Art Technology Group Inc. has a market cap of $502.6 million; its shares were traded at around $3.97 with a P/E ratio of 44.1 and P/S ratio of 3. Product license bookings increased $0.9 million, or 6%, to $16.6 million in the three months ended June 30, 2009 from $15.7 million in the three months ended June 30, 2008. Product license bookings increased $1.8 million, or 7%, in the six months ended June 30, 2009 from $27.1 million in the six months ended June 30, 2008. The increase reflects growth in the demand for our e-commerce solutions and the success of our sales and marketing initiatives.
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For a description of the critical accounting policies that we consider to be both those most important to the portrayal of our financial condition and those that require the most subjective judgment, see our Annual Report on Form 10-K for the year ended December 31, 2008, under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Policies and Estimates” and our Quarterly Report on Form 10-Q for the three months ended March 31, 2009, under the same heading. Beginning with the first quarter of 2009, we determined that we have a sufficient history of successfully collecting, without concessions, accounts receivable involving extended credit terms of up to twelve months granted to a specific class of customer to conclude that the fees due under such arrangements may be considered to be both fixed and determinable and probable of collection. Consequently, the fees under such arrangements may be recognized as revenue assuming other criteria for recognition are met. As a result, ATG recognized approximately $1.4 million and $4.3 million of revenue during the three and six months ended June 30, 2009 that previously would have been deferred until the payment became due. As of the date of this report there has been no other material change in any of the critical accounting policies and estimates described in those reports.
Product license deferred revenue recognized was $4.3 million and $6.3 million in the three months ended June 30, 2009 and 2008, respectively. In 2009 we recognized $4.3 million from product license deferred revenue on a ratable basis. In 2008 we recognized $1.8 million from product license deferred revenue on a ratable basis. In addition $4.5 million product license deferred revenue was recognized related to the resolution of contractual conditions. Product license deferred revenue recognized was $9.5 million and $9.8 million in the six months ended June 30, 2009 and 2008, respectively. In 2009 we recognized $9.5 million from product license deferred revenue on a ratable basis. In 2008 we recognized $2.9 million from product license deferred revenue on a ratable basis, In addition, $6.6 million product license deferred revenue was recognized related to the resolution of contractual conditions.
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