and 43% Asia.
Commenting on these results, CEO Alain de Rouvray said “First-quarter sales, traditionally relatively non-significant, reflect distinct economic influences: a fall in Services activity mirroring the trend observed throughout the sector, but a strong level of repeat business for License sales and a significant upturn in new business. At the current time, we are confident that we will record a good global performance this financial year”.
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