Kofax issues a profit warning

KOFAX, which provides smart process applications to businesses, yesterday reported a drop in revenue and lowered its earnings forecast for the year.

Total revenue for the quarter ending 31 December fell to $63.7m (£40.7m) from $70m in the same quarter a year earlier.

The company’s software licence revenue for the quarter decreased by 24.8 per cent to $25m. Meanwhile income from operations for the quarter fell 38.3 per cent to $3.8m.

Chief executive Reynolds Bish lowered guidance for the fiscal year to “no to low single digit growth”.