Solera Holdings reports higher Q1 net income, revises guidance for fiscal 2013

Solera Holdings, Inc., a provider of software and services to the automobile insurance claims processing industry, has reported a net income attributable to the company of $33.64 million, or $0.48 per diluted share, for the first quarter ended September 30, 2012, compared to $31.24 million, or $0.44 per diluted share, for the same quarter ended September 30, 2011. The company has also revised its outlook for fiscal year 2013.

Revenues for the first quarter ended September 30, 2012 were $195.72 million, compared to $198.69 million for the same quarter ended September 30, 2011.

Total assets as of September 30, 2012 were $2.21 billion, compared to $2.15 billion, as of June 30, 2012.

For fiscal year 2013, the company expects adjusted earnings of $2.52 to $2.60 per share, revenues of $810 to $818 million and net income attributable to company of $85 million to $93 million. Previously, the company expected earnings of $2.45 to 2.55 per share, on revenues of $780 million to $788 million.

Tony Aquila, founder, chairman and CEO, said: "I'm pleased to announce a solid start to fiscal year 2013. On a constant currency basis, our revenue growth was 5.8% and our Adjusted EBITDA margin was 44.2% for the first quarter. We believe that our above-consensus revenue and Adjusted EBITDA are attributable to our ongoing investments in the business, countermeasures we have executed to take advantage of weak macro conditions in Europe, continued customer adoption of our solutions and our operating discipline. With this momentum, we are raising our full-year guidance."