Infor reported third quarter earnings of $1.3 million on revenue of $672.7 million, up 1.3 percent from a year ago. The company's software license fees and subscriptions were up 7 percent from a year ago.
The company, the No. 3 enterprise resource planning software player behind Oracle and SAP, has been transitioning to the cloud, revamping and working on its user interface as it tries to give current customers a path to a subscription model.
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To get there, Infor has been spending on research and development, which was up 12.8 percent in the third quarter from a year ago. Year to date, Infor has spent $286.1 million on research and development, or about 14 percent of revenue.
For the first nine months of fiscal 2014, Infor reported earnings of $93.8 million on revenue of $2.03 billion. For the same period a year ago, Infor reported a net loss of $113.6 million.
In a regulatory filing, Infor said:
In the third quarter of fiscal 2014, we had positive revenue growth primarily due to strong license activity and increased SaaS revenues in our Americas region as well as increased product update and support fees in the Americas and EMEA. These increases offset a decrease in license and consulting activity in our EMEA region during the quarter.
Infor ended the quarter with $410 million in cash and equivalents, but carries $5.36 billion in long-term debt.