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Pegasystems Announces Record Revenue of $63.9 Million and Net Income of $11.2 Million for Q2 2009


Pegasystems Inc. (NASDAQ: PEGA), a Business Process Management (BPM) software solutions company, today announced financial results for the second quarter and first six months of 2009. Total revenue for the second quarter of 2009 increased 25% to $63.9 million compared to the second quarter of 2008. Net income for the second quarter of 2009 was $11.2 million compared to $2.9 million for the second quarter of 2008.

Total revenue for the first six months of 2009 increased 27% to $126.2 million compared to the same period last year. Net income for the first six months of 2009 was $19.9 million compared to $5.8 million for the same period last year. The Company generated $29.4 million in cash from operations during the first six months of 2009 and as of June 30, 2009 had $190.1 million in cash and marketable securities.

Business Perspective "We have achieved remarkable results through the first half of 2009, highlighted by a 61% increase in license revenue," said Alan Trefler, Chairman and CEO of Pegasystems. "These results are driven by the pragmatic benefits our patented Build for Change® technology delivers in helping organizations increase market share, improve customer experiences, and reduce operational costs."

"We continue to both lead the industry in BPM innovation and grow faster than the market. In Q2 we released new frameworks that make project and test management a seamless complement to our BPM suite. These unique capabilities significantly improve time to market and lower costs. We also released an enhanced Customer Relationship Management framework, supporting our recent recognition as an ‘industry visionary’ by a leading analyst firm. Clients are increasingly adopting our customer-centric, intent-driven approach to improve customer experience at a lower cost of service. Our results show our customers are achieving significant business success through the use of Pegasystems software; and client success remains the central mission of our company," concluded Mr. Trefler.

Craig Dynes, Pegasystems’ CFO, added, "Given the state of the economy, we have been cautious with our spending during the first half of the year. These outstanding financial results, along with a strong pipeline, provide us the opportunity to accelerate our investment in sales, marketing and R&D; investments which we expect will drive further growth in 2010. Accordingly, we expect net income for 2009 to surpass $25 million and 2009 cash flow from operations to be approximately $35 million."

Messrs. Trefler and Dynes will be hosting a conference call and live Webcast associated with this announcement at 9:00 a.m. ET on August 5, 2009. Dial-in information is as follows: (877) 545-1491 (domestic) or (719) 325-4872 (international).

To listen to the Webcast log onto www.pega.com at least 5 minutes prior to the event's broadcast and click on the Webcast icon in the Investor Relations section. A replay of the call will also be available on www.pega.com in the Investor Relations section Audio Archives link.

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