That was part of what Phillips characterized as a solid quarter. Infor reported net income of $2.9 million for the most recently ended quarter, compared to a loss of $1.8 million a year ago. Revenue was $714.1 million, up 7.7 percent from $663.3 million in last year's corresponding period. Sales were up 9 percent in constant currencies. The big story continued to be the switch from license sales to subscriptions. License sales of $80.9 million were down 6.4 percent from $86.4 million while SaaS subscriptions rose to $100.7 million, up 88.2 percent from $53.5 million. Phillips also noted the planned investment of $2 billion by Koch Industries, announced after the quarter closed. The deal, subject to regulatory approvals, "does not remove the possibility of a future IPO" Koch said. No matter what happens, Koch said "we want to de-lever." The investment would have a healthy impact on the balance sheet, which showed a shareholder deficit of $770.3 million on October 31.Last modified on Friday, 16 December 2016
RETAIL STRONG FOR INFOR QUARTER Featured
Infor saw strong results from its entry into the retail market for the second quarter ended October 31. The giant software company moved into retail two years ago and performance "continues to outpace expectations", CEO Charles Phillips said in the company's recent earnings call. He noted one sale to Nordstrom which he said represented "the largest POS invoice ever signed in an industry."