Brian Miller, Tyler Technologies chief financial officer.
Staff Writer- Dallas Business Journal
Texas’ switch to electronic filing of court documents continued to spur growth for Plano-based government software company Tyler Technologies, which posted first quarter profits 40 percent higher than a year ago.
Tyler Technologies (NYSE:TYL) reported profits of $11.9 million, or $0.33 per diluted share, for the first three months of 2014, compared to $8.5 million, or $0.25 per diluted share, for the first quarter of 2013.
Tyler’s Courts Justice Division, which employs 406 people in Plano, accounted for about 20 percent of Tyler’s $112.6 million in overall revenues for the first quarter. Revenue was up 17.6 percent from $95.8 million in the first quarter of 2013.
Revenues from the Courts Justice Division’s e-filing product — Odyssey File Serve — more than tripled for the quarter, driven by the statewide Texas e-filing contract.
But revenues across the board were strong, Brian Miller, Tyler’s chief financial officer, said in an interview with the Dallas Business Journal.
The strong results have prompted Tyler to raise its full-year 2014 guidance, Miller said. Tyler Technologies is now projecting 2014 total revenues in the $470 million to $478 million range, diluted earnings per share of $1.39 to $1.46 and non-GAAP diluted earnings per share of $1.83 to $1.90.
“We raised our guidance in terms of being even more optimistic about our outlook for the rest of the year,” Miler said. “We sell to local governments. That was a challenging market for 2010 and 2011, but it’s been an improving market for the last couple of years.”
Tyler’s biggest challenge now is one of execution, he said.
Bill covers health care, telecom, law and education.
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