Breaking News

Israel Shoots Down Syrian Warplane Near Border, Army Says
Tweet TWEET

Manhattan Associates Reports Record Fourth Quarter and Full Year 2013 Performance

Manhattan Associates Reports Record Fourth Quarter and Full Year 2013
Performance

ATLANTA, Feb. 4, 2014 (GLOBE NEWSWIRE) -- Leading Supply Chain Commerce
Solutions provider Manhattan Associates, Inc. (Nasdaq:MANH) today reported, on
a post stock split adjusted basis, record non-GAAP adjusted diluted earnings
per share for the fourth quarter ended December 31, 2013 of $0.24 compared to
$0.18 in Q4 2012, on license revenue of $17.3 million and total revenue of
$107.6 million. GAAP diluted earnings per share for Q4 2013 was $0.22 compared
to $0.16 in Q4 2012.

"We're very pleased with our 2013 fourth quarter and full year financial
performance and operating metrics. As important, we significantly strengthened
the company and improved our market position," said Eddie Capel, Manhattan
Associates President and CEO. "In the new omni-channel world of Supply Chain
Commerce, we continue to make substantial investments in our people, products
and technology to deliver innovation that meets the demands of this emerging
market and extends our leadership role. Despite continuing uncertainties in
the global macro environment, we expect to continue to strive to enhance our
market position and improve our financial results throughout 2014."

FOURTH QUARTER 2013 FINANCIAL SUMMARY:

  *On December 19, 2013, our Board of Directors approved a four-for-one stock
    split of the Company's Common Stock, effected in the form of a stock
    dividend. All references made to shares or per share amounts have been
    restated to reflect the effect of this four-for-one stock split for all
    periods presented.
    
  *Adjusted diluted earnings per share, a non-GAAP measure, was $0.24 in Q4
    2013, compared to $0.18 in Q4 2012.
    
  *GAAP diluted earnings per share was $0.22 in Q4 2013, compared to $0.16 in
    Q4 2012.
    
  *Consolidated total revenue was $107.6 million in Q4 2013, compared to
    $95.4 million in Q4 2012. License revenue was $17.3 million in Q4 2013,
    compared to $14.4 million in Q4 2012.
    
  *Adjusted operating income, a non-GAAP measure, was $26.7 million in Q4
    2013, compared to $21.7 million in Q4 2012.
    
  *GAAP operating income was $24.7 million in Q4 2013, compared to $19.1
    million in Q4 2012.
    
  *Cash flow from operations was $23.0 million in Q4 2013, compared to $23.9
    million in Q4 2012. Days Sales Outstanding was 61 days at December 31,
    2013, compared to 58 days at September 30, 2013.
    
  *Cash and investments at December 31, 2013 was $133.0 million, compared to
    $125.9 million at September 30, 2013 and $103.0 million at December 31,
    2012.
    
  *During the three months ended December 31, 2013, the Company repurchased
    536,816 shares of Manhattan Associates common stock under the share
    repurchase program authorized by the Board of Directors, for a total
    investment of $15.3 million. In January 2014, the Board of Directors
    approved raising the Company's share repurchase authority to an aggregate
    of $50.0 million of the Company's outstanding common stock.

FULL YEAR 2013 FINANCIAL SUMMARY:

  *Adjusted diluted earnings per share, a non-GAAP measure, was $0.92 for the
    twelve months ended December 31, 2013, compared to $0.71 for the twelve
    months ended December 31, 2012.
    
  *GAAP diluted earnings per share for the twelve months ended December 31,
    2013 was $0.86, compared to $0.64 for the twelve months ended December 31,
    2012.
    
  *Consolidated total revenue for the twelve months ended December 31, 2013
    was $414.5 million, compared to $376.2 million for the twelve months ended
    December 31, 2012. License revenue was $62.4 million for the twelve months
    ended December 31, 2013, compared to $61.5 million for the twelve months
    ended December 31, 2012.
    
