Halogen Software breaks three records in 2015 Q1

Halogen Software broke records for recurring, international, and total revenues in what CEO Paul Loucks on Thursday called “a strong start to 2015.”

The Ottawa-based talent management solution provider’s total revenue was up 18 per cent from a year ago to a $15.9 million. Recurring revenue made up 90 per cent of the company’s total revenue. At $14.4 million, it was up 19 per cent from the first quarter of 2014.

Revenue generated from outside North America was up 35 per cent from the same time last year.

Halogen’s gross margin was 74 percent, down from 75 per cent in the first quarter of 2014. It recorded a net loss of $4.7 million, up from $3.0 million in the first quarter of last year.

As of March 31, the company has cash and investments worth $43.0 million compared with $44.2 million on Dec. 31, 2014.

“We continue to make investments to increase our global presence in the mid-market for Talent Management solutions,” Mr. Loucks said in a statement. “This translated into new customer wins, continued success in cross-selling within our existing client base and industry recognition for product and customer service excellence, in the quarter.”

Halogen is projecting second-quarter revenue to be between $16.0 million and $16.2 million, with recurring revenue making up $14.5 million to $14.7 million of that total. It expects its 2015 total revenue to be between $66.9 million and $67.7 million with recurring revenue between $60.0 million and $60.8 million.

“We remain confident in our growth prospects for the remainder of the year, both domestic and international," Mr. Loucks said.