Ariba, Inc.'s shares are currently trading at $7.80, up nearly 14% from yesterday's close, after the company announced its results for the first quarter of fiscal year 2009 ended December 31, 2008.
Bob Calderoni, Chairman and CEO, Ariba, stated, I am pleased with our performance this quarter. We increased our subscription software revenues over 70% and significantly increased our non-GAAP net income year-over-year in the face of a very challenging macro-economic environment. This reflects how customers are increasingly using Ariba's spend management solutions to reduce their operating costs and better manage their working capital.
Total GAAP revenues for the quarter were $86.1 million vs. $77.0 million for the first quarter of fiscal year 2008. Total cash, cash equivalents, long-term investments and restricted cash totaled at $143 million as of December 31, 2008, up $6 million from September 30, 2008. Net cash flow from operations for FY Q1 2009 was $10.8 million, as compared to $1.2 million for the same period in the previous year.
During the quarter, more than 200 companies of all sizes purchased the company's solutions to drive their spend management strategies, including: Aquanima S.A., AstraZeneca US, Automatic Data Processing, Inc., Bon Ton Stores, Inc., Children's Medical Center of Dallas, Citigroup, Inc., Diebold Incorporated, Husky Injection Molding Systems Ltd., The Neiman Marcus Group, Inc., Royal Philips Electronics N.V., Telefonica, S.A., and Zurich Financial Services. Ariba also added 27 new customers and closed 15 transactions worth over $1 million, including 6 software deals.