Deltek Reports Product Revenue of $25.1 Million, up 16% from Prior Year

Product Bookings of $31.5 million, up 24% from prior year

Q1 Non-GAAP Operating Income increases 88% from prior year

HERNDON, Va. — (BUSINESS WIRE) — April 26, 2012 — Deltek, Inc. (Nasdaq: PROJ), the leading global provider of enterprise software and information solutions for professional services firms and government contractors, today announced financial results for the quarter ended March 31, 2012.

Q1 product revenue was $25.1 million, up 16% from Q1 2011. Product bookings in Q1 were $31.5 million, a 24% increase from the first quarter of 2011.

Maintenance revenue increased 8% to $41.2 million, up from $38.2 million in the first quarter of 2011. Consulting and other revenue was $16.4 million, compared to $20.2 million in Q1 2011. Total revenue for Q1 was $82.7 million, up from $80 million in the first quarter of 2011.

Non-GAAP operating income for the first quarter increased 88% to $11.8 million, compared to $6.3 million in Q1 2011. Q1 Non-GAAP operating margin increased to 14%, compared to 8% in Q1 2011.

Non-GAAP net income for the first quarter of 2012 was $5.8 million, compared to $1.6 million in Q1 2011. Q1 Non-GAAP EPS was $0.09, an increase of $0.07 from 2011.

Q1 GAAP operating income was $2.4 million, compared to a GAAP operating loss of $7.1 million in the prior-year period. Q1 GAAP operating margin was 3%, compared to a GAAP operating loss of 9% in 2011.

Q1 GAAP net loss improved by $6.3 million, from a $6.6 million loss in Q1 2011 to a $0.3 million loss in Q1 2012. Q1 GAAP EPS was $0.00, compared to a loss of $0.10 per diluted share in 2011.

“We had a great start to 2012, with strong product bookings and product revenue, increased profitability and continuing growth in our recurring revenue,” said Kevin Parker, president and CEO of Deltek. “In Q1, our GovCon business continued its positive momentum with strong revenue growth across a broad spectrum of new and existing customers and increased adoption of Deltek’s comprehensive solutions across all aspects of their businesses. We also continued our expansion in the global Professional Services market with significant wins both in the United States and in Europe.

“With the best solutions portfolio for project-based businesses in the industry, including our newly-expanded project manufacturing capabilities and growing SaaS offerings, we are well-positioned to continue the success of Q1 throughout the rest of 2012.”

Comparison of GAAP and Non-GAAP Measurements

Non-GAAP operating income and margin exclude the pre-tax impact of stock-based compensation, amortization of acquired intangible assets, purchase accounting impacts relating to acquisitions, acquisition-related costs, and restructuring charges. Non-GAAP net income excludes the same items on a net-of-tax basis.

A reconciliation of GAAP to non-GAAP financial measures is provided in the tables at the end of this press release.

Product Bookings

Product bookings consist of the aggregate contract value of the Company’s products sold during the quarter through its various licensing models including perpetual, term and subscription.

Recent Highlights

  • Deltek closed a number of significant deals in the government contracting sector with its Deltek Costpoint product suite. Key new customers include: Data Systems Analysts, Inc., a fast-growing IT services provider who upgraded to Costpoint from GCS Premier; Information Innovators Inc., a rapidly expanding IT services firm who will use Costpoint to streamline its back-office, pursue new types of contracts, and increase revenue; and a large, specialized government contractor that supports federal agencies in the areas of cyber security, systems integration, and secure supply chain management.
  • Deltek expanded its project manufacturing capabilities by adding manufacturing execution, shop floor time, and bar coding to its Deltek Costpoint product suite. These new capabilities provide real-time visibility into shop floor operations and enable companies to improve production efficiency, deliver on LEAN and paperless manufacturing objectives, and reach new levels of manufacturing performance delivering greater cost savings and stronger bottom line results.
  • Deltek First Essentials continued its rapid growth. Since its launch in mid-2011, more than 140 customers have purchased Deltek First Essentials, including a recent win with EDC Consulting. Deltek First Essentials provides best-in-class ERP capabilities delivered via the cloud—ensuring that small and mid-sized government contractors have all the capabilities they need to maximize business performance, increase profitability, improve regulatory compliance, and grow their businesses.
  • Deltek closed a strategic deal with Etteplan, a Finland-based company and one of the largest engineering design firms in Northern Europe. Etteplan selected Deltek as its new global ERP and resource planning platform and will use Deltek across its international organization to power its global growth.
  • Demonstrating the company’s ongoing commitment to delivering outstanding support to its customers, Deltek received its 5th consecutive MarketTools Achievement in Customer Excellence (ACE) award. The MarketTools ACE Award certifies, acknowledges, and celebrates outstanding achievement in customer satisfaction.
  • Deltek CFO Michael Corkery was named a 2012 SmartCXO award winner by Washington SmartCEO magazine. The SmartCXO Awards celebrate the distinguished achievements of 40 of Greater Washington’s finest executives—the top-level executives that power the region’s economy and workforce. The winners are recognized for their creative management vision, leadership philosophies, innovative strategizing and undeniable work ethic.

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