  *Adjusted operating income, a non-GAAP measure, was $108.6 million for the
    twelve months ended December 31, 2013, compared to $88.4 million for the
    twelve months ended December 31, 2012.
    
  *GAAP operating income was $101.3 million for the twelve months ended
    December 31, 2013, compared to $80.1 million for the twelve months ended
    December 31, 2012.
    
  *During the twelve months ended December 31, 2013, the Company repurchased
    2,831,520 shares of Manhattan Associates common stock under the share
    repurchase program authorized by the Board of Directors, for a total
    investment of $59.2 million.

SALES ACHIEVEMENTS:

  *Closing 5 contracts of $1.0 million or more in recognized license revenue
    during the fourth quarter of 2013, resulting in a total of 14 contracts of
    $1.0 million or more in recognized license revenue for the full year 2013.
    
  *Completing software license wins with new customers such as: Arcadia
    Group, Body Central Stores, Desigual, Elof Hansson Bygg-Gross, Kintetsu
    World Express South Africa, Orchestra-Premaman, National DCP,
    Scandinavskiy Dom, Santens Service, Woodcraft Supply, Zhejiang Geely
    Automobile, and Zohoor Alreef.
    
  *Expanding relationships with existing customers such as: AcuSport, Alidi,
    Assuramed, Belk, Cornerstone Brands, Devanlay SA (Lacoste), DOME, Dubois
    Chemical, eStore Logistics, Express Scripts, Heineken Enterprise, GENCO
    Holdings, Gopher Sport, HEB Grocery, HVHC, Integracolor, John Christner
    Trucking, Legacy Supply Chain Services, The Lehigh Group and Leslie-Locke,
    Monoprice, Movianto, MTD Products, Nestlé Nespresso, Northern Safety,
    O'Key, Performance Team Freight Systems, Phillips-Van Heusen, Servicios
    Empresariales Zimag, Simplehuman, Speed Commerce, Speed Global Services,
    Super Retail Group, Team Hardinger Transportation and Warehousing, True
    Religion Brand Jeans, Toys R Us, and Uhrenholt.

2014 GUIDANCE

Manhattan Associates provides the following revenue and diluted earnings per
share guidance for the full year 2014:


                                       Guidance Range - 2014 Full Year
($'s in millions, except EPS)           $ Range            % Growth Range
                                                                  
Total revenue                           $450      $455     9%         10%
                                                                  
Diluted earnings per share (EPS):                                  
Adjusted EPS^(1) - post stock split    $1.01     $1.03    10%        12%
GAAP EPS - post stock split             $0.94     $0.96    10%        12%
                                                                  
^(1) Adjusted EPS is a Non-GAAP measure which excludes the impact of
equity-based compensation

Manhattan Associates currently intends to publish, in each quarterly earnings
release, certain expectations with respect to future financial performance.
Those statements, including the guidance provided above, are forward-looking.
Actual results may differ materially, especially in the current uncertain
economic environment. Those statements, including the guidance provided above,
do not reflect the potential impact of mergers, acquisitions or other business
combinations that may be completed after the date of the release.

Manhattan Associates will make its earnings release and published expectations
available on its website (www.manh.com). Beginning the close of business on
March 15, 2014, Manhattan Associates will observe a "Quiet Period" during
which Manhattan Associates and its representatives will not comment concerning
previously published financial expectations. Prior to the start of the Quiet
Period, the public can continue to rely on the expectations published in this
2014 Guidance section as being Manhattan Associates' current expectation on
matters covered, unless Manhattan Associates publishes a notice stating
otherwise. During the Quiet Period, previously published expectations should
be considered historical only, speaking only as of or prior to the Quiet
Period, and Manhattan Associates disclaims any obligation to update any
previously published financial expectations during the Quiet Period. The Quiet
Period will extend until publication of Manhattan Associates' next quarterly
earnings release, currently scheduled for the third full week of April 2014.

