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EXACT REVS UP; LICENSE SALES OFF
Exact has reported a 5.3-percent growth of EBITDA on a 3.8-percent increase in revenue for the first quarter ended March 31. But that was driven by increases in maintenance and service revenue with income from license sales down. There was also a sharp increase in revenue from Exact Online, which is not sold outside the Benelux countries.
EBIDTA for the most recently ended period was about $15.3 million while revenue was roughly $71.2 million. License revenue was off by 2.7 percent with Benelux license revenue down 5.2 percent. That was attributed to a decline in direct sales with reseller sales "in line" with last year’s first quarter. A decline in revenue in the Americas was termed modest. The restructuring operation conducted in the first half of 2011 held down international license revenue and there were fewer new logo sales. Spurred by the growth of Exact Online, maintenance revenue rose 2.3 percent while service revenue increased by 3.4 percent, stemming from the company's Longview and Lohn XL operations. Exact said it expects to launch Exact Online Manufacturing, a SaaS product for SMB manufacturers, in the third quarter. Shareholders also approved Erik van der Meijden as CEO this week. Exact had been without a permanent CEO since Raj Patel left in 2010.
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