Cognos reports Q2 profit jump
Business software maker Cognos today reported a jump in second-quarter earnings and announced that it plans to buy a private software developer of Web-based information access applications.
Cognos reported revenue of $58 million, up 26 percent from year-ago figures.
And the company posted earnings of $11 million, or 24 cents a share, compared with $7.5 million, or 16 cents a share, a year ago.
The company met Wall Street estimates of 24 cents a share, according to First Call.
Cognos attributed the revenue growth to its core product line of business software, with total revenue from these products in the quarter reaching $41 million--an increase of 50 percent from a year ago.
Cognos also said it plans to acquire Interweave Software, a private software developer of Web-based information access applications. Cognos will pay $13 million and assume certain liabilities of about $3 million.
Based in Santa Clara, California, Interweave Software's products allow IT organizations to deploy intranet- and extranet-based business intelligence applications across enterprises of employees, customers, and business partners.