CONFERENCE CALL

The Company's conference call regarding its fourth quarter and twelve months
ended December 31, 2013 financial results will be held today, February 4,
2014, at 4:30 p.m. Eastern Time. Investors are invited to listen to a live
webcast of the conference call through the investor relations section of
Manhattan Associates' website at www.manh.com. To listen to the live webcast,
please go to the website at least 15 minutes before the call to download and
install any necessary audio software.

For those who cannot listen to the live broadcast, a replay can be accessed
shortly after the call by dialing +1.800.585.8367 in the U.S. and Canada, or
+1.404.537.3406 outside the U.S., and entering the conference identification
number 71205458 or via the web at www.manh.com. The phone replay will be
available for two weeks after the call, and the Internet webcast will be
available until Manhattan Associates' first quarter 2014 earnings release.

GAAP VERSUS NON-GAAP PRESENTATION

The Company provides adjusted operating income, adjusted net income and
adjusted diluted earnings per share in this press release as additional
information regarding the Company's operating results. These measures are not
in accordance with – or an alternative to – GAAP, and may be different from
non-GAAP operating income, non-GAAP net income and non-GAAP earnings per share
measures used by other companies. The Company believes that the presentation
of these non-GAAP financial measures facilitates investors' ability to
understand and compare the Company's results and guidance, because the
measures provide important supplemental information in evaluating the
operating results of its business, as distinct from results that include items
that are not indicative of ongoing operating results, and because the
Company's competitors and peers typically publish similar non-GAAP measures.
This release should be read in conjunction with the Company's Form 8-K
earnings release filing for the quarter and year ended December 31, 2013.

The non-GAAP adjusted operating income, adjusted net income and adjusted
diluted earnings per share exclude the impact of acquisition-related costs and
the amortization thereof and equity-based compensation – all net of income tax
effects. Reconciliations of the Company's GAAP financial measures to non-GAAP
adjustments are included in the supplemental information attached to this
release.

ABOUT MANHATTAN ASSOCIATES

Manhattan Associates brings companies closer to their customers. We design,
build and deliver market-leading Supply Chain Commerce Solutions that drive
top line growth by converging front-end sales with back-end supply chain
execution and efficiency. Our software, platform technology and unmatched
experience help our customers around the world adapt to the challenges of the
omni-channel marketplace. For more information, please visit www.manh.com.

This press release contains "forward-looking statements" relating to Manhattan
Associates, Inc.Forward-looking statements in this press release include the
information set forth under "2014 Guidance."Prospective investors are
cautioned that any such forward-looking statements are not guarantees of
future performance and involve risks and uncertainties, and that actual
results may differ materially from those contemplated by such forward-looking
statements.Among the important factors that could cause actual results to
differ materially from those indicated by such forward-looking statements are:
uncertainty about the global economy; delays in product development;
competitive pressures; software errors; and the additional risk factors set
forth in Item 1A of the Company's Annual Report on Form 10-K for the year
ended December 31, 2012. Manhattan Associates undertakes no obligation to
update or revise forward-looking statements to reflect changed assumptions,
the occurrence of unanticipated events or changes in future operating results.

                                                               
                                                               
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
                                                               
                                                               
                      Three Months Ended December 31, Year Ended December 31,
                      2013            2012            2013        2012
                      (unaudited)     (unaudited)                
Revenue:                                                        
Software license       $ 17,267        $ 14,398        $ 62,416    $ 61,494
Services               77,786          72,294          315,901     283,872
Hardware and other     12,546          8,667           36,201      30,882
Total revenue          107,599         95,359          414,518     376,248
Costs and expenses:                                             
Cost of license        2,564           2,487           8,724       7,838
Cost of services       36,297          34,040          142,236     128,686
Cost of hardware and   10,142          6,797           30,191      25,213
other
Research and           11,135          10,951          44,549      44,704
development
Sales and marketing    11,374          10,805          44,559      45,622
General and            9,952           9,668           37,147      38,474
administrative
Depreciation and       1,468           1,497           5,825       5,638
amortization
Total costs and        82,932          76,245          313,231     296,175
expenses
Operating income       24,667          19,114          101,287     80,073
Other income (loss),   (118)           534             1,822       965
net
Income before income   24,549          19,648          103,109     81,038
taxes
Income tax provision   7,703           7,178           35,813      29,185
Net income             $ 16,846        $ 12,470        $ 67,296    $ 51,853
                                                               
