Financial

posted on 21 July 2008 07:40

Kofax has issued a preliminary report on its fiscal 2008, which ended on June 30th, 2008, and believes it will be profitable but won't reach a stated goal of double digit revenue growth.

The causes are assigned to poor sales management and execution issues in its Asia Pacific region. Kofax has already taken steps to address these issues and notes that the company did not experience similar problems or weakness in other geographic regions or any particular vertical markets.

The company believes its software business revenue, total revenues and adjusted operating profit will be in line with financial analysts’ consensus estimates.

Kofax' management and the Board continue to expect double digit revenue growth in the company’s software business in its 2009 fiscal year and will continue to make appropriate changes to its organization and management talent as necessary.

Kofax will announce results for the year ended 30 June 2008 on Monday 8 September 2008.

Kofax provides automation products for the capture and exchange of documents and informaton in document-intensive businesses.

^{[Chris Mellor.]}