FactSet Research Systems Inc. Approves Quarterly Dividend, Payable on September 15, 2015
Aug 10 15
FactSet Research Systems Inc. announced that its board of directors approved a regular quarterly cash dividend of $0.44 per share. The cash dividend will be paid on September 15, 2015 to holders of record of FactSet's common stock at the close of business on August 31, 2015.
FactSet Research Systems Inc. Announces Executive Changes
Jul 2 15
FactSet Research Systems Inc. announced that effective July 1, 2015, Philip Hadley stepped down from his position as chief executive officer. The company's board of directors appointed Philip Snow as the company's new chief executive officer effective July 1, 2015. Mr. Snow was elected to the company's board of directors effective March 16, 2015. Prior to his appointment as the company's new chief executive officer, Mr. Snow (age 50) had served as president of the company since July 1, 2014, and was responsible for the oversight and management of the company's sales and operations teams. Mr. Snow joined the company in 1996 as a consultant. Following his move back to the U.S. in 2000, Mr. Snow held various sales leadership roles prior to assuming the role of Senior Vice President, Director of U.S. Investment Management Sales in 2013.
Ashbury Heights Capital Grants Leave to Proceed with Fraud and Breach of Contract Lawsuit Against FactSet Research Systems
Jun 19 15
Ashbury Heights Capital has been granted leave to proceed with its fraud and breach of contract lawsuit against FactSet Research Systems and securities executive Doug Engmann. The ruling by a California Court could impact over a dozen of the financial institutions. Ashbury claims that a breakthrough patented analytics technology it developed has been misused by FactSet and Engmann in violation of a license agreement the parties entered in 2012. The technology represented a leap forward in analysing big data to better predict the impact of macro and micro events on stock prices and other targets. FactSet and its predecessors used the technology to help sell its primary data mining services and products to some of the world's large hedge funds and government agencies. The lawsuit alleges that defendants failed to pay well over USD 10 million in licensing revenues owned under their agreement and fraudulently concealed other misuses of the technology. FactSet had purchased the Ashbury license agreement, along with other assets, from Engmann and his company Revere in 2013 for approximately USD 16 million. In its ruling, the court rejected FactSet's and Engmann's motion to force the case to private arbitration. The lawsuit alleges that over a dozen of the world's large financial institutions, including WorldQuant, BlueCrest, SAC Capital, Wellington, Airain Limited, Millennium Partners, Renaissance Technologies, and government agencies, including the Director of National Intelligence, have been provided and/or employed the technology. Trial is currently set for September 2016. Ashbury is seeking injunctive relief to stop defendants' misuse of the proprietary technology and royalty compensation, along with punitive damages, attorneys' fees and costs.
Factset Research Systems Inc. Reports Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended May 31, 2015; Provides Earnings Guidance for the Fourth Quarter of 2015
Jun 16 15
FactSet Research Systems Inc. reported unaudited consolidated earnings results for third quarter and nine months ended May 31, 2015. For the quarter, the company reported revenues of USD 254,522,000 compared with USD 231,761,000 a year ago. Operating income was USD 85,356,000 compared with USD 73,037,000 a year ago. Income before income taxes was USD 85,838,000 compared with USD 73,371,000 a year ago. Net income was USD 61,409,000 or USD 1.45 diluted per share compared with USD 51,532,000 or USD 1.21 diluted per share a year ago. Adjusted operating income was USD 85,356,000 compared with USD 76,084,000 a year ago. Adjusted net income was USD 60,001,000 or USD 1.42 diluted per share compared with USD 53,095,000 or USD 1.25 diluted per share a year ago. Free cash flow was USD 98.5 million, up 7.8% over the prior year. Capital expenditures were USD 3.6 million.
For the nine months, the company reported revenues of USD 744,990,000 compared with USD 681,671,000 a year ago. Operating income was USD 246,265,000 compared with USD 222,833,000 a year ago. Income before income taxes was USD 247,710,000 compared with USD 223,851,000 a year ago. Net income was USD 178,867,000 or USD 4.23 diluted per share compared with USD 156,136,000 or USD 3.62 diluted per share a year ago. Net cash provided by operating activities was USD 222,842,000 compared with USD 193,722,000 a year ago. Purchases of property, equipment and leasehold improvements, net of proceeds from dispositions was USD 15,391,000 compared with USD 11,704,000 a year ago.
For the fourth quarter, the company's revenues are expected to range between USD 259 million and USD 263 million. Operating margin is expected to range between 33.0% and 34.0%. The annual effective tax rate is expected to range between 30.0% and 31.0%. Diluted EPS should range between USD 1.46 and USD 1.48. The midpoint of this range represents 12% growth over the prior year.
FactSet Research Systems Inc. to Report Q3, 2015 Results on Jun 16, 2015
Jun 2 15
FactSet Research Systems Inc. announced that they will report Q3, 2015 results at 11:00 AM, US Eastern Standard Time on Jun 16, 2015