Basic earnings per     $ 0.22          $ 0.16          $ 0.88      $ 0.66
share
Diluted earnings per   $ 0.22          $ 0.16          $ 0.86      $ 0.64
share
                                                               
Weighted average                                                
number of shares:
Basic                  76,032          77,636          76,664      78,640
Diluted                77,256          79,652          77,932      81,084

                                                               
                                                               
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Reconciliation of Selected GAAP to Non-GAAP Measures
(in thousands, except per share amounts)
                                                               
                                                               
                      Three Months Ended December   Year Ended December 31,
                       31,
                      2013           2012           2013          2012
                                                               
Operating income       $ 24,667       $ 19,114       $ 101,287     $ 80,073
Equity-based           2,076          2,543          7,325         8,338
compensation ^(b)
Purchase amortization  1              1              6             6
^(c)
Adjusted operating     $ 26,744       $ 21,658       $ 108,618     $ 88,417
income (Non-GAAP)
                                                               
                                                               
Income tax provision   $ 7,703        $ 7,178        $ 35,813      $ 29,185
Equity-based           729            942            2,602         3,028
compensation ^(b)
Purchase amortization  --             --             2             2
^(c)
Adjusted income tax    $ 8,432        $ 8,120        $ 38,417      $ 32,215
provision (Non-GAAP)
                                                               
                                                               
Net income             $ 16,846       $ 12,470       $ 67,296      $ 51,853
Equity-based           1,347          1,601          4,723         5,310
compensation ^(b)
Purchase amortization  1              1              4             4
^(c)
Adjusted net income    $ 18,194       $ 14,072       $ 72,023      $ 57,167
(Non-GAAP)
                                                               
                                                               
Diluted EPS ^(a)       $ 0.22         $ 0.16         $ 0.86        $ 0.64
Equity-based           0.02           0.02           0.06          0.07
compensation ^(a,b)
Purchase amortization  --             --             --            --
^(a,c)
Adjusted diluted EPS   $ 0.24         $ 0.18         $ 0.92        $ 0.71
(Non-GAAP) ^(a)
                                                               
Fully diluted shares   77,256         79,652         77,932        81,084
                                                               
                                                               
(a) On December 19, 2013, our Board of Directors approved a four-for-one stock
split of the Company's Common Stock, effected in the form of a stock dividend.
All references made to shares or per share amounts have been restated to
reflect the effect of this four-for-one stock split for all periods presented.

(b) To be consistent with other companies in the software industry, we began
to report adjusted results excluding all equity-based compensation. The
equity-based compensation is included in the following GAAP operating expense
lines for the three and twelve months ended December 31, 2013 and 2012:

                      Three Months Ended December   Year Ended December 31,
                       31,
                      2013           2012           2013          2012
                                                               
Cost of services       $ 354          $ 334          1,235         $ 824
Research and           274            424            1,110         1,558
development
Sales and marketing    364            553            975           2,220
General and            1,084          1,232          4,005         3,736
administrative
Total equity-based     $ 2,076        $ 2,543        7,325         $ 8,338
compensation
                                                               
(c) Adjustments represent purchased intangibles amortization from prior
acquisitions. Such amortization is commonly excluded from GAAP net income by
companies in our industry and we therefore exclude these amortization costs to
provide more relevant and meaningful comparisons of our operating results to
that of our competitors.

