Kronos Reports 1st Quarter Financial Results [Manufacturing Close - Up]
(Manufacturing Close - Up Via Acquire Media NewsEdge) Kronos Inc. announced financial results, company advancements, and customer successes for the first quarter of Fiscal 2013.
In a release on February 5, the Company noted that Kronos revenue for the quarter increased 13 percent to $224.2 million. Earnings before interest, tax, depreciation and amortization (EBITDA) increased 18 percent to $66.7 million.
"We delivered outstanding growth in our first quarter - including a 106-percent increase in workforce management cloud revenue," said Aron Ain, Kronos chief executive officer. "Our award-winning products are ushering in a new era of innovation whereby organizations are empowered to manage in the moment. With our innovative product portfolio, fast-growing cloud business, deep vertical expertise, and unmatched global capabilities, Kronos is perfectly poised to continue to gain market share in 2013 and beyond."
-Kronos Cloud growth - Kronos Cloud deployments represent the fastest-growing aspect of the company's business. Kronos continues to experience a tremendous customer response to its new Workforce Ready suite in the Kronos Cloud for small and midsize businesses (SMBs), as well as its Workforce Central suite in the Kronos Cloud for medium and large enterprise organizations.
-Strong contribution from international regions - International product bookings increased 53 percent year on year. The Asia- Pacific region delivered exceptional results, as continued investments in Australia, China, and India resulted in new local and multinational customer wins. Kronos further extended its reach into the Chinese market by forming a reseller agreement with Capgemini. The Latin America region, led by the Kronos operation in Mexico, continued its growth and expansion. Significant progress continued in South Africa where Kronos experienced significant new customer acquisition.
-Momentum in SMB sector - Small and midsize businesses are embracing the cloud capabilities of Kronos workforce management solutions. Kronos experienced an exceptional quarter in the SMB sector, driven in large part by an accelerated pace of adoption for its new Workforce Ready suite.
-Delivery of next-generation products - During the quarter, Kronos delivered a series of new products and enhancements:
-Workforce Tablet - A tablet application that delivers real- time, location-specific workforce information to frontline managers so they can more effectively manage in the moment, Workforce Tablet is a native-built tablet solution developed specifically for the Apple iPad, providing an anytime, anyplace, instant connection to the Kronos Workforce Central suite.
-Workforce Task Management - Workforce Task Management simplifies store execution by providing end-users with a streamlined approach to create, approve, execute, and verify tasks.
-Workforce Analytics - The latest version of Kronos' Workforce Analytics solution enables organizations to access and leverage their workforce data to identify, predict, and manage opportunities for cost savings and productivity gains.
-Workforce Ready - Kronos delivered significant enhancements to its SMB cloud suite, Workforce Ready. Enhancements include compatibility with the Kronos InTouch time clock; introduction of a workforce-centric application marketplace; and additional language support.
-TeleStaff - The latest version of the Kronos TeleStaff public safety scheduling and notification solution includes enhancements that allow deployment and support of additional technology platforms; enhanced shift-bidding statuses enabling employees to view and monitor the status of their bids for shifts; and advanced reporting features.
-Kronos InTouch applications - Kronos partners, customers, and third-party developers can create and share workforce applications for the Kronos InTouch time clock. The latest applications include: developed by Axsium Group, Wayfinder helps employees find their way to their work location using floor plan maps; developed by The WFC Group, EnrollMe gives employees the ability to join their employer's healthcare plan during open enrollment; and developed by Kronos, Employee Survey allows an employer to host a survey to solicit and capture employee feedback.
-In the first quarter of Fiscal 2013, Kronos signed agreements with organizations around the world such as: Aaron's, Inc., a company focusing on the sales and lease ownership and specialty retailing of residential and office furniture, consumer electronics, home appliances, and accessories; ALDI Stores, A Limited Partnership, with more than 200 stores operating across New South Wales, ACT, Queensland, and Victoria, Australia; Carpenter Technology, produces and distributes specialty alloys, including stainless steels, titanium alloys and superalloys, and various engineered products; Hitachi Construction Machinery (Australia) Pty, a subsidiary of Hitachi Construction Machinery Co., (Japan), Australia's home for sales and support of Hitachi, John Deere, and Bell construction, forestry, mining, quarry, and recycling machinery; Lafayette General Medical Center, a regional, non- profit, community-owned and -managed hospital located in Lafayette, Louisiana; North Shore-Long Island Jewish Health System, a non- profit, secular healthcare system; Rockford Health System, includes Rockford Memorial Hospital, Rockford Health Physicians, Van Matre HealthSouth Rehabilitation Hospital, Visiting Nurses Association and the Rockford Memorial Development Foundation; Santa Clara County, a county located at the southern end of the San Francisco Bay Area in California; Sports Direct, a sports retailer in the UK, and the owner of a significant number of sport, fashion, and lifestyle brands; Truman Medical Centers, a two-hospital, not-for-profit health system located in Kansas City, Mo.; Wakefern Food Corp., a retailer-owned cooperative in the U.S.; and Weir SPM, a company focusing on well service pumps and high pressure flow control equipment.
Kronos is a company focusing on delivering workforce management solutions in the cloud.
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