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DELTEK BOOKINGS BOOM
With a lot of Deltek’s new business shifting to subscriptions, the company shifted much of its emphasis in reporting bookings as a part of its metrics for its first quarter ended March 31. The project accounting company reported a loss of $6.6 million, compared to net income of $4.2 million in net income a year ago as acquisitions took a toll on the bottom line.
Meanwhile revenue was up, hitting just under $80 million in the first quarter, an increase of 25.3 percent from $63.8 million in last year’s corresponding period and product-related bookings were up 34 percent. Professional services license revenue $7 million, combining the Maconomy and Vision license sales. The GovCon market contributed $7.6 million in license revenue. The increase in spending was significant, reflecting the impact of the acquisition of InPut and FedSources during the quarter. Sales and marketing expense hit $17.6 million, up from $11.1 million in last year’s corresponding period with R&D doubling to $22.2 million. The bottom line was also impacted by a $3.2 million restructuring charge. Consulting revenue rose by 17.3 percent, largely because of the impact of Maconomy. The company also moved to annual billing for maintenance from quarterly billing.
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