                                                           
                                                           
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
                                                           
                                                           
                                          December 31, 2013 December 31, 2012
                                                           
ASSETS                                                      
Current Assets:                                             
Cash and cash equivalents                  $124,375        $96,737
Short-term investments                     8,581            6,310
Accounts receivable, net of allowance of
$3,156 and $6,235 in 2013 and 2012,        71,136           62,102
respectively
Deferred income taxes                      7,300            7,787
Prepaid expenses and other current assets  7,346            8,571
Total current assets                      218,738          181,507
                                                           
Property and equipment, net                14,342           15,650
Goodwill, net                              62,272           62,265
Deferred income taxes                      427              732
Other assets                               2,049            1,659
Total assets                              $279,828        $261,813
                                                           
                                                           
LIABILITIES AND SHAREHOLDERS' EQUITY                        
                                                           
Current liabilities:                                        
Accounts payable                           $11,555         $10,229
Accrued compensation and benefits          19,465           16,720
Accrued and other liabilities              12,225           12,233
Deferred revenue                           53,812           47,935
Income taxes payable                       7,131            4,024
Total current liabilities                 104,188          91,141
                                                           
Other non-current liabilities              12,054           9,163
                                                           
Shareholders' equity:                                       
Preferred stock, no par value; 20,000,000
shares authorized, no shares issued or     --              --
outstanding in 2013 and 2012
Common stock, $.01 par value; 100,000,000
shares authorized; 76,374,180 and
78,483,868 shares issued and outstanding   764              785
atDecember 31, 2013 and December 31,
2012, respectively
Retained earnings                          188,604          165,427
Accumulated other comprehensive loss       (7,782)          (4,703)
Total shareholders' equity                181,586          161,509
Total liabilities and shareholders'       $297,828        $261,813
equity

                                                                 
                                                                 
MANHATTAN ASSOCIATES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
                                                                 
                                                                 
                                                      Year Ended December 31,
                                                      2013        2012
                                                                 
Operating activities:                                             
Net income                                             $67,296   $51,853
Adjustments to reconcile net income to net cash                   
provided by operating activities:
Depreciation and amortization                          5,825      5,638
Equity-based compensation                              7,325      8,338
Loss (gain) on disposal of equipment                   31         (46)
Tax benefit of stock awards exercised/vested          6,980      9,901
Excess tax benefits from equity-based compensation     (6,637)    (7,531)
Deferred income taxes                                  3,165      5,388
Unrealized foreign currency loss                       205        427
Changes in operating assets and liabilities:                      
Accounts receivable, net                               (9,174)    (5,446)
Other assets                                           697        281
Accounts payable, accrued and other liabilities        3,164      (162)
Income taxes                                           4,500      8,831
Deferred revenue                                       6,010      (2,201)
Net cash provided by operating activities              89,387     75,271
                                                                 
Investing activities:                                             
Purchase of property and equipment                     (4,740)    (7,873)
Net (purchases) maturities of investments             (3,065)    864
Net cash used in investing activities                  (7,805)    (7,009)
                                                                 
Financing activities:                                             
Purchase of common stock                               (64,199)   (103,155)
Proceeds from issuance of common stock from options    5,754      32,082
exercised
Excess tax benefits from equity-based compensation     6,637      7,531
Net cash used in financing activities                  (51,808)   (63,542)
                                                                 
Foreign currency impact on cash                        (2,136)    (163)
                                                                 
Net change in cash and cash equivalents                27,638     4,557
Cash and cash equivalents at beginning of period       96,737     92,180
Cash and cash equivalents at end of period             $124,375  $96,737

                                                                                                        
                                                                                                        
MANHATTAN                                                                                                
ASSOCIATES, INC.
SUPPLEMENTAL                                                                                             
INFORMATION
                                                                                                        
                                                                                                        
1. GAAP and
Adjusted earnings                                                                                        
per share:
                                                                                                        
On December 19, 2013, our Board of Directors approved a four-for-one stock split of the Company's Common Stock, effected in
the form of a stock dividend. All references made to shares or per share amounts have been restated to reflect the effect of
this four-for-one stock split for all periods presented.
                                                                                                        
GAAP and Adjusted earnings per share (Post-Split) by quarter are as follows:
                                                                                                        
