Infrastructure software solutions provider Tibco Software Inc. (TIBX), announced Thursday that first quarter profit increased from last year, as lower expenses helped offset a decline in revenue. The company's quarterly earnings on non-GAAP basis exceeded the analysts' expectations.

The Palo Alto, California-based company's net income for the first quarter was $5.6 million or $0.03 per share, compared to $5.5 million or $0.03 per share in the prior year quarter.

On a non-GAAP basis, net income grew to $15.2 million or $0.09 per share from $14.1 million or $0.07 per share in the year-ago quarter. On average, 11 analysts polled by Thomson Reuters expected the company to earn $0.08 per share for the first quarter. Analysts' estimate typically excludes special items.

Non-GAAP results excluded stock-based compensation expense, amortization of acquired intangible assets, and assume a non-GAAP effective tax rate of 32% and 34% for the first quarters of fiscal 2009 and 2008, respectively.

Total revenue for the first quarter declined to $132.9 million from $146.6 million in the same quarter last year. Ten analysts had a consensus revenue estimate of $141.76 million for the first quarter.

First quarter license revenue dropped to $44.8 million from $57.8 million, while total service and maintenance revenue dropped to $88.0 million from $88.8 million in the previous year quarter.

Total operating expenses for the quarter declined to $85.6 million from $97.8 million in the first quarter of fiscal 2008.

During the latest quarter, Tibco closed 66 deals over $100 thousand and had 11 deals over $1 million.

Looking ahead, Vivek Ranadivé, Tibco's Chairman and Chief Executive Officer said, We continue to see opportunity ahead as companies look increasingly towards infrastructure software to drive greater IT efficiency, but we are also managing our business carefully so as to protect margins and returns to shareholders.

Tibco closed Thursday's regular trading session at $5.93, up 46 cents or 8.41%, on a volume of 6.01 million shares. In the after-hours, the stock lost 3 cents. The stock has been moving in a range of $3.45 - $8.78 for the past 52 weeks, with an average daily volume of about 2.38 million shares for the past three months.

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