Fast Search & Transfer(TM) (OSEAX: FAST.OL) (FAST(TM)), the
leading developer of search technologies, today announced record
revenue results for the third quarter, which ended September 30, 2006.
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-- Revenues for the third quarter of 2006 were $42.5 million, an
increase of 60% as compared to $26.6 million for the third quarter
of 2005 and 10% growth compared to the second quarter of 2006.
-- For the first nine months of the year, total revenues were up
65% year-on-year to $113.8 million.
-- Adjusted EBITDA for Q3 was $10.3 million for the core business, or
24.3% of revenue compared to $9.9 million in the previous quarter.
-- Adjusted EBITDA was amended for the quarter to $0.6 million,
reflecting one-time reorganization charges of $9.7 million.
-- Cash balances remained strong at $258 million and the company
continues to be debt free.
*T
The complete FAST 2006 Third Quarter Report can be found at
http://www.fastsearch.com and on the Oslo Stock Exchange at
http://www.oslobors.no.
"We have delivered our fifteenth consecutive quarter of revenue
growth and our core business profitability is solid. As expected with
rapidly-growing software companies, FAST has reached a stage in its
development where it is prudent to invest in the scalable operational
infrastructure that will continue to drive and sustain growth," stated
Joseph Lacson, FAST chief financial officer. "We are increasing our
long-term investment in Sales, Marketing, R&D and the systems that
support effective management and service to further capitalize on the
search mega trend transforming the way companies do business."
"Our strong revenue growth comes from our constant drive for
market-leading customer satisfaction, product innovation, and
operational excellence. We continue to take market share from our
competitors as a growing number of companies view FAST as the only
strategically viable choice in search technologies," said Dr. John M.
Lervik, FAST chief executive officer. "We are pleased with the
widespread customer acceptance of our technologies in key markets such
as financial services, media & entertainment, retail, life sciences,
and telecommunications, to name a few. We continue to work closely
with our customers to develop business models and structures that
enable new and expanded revenue streams. FAST is positioned for
substantial upside opportunities through strategic relationships with
market leaders and partners, including revenue sharing models."
Other FAST Highlights:
-- The Executive Management Team (EMT) under CEO Lervik has been
expanded to include nine additional senior-level managers who
have been instrumental in driving the Company's rapid growth,
representing all functional departments.
-- New customers comprised wins in all major product areas, key
vertical market segments, and geographic locations.
-- FAST X10 Partner Program expanded with new alliances on every
major continent with new partners in India, the Middle East,
Russia, Japan, Singapore, Korea and Australia. FAST's partner
ecosystem now includes more than 150 alliance and OEM
partners, significantly outpacing our competition.
-- Investment in R&D reached 19% of revenue for the quarter.
-- New product announcements included a fully integrated
extension of the FAST Enterprise Search Platform (ESP(TM))
with the release of FAST Personal Search Platform (PSP(TM))
giving users the most scalable, flexible and feature-rich
search ecosystem in the market.
-- Solution Services team implemented more than 80 customer
deployments world wide in the quarter and FAST's certified
delivery partners managed dozens of successful installations.
-- Positioned as a leader in The Gartner Magic Quadrant (TM)
Report for Information Access.
-- Board of Directors has decided to proceed in formally
canceling the Company's remaining treasury shares.
About FAST
FAST is the leading developer of search technologies that are
behind the scenes at the world's best known companies with the most
demanding search problems. FAST's flexible and scalable enterprise
search platform (FAST ESP) elevates the search capabilities of
enterprise customers and connects people to the relevant information
they seek regardless of medium. This drives revenues and reduces total
cost of ownership by effectively leveraging IT infrastructure. FAST's
solutions are used by more than 2,600 global customers and partners,
including America Online (AOL), Cardinal Health, CareerBuilder.com,
Chordiant, CIGNA, CNET, Computer Associates, Dell, EMC Documentum,
Factiva, Fidelity Investments, Findexa, IBM, Knight Ridder,
LexisNexis, Merrill Lynch, Rakuten, Reed Elsevier, Reuters, Sensis,
Stellent, Tenet Healthcare, Thomas Industrial Networks, T-Online, US
Army, Virgilio (Telecom Italia), Vodafone, and Wanadoo.
FAST is headquartered in Norway and is publicly traded under the
ticker symbol 'FAST' on the Oslo Stock Exchange. The FAST Group
operates globally with presence in Europe, the United States, Asia
Pacific, Australia, South America, and the Middle East and Africa. For
further information about FAST, please visit www.fastsearch.com.
(C) 2006 Fast Search & Transfer ASA - Fast Search & Transfer,
FAST, FAST ESP, Contextual Insight and the FAST logo are trademarks of
Fast Search & Transfer ASA. All rights reserved.
