Spinnaker Support Reports Q2 2013 Financial Results

31% revenue, 62% sales bookings year over year

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Jul 18, 2013, 04:01 ET

DENVER, July 18, 2013 /PRNewswire/ -- Spinnaker Support, the global market leader for SAP, Siebel and JD Edwards third-party maintenance, application/technical management services, and consulting, today announces that financial results are exceeding plan and trending toward surpassing the outlook for the year. New deals across all product and service lines contributed to the company's growth, especially in the area of third-party maintenance services for SAP and JD Edwards applications.

For the quarter ended June 30, 2013, Spinnaker Support is reporting that their revenue is up 30.7% and their sales bookings have grown over 62% compared to the same quarter of 2012. The company is also experiencing increasing momentum with their TTM revenues (trailing twelve months) up 24.9%. Net new customer numbers have doubled as well on a quarter-over-quarter basis. Among Spinnaker Support's highly satisfied customers are leading retail, manufacturing, high tech, healthcare, and government agencies. The Spinnaker Support client base includes both Fortune 500 companies and mid-sized organizations located in over 50 countries across the globe.

Fiscal 2013 Second Quarter Highlights

George Skidmore joined the company in May 2013 as Vice President, Global Tax and Regulatory Compliance. Mr. Skidmore has been working directly with the Global Support team to enhance Spinnaker Support's capabilities around the delivery of custom tax and regulatory solutions for all of its current and future JD Edwards and SAP customers. Focus in this key area of the business will strengthen the company's infrastructure, provide an unparalleled tax and regulatory compliance delivery model, and help to further establish Spinnaker Support as the global leader for third-party maintenance and support services.

Spinnaker Support has also achieved a great deal of traction and interest with regard to its SAP maintenance and support services. Sales bookings for these services are tracking well above expectations. Having launched the SAP services only 14 months ago, the company is receiving numerous inquiries from across the globe about the benefits and hidden truths of third-party maintenance.

Other Notable Achievements:
In addition to its strong financial performance, Spinnaker Support had many other notable achievements which position the company for continued global growth throughout the year:

Opened operations in Cape Town, South Africa servicing the South African and sub-Saharan African region.
Acquired multiple new contracts in the co-sourcing^SM (application management and technical management services) area for both SAP and JD Edwards
Achieved significant adoption of Q Series Integrator by JD Edwards World Payroll users
Maintained financial independence and self-funded growth capital
Recently launched Siebel maintenance and co-sourcing practice

"We are very excited with our results for the second quarter, particularly the growth in sales bookings, which meaningfully outperformed our initial projections. We believe this is reflective of our strategy to aggressively educate the market on the benefits of third-party maintenance, expand in key geographies, and enhance our infrastructure," stated Matt Stava, Managing Principal for Spinnaker Support. "We are experiencing significant returns on the investments we have made over the past year to broaden and extend the value that we bring to our many customers."

Sales bookings are based on non-cancellable contracted revenues, not based on projected future renewal transactions.

About Spinnaker Support
Spinnaker Support, the global market leader for SAP, Siebel and JD Edwards third-party maintenance, co-sourcing^SM, and consulting services, helps companies maximize their ERP and CRM software investments. Whether companies are planning to replace their high-cost maintenance provider or are seeking supplemental maintenance support for their ERP and CRM applications, Spinnaker Support has a solution to fit their needs. More than 180 clients worldwide have chosen Spinnaker Support as their provider of choice. Spinnaker Support services are available across the globe via offices located in Denver, London, Singapore, and South Africa. To learn more about Spinnaker Support, visit www.spinnakersupport.com, call +1-877-476-0576 or follow us on Twitter and LinkedIn.

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