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Keynote Systems Inc. (KEYN) filed Annual Report for the period ended 2011-09-30.
Keynote Systems Inc. has a market cap of $317.6 million; its shares were traded at around $19.36 with a P/E ratio of 20.6 and P/S ratio of 3.1. The dividend yield of Keynote Systems Inc. stocks is 1.3%.
This is the annual revenues and earnings per share of KEYN over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of KEYN.
Highlight of Business Operations:
Our net revenue increased by $23.1 million, or 29%, from $79.9 million for the year ended September 30, 2010 to $103.0 million for the year ended September 30, 2011. The adoption of new accounting guidance related to revenue recognition described below had a $7.8 million positive impact on net revenue in fiscal year 2011. Excluding the positive impact of the new revenue recognition guidance, our net revenue in fiscal year 2011 increased by 19% compared to fiscal year 2010. Additionally, net revenue has increased due to an increase in Internet and mobile customer demand and a stabilization of measurement pricing. Our net income increased by $49.2 million from $1.7 million for the year ended September 30, 2010 to $50.9 million for the year ended September 30, 2011. The increase in net income is primarily attributable to an income tax benefit from the release of the valuation allowance on deferred tax assets of $37.3 million, a $17.1 million increase in Mobile net revenue and $6.1 million increase to Internet net revenue for fiscal year 2011 compared to fiscal year 2010. The increase in net income was partially offset by an increase in total costs and expenses of $10.4 million from $77.6 million for fiscal year 2010 to $88.0 million for fiscal year 2011 due primarily to increased direct costs associated with higher revenue and related increases to headcount and other personnel costs.Internet net revenue decreased by $0.2 million for the year ended September 30, 2010 compared to year ended September 30, 2009. Internet net revenue represented 59% of net revenue for both the years ended September 30, 2010 and 2009. The decrease in Internet net revenue in absolute dollars for the year ended September 30, 2010 was mainly attributable to a decrease in our professional service engagements of $1.1 million, our VoIP subscription services of $0.5 million, and our WebEffective subscription services of $0.4 million, partially offset by an increase in our LoadPro subscription services of $1.9 million.
One customer accounted for 11% of net revenue for year ended September 30, 2011. No customer accounted for more than 10% of net revenue for years ended September 30, 2010 and 2009. As of September 30, 2011, one customer accounted for 14% of our net accounts receivable. One customer, different from the 2011 customer, accounted for 10% of net accounts receivable at September 30, 2010. International sales were approximately 51%, 45% and 45% of net revenue for the years ended September 30, 2011, 2010 and 2009, respectively. International sales increased primarily due to the adoption of the new accounting guidance discussed in the previous paragraph.
Direct costs of revenue increased $4.2 million for the year ended September 30, 2011 compared to the year ended September 30, 2010 and represented 25% and 27% of net revenue for the years ended September 30, 2011 and 2010, respectively. The increase in direct costs of revenue is mainly attributable to additional telecommunication and network fees of $1.8 million due to higher volume associated with increased revenue, increased personnel costs of $1.1 million due to increased headcount to support higher revenue, $0.7 million as a result of the adoption of the new accounting guidance for revenue recognition (see discussion above), $0.3 million of excess and obsolete inventory charges and increased consulting costs of $0.3 million to install SITE systems. Overall, direct costs of revenue have declined as a percentage of revenue due to the scalability of our monitoring network.
Direct costs of revenue increased $0.6 million for the year ended September 30, 2010 compared to the year ended September 30, 2009 and represented 27% and 26% of net revenue for the years ended September 30, 2010 and 2009, respectively. The increase in direct costs of revenue is mainly attributable to additional telecommunication and network fees of $0.3 million due to higher volume associated with increased revenue, increased personnel costs of $0.4 million due to increased headcount to support higher revenue, and increase consulting costs of $0.2 million to install SITE systems. Partially offsetting the increase in direct costs of revenue was a decrease of $0.4 million in depreciation.
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