Cognos profits leap in Q3

Cognos this week posted solid revenue and earnings gains for the third quarter, reporting strong demand for its ReportNet business intelligence software.

The US firm said it garnered sales of US$210.4 million for the quarter, up 22 percent over the US$172.2 million it reported in the same period last year.

Earnings rose 42 percent to US$34.5 million. The results surpassed Wall Street analysts' consensus forecasts.

Cognos said year-to-date licence revenue from its ReportNet product reached US$99.1 million in the quarter.

New ReportNet customer wins from the period include Barclays Bank, Cambridge University, the US Army and US Strategic Command, and pharmaceutical firm Novartis.

Total licence revenue grew 26 percent in the third quarter, with 45 percent of that growth coming from customers in the Americas, Cognos said.

The firm landed 15 contracts of greater than US$1 million in the quarter, including DaimlerChrysler, Boeing and office supplies retailer Staples.