Kofax Warns Of FY14 Shortfall

(RTTNews) - Kofax Ltd. (KFX, KFX.L) said Thursday that it expects to report unaudited IFRS software license revenue in the range of $116.5 to $118.5 million, total revenues in the range of $287.5 to $290.5 million and income from operations in the range of $33.5 to $35.5 million for the fiscal year 2014.

The company also said it expects to report Non-IFRS software license revenue in the range of $122.5 to $124.5 million, total revenues in the range of $295.0 to $298.0 million and adjusted earnings before interest, taxes, depreciation and amortization in the range of $41.0 to $43.0 million for the fiscal year 2014.

Commenting on the preliminary unaudited Non-IFRS financial results, Reynolds C. Bish, Chief Executive Officer, said: "We're disappointed with these results, which reflect software license revenue, total revenues and adjusted EBITDA levels below the guidance previously provided to the financial community. These unexpected shortfalls are primarily attributable to several seven figure software license revenue transactions totaling approximately $6.0 million slipping into future quarters during the last few days of our fourth quarter."