Operating profit as a percentage of total revenue for the three and nine months ended December 31, 2012 was at 49%, compared to 51% recorded in the same periods of the previous fiscal year. While our total revenue grew by 6%, our operating expenses grew by 9%, having a slight negative impact on our operating profit. Our high levels of operating profit as a percentage of revenue demonstrate our ability to effectively manage our costs.
Net income as a percentage of revenue remained consistent at 36% for the three months ended December 31, 2012, compared to the same period of the previous fiscal year.
Net income for the period as a percentage of revenue decreased to 36% for the nine months ended December 31, 2012, compared to 38% for the same period of the previous fiscal year, mainly as a result of recording a lower net foreign exchange gain.
We have continued to maintain our profitability by focusing our efforts on increasing license sales while, at the same time, effectively controlling our operating costs. Managing these variables will continue to be imperative to our future success.
EBITDAFor the three months ended December 31, 2012 2011 $ change % change($ thousands)--------------------------------------------------------------------------------------------------------------------------------------------------------Net income for the period 6,119 5,790 329 6%Add (deduct): Depreciation 411 321 90 28% Finance income (280) (123) (157) 128% Finance costs - 32 (32) -100% Income and other taxes 2,437 2,394 43 2%----------------------------------------------------------------------------EBITDA 8,687 8,414 273 3%--------------------------------------------------------------------------------------------------------------------------------------------------------EBITDA as a % of total revenue 52% 53%--------------------------------------------------------------------------------------------------------------------------------------------------------For the nine months ended December 31, 2012 2011 $ change % change($ thousands)--------------------------------------------------------------------------------------------------------------------------------------------------------Net income for the period 17,569 16,771 798 5%Add (deduct): Depreciation 1,122 877 245 28% Finance income (422) (1,109) 687 -62% Finance costs - - - - Income and other taxes 7,266 6,749 517 8%----------------------------------------------------------------------------EBITDA 25,535 23,288 2,247 10%--------------------------------------------------------------------------------------------------------------------------------------------------------EBITDA as a % of total revenue 52% 53%--------------------------------------------------------------------------------------------------------------------------------------------------------
EBITDA increased by 3% and 10% for the three and nine months ended December 31, 2012, compared to the same periods of the previous fiscal year. These increases provide further indication of our ability to keep growing our recurring annuity/maintenance license sales while effectively managing costs in relation to this base.
