Commvault Announces Q1

OCEANPORT, N.J. -- CommVault (NASDAQ:CVLT) today announced its financial results for the first quarter ended June 30, 2007.

N. Robert Hammer, CommVault’s chairman, president and CEO stated, “CommVault had a good first quarter which was highlighted by record revenues. We continue to execute well on our business plans and strategies, including the recent launch of our next generation software release, the CommVault Simpana 7.0 software suite. CommVault Simpana 7.0 software includes significant product enhancements, as well as new features and functionality such as enterprise-wide Search and Discovery and Single Instancing of data. Combined with our recently broadened distribution capabilities, CommVault Simpana 7.0 software enables us to further strengthen our position in the data management business and provides the foundation to build revenues in the adjacent information management markets to sustain our track record of growth and innovation.”

Total revenues in the first quarter of fiscal 2008 were a record $44.0 million, an increase of 31% over the first quarter of fiscal 2007 and 3% over the prior quarter. Software revenue in the first quarter of fiscal 2008 was $24.1 million, up 28% year-over-year and 2% sequentially. Services revenue in the first quarter of fiscal 2008 was $19.9 million, up 35% year-over-year and 5% sequentially.

Non-GAAP income from operations (EBIT) increased 46% to $6.2 million in the first quarter of fiscal 2008 compared to $4.3 million in the first quarter of the prior year. EBIT determined in accordance with U.S. GAAP was $4.2 million for the first quarter, a 45% increase from $2.9 million in the same period of the prior year.

For the first quarter of fiscal 2008, non-GAAP net income increased 5% to $5.0 million, or $0.11 per diluted share, from $4.7 million or $0.12 per diluted share in the same period of the prior year. CommVault reported GAAP net income for the quarter of $3.0 million, a decrease of $0.4 million compared to the same period of the prior year. GAAP net income for the quarter ended June 30, 2007 includes an effective tax rate of 39% compared to an effective tax rate of 1% in the same period of the prior year.Operating cash flow totaled $5.8 million for the first quarter of fiscal 2008. Total cash and cash equivalents as of June 30, 2007 were $70.5 million.

CommVault Systems Inc.