                  2012                                                2013
                  1st Qtr   2nd Qtr    3rd Qtr   4th Qtr   Full Year  1st Qtr   2nd Qtr    3rd Qtr    4th Qtr    YTD
GAAP Diluted EPS   $0.14   $0.17    $0.17   $0.16   $0.64    $0.17   $0.22    $0.25    $0.22    $0.86
Adjustments to                                                                                           
GAAP:
Equity-based      0.01     0.02      0.02     0.02     0.07      0.02     0.02      0.01      0.02      0.06
compensation
Purchase          --      --       --      --      --       --      --       --       --       --
amortization
Adjusted Diluted   $0.15   $0.19    $0.19   $0.18   $0.71    $0.19   $0.24    $0.26    $0.24    $0.92
EPS
Fully Diluted      82,548   81,404    80,520   79,652   81,084    78,740   78,036    77,552    77,256    77,932
Shares
                                                                                                        
                                                                                                        
GAAP and Adjusted earnings per share (Pre-Split) by quarter are as follows:
                                                                                                        
                  2012                                                2013
                  1st Qtr   2nd Qtr    3rd Qtr   4th Qtr   Full Year  1st Qtr   2nd Qtr    3rd Qtr    4th Qtr    YTD
GAAP Diluted EPS   $0.55   $0.70    $0.69   $0.63   $2.56    $0.68   $0.89    $1.02    $0.87    $3.45
Adjusted Diluted   $0.60   $0.76    $0.75   $0.71   $2.82    $0.74   $0.96    $1.05    $0.94    $3.70
EPS
Fully Diluted      20,637   20,351    20,130   19,913   20,271    19,685   19,509    19,388    19,314    19,483
Shares
                                                                                                        
                                                                                                        
2. Revenues and operating income by reportable segment are as follows (in thousands):
                                                                                                        
                  2012                                                2013
                  1st Qtr   2nd Qtr    3rd Qtr   4th Qtr   Full Year  1st Qtr   2nd Qtr    3rd Qtr    4th Qtr    YTD
Revenue:                                                                                                 
Americas           $73,195 $77,094  $79,657 $77,646 $307,592 $79,820 $83,600  $87,977  $86,947  $338,344
EMEA               12,407   12,334    10,589   11,808   47,138    11,431   11,964    12,686    14,333    50,414
APAC               5,879    4,139     5,595    5,905    21,518    5,350    6,952     7,139     6,319     25,760
                  $91,481 $93,567  $95,841 $95,359 $376,248 $96,601 $102,516 $107,802 $107,599 $414,518
                                                                                                        
GAAP Operating                                                                                           
Income:
Americas           $13,685 $18,130  $17,718 $15,984 $65,517  $16,964 $21,256  $25,613  $19,618  $83,451
EMEA               2,580    2,944     2,707    1,494    9,725     1,753    2,736     2,633     3,166     10,288
APAC               1,675    268       1,252    1,636    4,831     944      2,195     2,526     1,883     7,548
                  $17,940 $21,342  $21,677 $19,114 $80,073  $19,661 $26,187  $30,772  $24,667  $101,287
                                                                                                        
Adjustments                                                                                              
(pre-tax):
Americas:                                                                                                
Equity-based      $1,660  $1,977   $2,158  $2,543  $8,338   $1,907  $2,133   $1,209   $2,076   $7,325
compensation
Purchase          2        1         2        1        6         2        1         2         1         6
amortization
                  $1,662  $1,978   $2,160  $2,544  $8,344   $1,909  $2,134   $1,211   $2,077   $7,331
                                                                                                        
                                                                                                        
Adjusted non-GAAP                                                                                        
Operating Income:
Americas           $15,347 $20,108  $19,878 $18,528 $73,861  $18,873 $23,390  $26,824  $21,695  $90,782
EMEA               2,580    2,944     2,707    1,494    9,725     1,753    2,736     2,633     3,166     10,288
APAC               1,675    268       1,252    1,636    4,831     944      2,195     2,526     1,883     7,548
                  $19,602 $23,320  $23,837 $21,658 $88,417  $21,570 $28,321  $31,983  $26,744  $108,618
                                                                                                        
