Kronos® Growth Accelerates; Reports Record Financial Performance in Fiscal 2010
CHELMSFORD, Mass., Nov. 8, 2010 - Kronos® Incorporated today announced financial results, company advancements, and customer successes for Fiscal 2010. Kronos revenues for the fiscal year increased 9 percent to $741 million. Earnings before interest, tax, and amortization (EBITA) increased 30 percent to $190 million.1
"We are thrilled with our Fiscal 2010 financial performance," said Aron Ain, Kronos chief executive officer. "The strategic investments that we've been making these past 24 months - particularly in the areas of product innovation and global expansion - are delivering outstanding results. We're delighted with our strong momentum in emerging markets and our double-digit revenue and EBITA growth. In addition, the year-ago vertical restructuring of our sales organization is delivering excellent results. We're poised for continued success as we continue to execute our aggressive growth strategy."
Fourth Quarter News Facts
- In the last quarter of Fiscal 2010, Kronos signed agreements with organizations around the world such as: Bell Helicopter Textron, Bell Helicopter, a wholly owned subsidiary of Textron Inc., is an industry-leading producer of commercial and military, manned and unmanned vertical lift aircraft; C&K Market, Inc., a Brookings, Oregon-based family-run independent grocer; City of Houston, Texas, the fourth-largest city in the U.S.; Clarian Health, Indiana's most comprehensive academic medical center and one of the busiest hospital systems in the U.S.; Coinstar/RedBox, leading provider of automated retail solutions offering convenient services that make life easier for consumers and drive incremental traffic and revenue for retailers; Essilor of America, the nation's leading manufacturer of optical lenses; In-N-Out Burger, a regional chain of quick service restaurants with locations in the western U.S.; Jos. A. Bank Clothiers, American manufacturer-retailer of men's classically-styled tailored and casual clothing; Mylan Inc., among the leading generic and specialty pharmaceutical companies in the world and provider of products to customers in more than 140 countries and territories; Olin Corporation, manufacturer concentrated in two business segments: Chlor Alkali Products and Winchester; Peet's Coffee & Tea, the premier specialty coffee and tea company in the U.S.; PLUS ONE Health Management, leading provider of comprehensive wellness solutions for corporations and other discerning organizations; Regal Entertainment Group, operator of the largest and most geographically diverse theatre circuit in the U.S.; Republic Airways, Indianapolis, Indiana-based airline holding company that owns Chautauqua Airlines, Frontier Airlines, Lynx Aviation, Republic Airlines, and Shuttle America; Saint Luke's Health System, a not-for-profit, fully aligned health system that serves a 67-county area surrounding the Kansas City region; Securitas Security Services USA, a knowledge leader in security; Tommy Bahama, a manufacturer of casual, men's and women's sportswear, denim, swimwear, accessories, footwear, and a complete home furnishings collection; U.S. Marshals Service, America's oldest federal law enforcement agency; U.S. Department of Veterans Affairs, providing patient care and federal benefits to veterans and their dependents; and Yum! Restaurant Services Group, Yum! Brands, Inc., the world's largest restaurant company in terms of system restaurants with more than 37,000 restaurants in more than 110 countries and territories.
Fiscal 2010 News Facts
- Next generation of workforce management - Kronos delivered more new products and product enhancements this year than in any previous year in the company's history. Recognizing that today's top consumer-oriented technologies have forever changed the way people interact with technology, Kronos is fundamentally revolutionizing the way business application software is designed and used, defining an entirely new generation of workforce management products. During the year, Kronos delivered a variety of solutions based on the idea that users can have it all - deep functionality and ease of use:
- Revolutionary new user experience - Based on Rich Internet Applications (RIA) technology, Kronos' new user experience harnesses the ease of use and intuitiveness of consumer-oriented technologies to help organizations better manage their workforce.
- Workforce Central® - The latest version of the Workforce Central suite - version 6.2 - includes major enhancements in functionality and ease of use in the areas of HR and payroll, absence management, time and labor tracking, labor analytics, forecasting and scheduling, and specific functionality to meet the requirements of global customers.
- Workforce Mobile™ Scheduler - This new, award-winning mobile scheduling application improves productivity by making it easier for managers to instantly engage with employees using a variety of mobile devices to fill open shifts.
- Workforce Acquisition™ - The latest version of the Kronos selection and hiring solution provides a unified candidate experience for both hourly and salaried job seekers; makes it easier to configure requisitions, job sites and online applications with social networking accounts; and includes enhanced reporting and analytics.
- Kronos iSeries Central suite - The latest version includes a range of customer-requested features that accelerate performance, provide tools for managers to more effectively manage the workforce, and more automation in the area of absence management.
- Global momentum - Major advancements and momentum in the EMEA region included establishment of distribution channels in various countries. Major customers choosing or expanding their relationship with Kronos in the UK include Carphone Warehouse, DHL UK, and Wincanton Logistics. Kronos experienced significant growth in employee licenses throughout the Asia-Pacific region, with customer wins including Aircel, one of the largest telecom providers in India; Cummins, a leading manufacturer of diesel engines; Delhi International Airport, the largest airport in India; Techtronic Industries, a large home improvement products manufacturer in China; IKEA China, the global furniture retailer; and Volkswagen China, the third-largest automaker in the world.
About Kronos Incorporated
Kronos is the global leader in workforce management solutions that enable organizations to control labor costs, minimize compliance risk, and improve workforce productivity. Tens of thousands of organizations in 60 countries - including more than half of the Fortune 1000® - use Kronos time and attendance, scheduling, absence management, HR and payroll, hiring, and labor analytics applications. To learn how Kronos uniquely delivers complete automation and high-quality information in an easy-to-use solution, visit www.kronos.com.
© 2010 Kronos Incorporated. Kronos and Workforce Central are registered trademarks and Workforce Mobile and Workforce Acquisition are trademarks of Kronos Incorporated or a related company. All other trademarks are property of their respective owners.
Footnote 1: Revenue is non-GAAP and excludes purchase accounting adjustments related to the company going private in June 2007 and subsequent acquisitions and other non-GAAP adjustments. EBITA excludes purchase accounting adjustments, FAS 123R charges, and non-recurring one-time items. Prior year results have been pro forma adjusted to include acquisitions for purposes of calculating year over year revenue and EBITA change.