With May no longer the year end, results for the quarter decreased significantly over the year-earlier results. However, Phillips noted that SaaS bookings are triple the year earlier and are generally larger deals than are desktop sales. While the cloud business is growing that revenue is not immediately recognized and its impact is spread over time. Net income for the most recently ended period dropped to $57.5 million, down 21.8 percent from $73.5 million. Revenue for the first quarter was $640.3 million, off 15 percent from $753.2 million a year ago. Phillips pointed to a double-digit rise in consulting bookings for June and July and a strong double-digit increase in the total pipeline. Infor should be adding a chunk of revenue during the current quarter as it has an agreement to buy ecommerce vendor GT Nexus. Infor documents show GT Nexus had about $10 million in EBITDA on roughly $133.2 million in revenue for the 12 months ended Dec. 31, 2014.
YEAR-END CHANGE CHOPS INFOR NUMBERS Featured
A change in Infor's financial year end soured results for the company's first quarter ended July 31. This is the first quarter to be reported after the software company changed its fiscal year ended from May 31 to April 30 for fiscal 2015. In a recent earnings webcast, CEO Charles Phillips noted the transition helped in the year ago first quarter which ended up with two quarter-ending months, when business normally surges as "customers negotiate to the last hours of a quarter." The year-ago quarter included the previously reported May 30, 2014 year end, and the new July 31 year-end.