                                                                                                        
3. Our services revenue consists of fees generated from professional services and customer support and software enhancements
related to our software products as follows (in thousands):
                                                                                                        
                  2012                                                2013
                  1st Qtr   2nd Qtr    3rd Qtr   4th Qtr   Full Year  1st Qtr   2nd Qtr    3rd Qtr    4th Qtr    YTD
Professional       $46,621 $45,497  $47,082 $46,042 $185,242 $49,151 $52,492  $57,690  $51,490  210,823
services
Customer support
and software       23,749   23,825    24,804   26,252   98,630    25,736   25,711    27,335    26,296    105,078
enhancements
Total services     $70,370 $69,322  $71,886 $72,294 $283,872 $74,887 $78,203  $85,025  $77,786  $315,901
revenue
                                                                                                        
                                                                                                        
4. Hardware and other revenue includes the following items (in thousands):
                                                                                                        
                  2012                                                2013
                  1st Qtr   2nd Qtr    3rd Qtr   4th Qtr   Full Year  1st Qtr   2nd Qtr    3rd Qtr    4th Qtr    YTD
                                                                                                        
Hardware revenue   $3,054  $5,740   $4,234  $5,242  $18,270  $4,175  $4,285   $3,904   $8,557   $20,921
Billed travel      2,470    3,160     3,557    3,425    12,612    3,294    3,892     4,105     3,989     15,280
Total hardware    $5,524  $8,900   $7,791  $8,667  $30,882  $7,469  $8,177   $8,009   $12,546  $36,201
and other revenue
                                                                                                        
                                                                                                        
5. Impact of Currency Fluctuation
The following table reflects the increases (decreases) in the results of operations for each period attributable to the
change in foreign currency exchange rates from the prior period as well as foreign currency gains (losses) included in other
income, net for each period (in thousands):
                                                                                                        
                  2012                                                2013
                  1st Qtr   2nd Qtr    3rd Qtr   4th Qtr   Full Year  1st Qtr   2nd Qtr    3rd Qtr    4th Qtr    YTD
                                                                                                        
Revenue            $(136)  $(1,251) $(958)  $(128)  $(2,473) $(182)  $(150)   $(329)   $(63)    $(724)
Costs and expenses (848)    (2,067)   (1,845)  (422)    (5,182)   (541)    (262)     (877)     (902)     (2,582)
Operating income   712      816       887      294      2,709     359      112       548       839       1,858
Foreign currency
(losses) gains in  (370)    571       (564)    231      (132)     (179)    972       313       (445)     661
other income
                  $342    $1,387   $323    $525    $2,577   $180    $1,084   $861     $394     $2,519
                                                                                                        
                                                                                                        
Manhattan Associates has a large research and development center in Bangalore, India.The following table reflects the
increases (decreases) in the financial results for each period attributable to changes in the Indian Rupee exchange rate (in
thousands):
                                                                                                        
                  2012                                                2013
                  1st Qtr   2nd Qtr    3rd Qtr   4th Qtr   Full Year  1st Qtr   2nd Qtr    3rd Qtr    4th Qtr    YTD
                                                                                                        
Operating income   $704    $1,193   $1,161  348      $3,406   $440    $173     $733     $900     $2,246
Foreign currency
(losses) gains in  (144)    724       (500)    282      362       4        931       204       3         1,142
other income
Total impact of
changes in the     $560    $1,917   $661    $630    $3,768   $444    $1,104   $937     $903     $3,388
Indian Rupee
                                                                                                        
                                                                                                        
6. Other (loss) income includes the following components (in thousands):
                                                                                                        
                  2012                                                2013
                  1st Qtr   2nd Qtr    3rd Qtr   4th Qtr   Full Year  1st Qtr   2nd Qtr    3rd Qtr    4th Qtr    YTD
                                                                                                        
