Callidus Software Inc. has a market cap of $157.98 million; its shares were traded at around $4.68 with and P/S ratio of 2.23. Callidus Software Inc. had an annual average earning growth of 4.3% over the past 5 years.
Highlight of Business Operations:During the second quarter of 2011 we grew our recurring revenues to a record level of $15.4 million, an increase of $2.1 million, or 16% from the same period of the prior year, and an increase of $0.6 million, or 4% sequentially. We grew our on-demand subscription and term-based license revenues in the second quarter of 2011 by $2.5 million, or 30% to $10.8 million, compared to $8.3 million in the second quarter of 2010, and by 8% from $10.0 million in the first quarter of 2011. As a percentage of total revenues, recurring revenues accounted for 75% and 77% for the three months ended June 30, 2011 and June 30, 2010, respectively. We expect recurring revenues to run at approximately 75% of total revenues through 2011.Total revenues for the first six months of 2011 were $40.2 million, an increase of $6.9 million or 21% over the same period of the prior year. We now have reported six consecutive quarters of revenue growth including the second quarter of 2011.
As a result of higher gross profits and a continued focus on cost control we have maintained our trend of non-GAAP operating profit. Our non-GAAP operating profit for the second quarter was $0.3 million and on a year-to-date basis we have recorded $1.0 million in non-GAAP operating profit compared to a non-GAAP operating loss of $5.3 million for the same period last year. Please see GAAP to non-GAAP operating profitability reconciliation below.
On June 10, 2011, we completed and acquisition of Litmos Limited, a New Zealand corporation, who is a leading provider of SaaS based learning management solutions. Under the terms of the agreement, we paid $2.6 million in cash. In addition, we may pay up to $600,000 in cash on the one year anniversary of the transaction, subject to certain terms and conditions.
On February 25, 2011, we completed the acquisition of ForceLogix, Inc., a SaaS provider of coaching and talent optimization solutions. Under the terms of the agreement, we paid $3.0 million in cash. In addition, we may pay up to approximately $750,000 in cash on August 25, 2011 subject to certain terms and conditions.
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