Kofax Releases an Interim Management Statement for the First Quarter of its 2010 Financial Year

Revenues in Line With Expectations

• Press Release
• Source: Kofax plc
• On 2:00 am EST, Thursday November 5, 2009

BASINGSTOKE, England--(BUSINESS WIRE)--Kofax plc (LSE:KFX - News), the leading provider of document driven business process automation solutions, releases an Interim Management Statement for the first quarter of its 2010 financial year, which includes the period from 1 July to 30 September 2009 and the results of operations of 170 Systems, Inc. since Kofax’s acquisition of that company in early September 2009.

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Symbol	Price	Change
KFX.L	187.00	-1.25

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Kofax’s 2010 financial year started positively with total revenues in line with and adjusted operating profit ahead of our expectations. Software business revenues were higher than expected due to strong service revenues and offset lower than expected product distribution revenues in the hardware business. Sales execution and achievement levels across all segments of the company’s software business were generally as expected and the Company continued to make good progress in executing its strategic initiatives.

Other than the decrease in cash resulting from Kofax’s acquisition of 170 Systems, there have been no significant changes in the Company’s financial position since 30 June 2009 and its balance sheet remains strong.

Reynolds C. Bish, Chief Executive Officer, commented: “I’m pleased to report that we made good progress and performed better than expected in our software business this past quarter. Market conditions have stabilized and show early signs of improving to a limited extent but continue to be challenging and difficult to predict. As a result and excluding the effect of the 170 Systems acquisition, which should contribute approximately $22m of revenues after acquisition accounting, we continue to expect low to mid single digit organic revenue growth in our software business this financial year.”

Finally, on 8 September 2009 the Company announced its intention to report Kofax’s future financial results in US dollars. To assist readers in the transition from Pounds Sterling to US dollar reporting, the Company has attached and is today posting US dollar based financial statements for the years ended 30 June 2009 and 2008 on the Investor relations page of its website at www.kofax.com/ir.

About Kofax

Kofax plc (LSE: KFX - News) is the leading provider of document driven business process automation solutions. For more than 20 years, Kofax has provided award winning solutions that streamline the flow of information throughout an organization by managing the capture, transformation and exchange of business critical information arising in paper, fax and electronic formats in a more accurate, timely and cost effective manner. Kofax solutions provide a rapid return on investment to thousands of customers in financial services, government, business process outsourcing, healthcare, supply chain and other markets. Kofax delivers these solutions through its own worldwide sales and service organizations, and a global network of more than 1,000 authorized partners in more than 60 countries throughout the Americas, EMEA and Asia Pacific.

“Kofax” is a registered trademark in the US, the EU and other countries. All other trademarks and registered trademarks belong to their respective owners.

Kofax plc
Investor Contact:
Stefan Gaiser, Chief Financial Officer
+49 (0) 761 45269 193
stefan.gaiser@kofax.com
or
Media Contact:
Michael Troncale, Director, Corporate Communications
+1-949-783-1434
michael.troncale@kofax.com
or
Financial Dynamics
James Melville–Ross
Matt Dixon
Tel : +44 (0) 20 7831 3113
kofax@fd.com