Interest income    $264    $228     $278    $292    $1,062   $326    $271     $263     $307     $1,167
Foreign currency   (370)    571       (564)    231      (132)     (179)    972       313       (445)     661
(losses) gains
Other
non-operating      (18)     3         39       11       35        4        --        (30)      20        (6)
(expense) income
Total other       $(124)  $802     $(247)  $534    $965     $151    $1,243   $546     $(118)   $1,822
(loss) income
                                                                                                        
                                                                                                        
7. Total equity-based compensation is as follows (in thousands except per share amounts):
                                                                                                        
                  2012                                                2013
                  1st Qtr   2nd Qtr    3rd Qtr   4th Qtr   Full Year  1st Qtr   2nd Qtr    3rd Qtr    4th Qtr    YTD
                                                                                                        
Stock options      $120    $140     $138    $223    $621     $148    $11      $11      $20      $190
Restricted stock   1,540    1,837     2,020    2,320    7,717     1,759    2,122     1,198     2,056     7,135
Total equity-based 1,660    1,977     2,158    2,543    8,338     1,907    2,133     1,209     2,076     7,325
compensation
Income tax         598      711       777      942      3,028     671      751       451       729       2,602
provision
Net income         $1,062  $1,266   $1,381  $1,601  $5,310   $1,236  $1,382   $758     $1,347   $4,723
Diluted earnings   $0.01   $0.02    $0.02   $0.02   $0.07    $0.02   $0.02    $0.01    $0.02    $0.06
per share
                                                                                                        
Diluted earnings
per share - stock  $0.00   $0.00    $0.00   $0.00   $0.00    $0.00   $0.00    $0.00    $0.00    $0.00
options
Diluted earnings
per share -        $0.01   $0.01    $0.02   $0.02   $0.06    $0.01   $0.02    $0.01    $0.02    $0.06
restricted stock
                                                                                                        
                                                                                                        
8. Capital expenditures are as follows (in thousands):
                                                                                                        
                  2012                                                2013
                  1st Qtr   2nd Qtr    3rd Qtr   4th Qtr   Full Year  1st Qtr   2nd Qtr    3rd Qtr    4th Qtr    YTD
                                                                                                        
Capital            $1,796  $1,454   $1,086  $3,537  $7,873   $598    $1,035   $1,568   $1,539   $4,740
expenditures
                                                                                                        
                                                                                                        
9. Stock Repurchase Activity (in thousands):
                                                                                                        
                  2012                                                2013
                  1st Qtr   2nd Qtr    3rd Qtr   4th Qtr   Full Year  1st Qtr   2nd Qtr    3rd Qtr    4th Qtr    YTD
                                                                                                        
Shares purchased
under              2,611    1,386     1,676    2,106    7,779     903      785       607       537       2,832
publicly-announced
buy-back program
Shares withheld
for taxes due upon 264      11        19       18       312       281      1         13        5         300
vesting of
restricted stock
Total shares       2,875    2,443     1,695    2,124    8,091     1,184    786       620       542       3,132
purchased
                                                                                                        
Total cash paid
for shares
purchased under    $30,647 $16,616  $21,202 $31,223 $99,688  $15,929 $14,409  $13,533  $15,332  $59,203
publicly-announced
buy-back program
Total cash paid
for shares
withheld for taxes 2,840    132       230      265      3,467     4,545    19        280       152       4,996
due upon vesting
of restricted
stock
Total cash paid
for shares         $33,487 $16,748  $21,432 $31,488 $103,155 $20,474 $14,428  $13,813  $15,484  $64,199
repurchased

CONTACT: Dennis Story
         Chief Financial Officer
         Manhattan Associates, Inc.
         770-955-7070
         dstory@manh.com
        
         Beverly McDonald
         Senior Director, Corporate Marketing
         Manhattan Associates, Inc.
         678-597-6528
         bmcdonald@manh.com
 
Press spacebar to pause and continue. Press esc to stop.