FOSTER CITY, Calif., Aug. 9, 2010 (GLOBE NEWSWIRE) -- QuinStreet, Inc. (Nasdaq:QNST), a leader in vertical marketing and media online, today announced its financial results for the fiscal fourth quarter and fiscal year ended June 30, 2010.
For the fourth quarter of fiscal year 2010, the Company reported total revenue of $88.5 million, an increase of 31% over the fourth quarter of fiscal 2009. For the fiscal year ended June 30, 2010, the Company reported total revenue of $334.8 million, an increase of 29% over fiscal 2009.
The Company reported net income of $6.4 million, or $0.13 per diluted common share, for the fourth quarter of fiscal 2010. Adjusted net income for the quarter was $11.6 million, or $0.24 per diluted common share. Adjusted net income excludes stock-based compensation expense and amortization of intangible assets, net of estimated tax.Revenue for the Financial Services client vertical was $38.7 million for the fiscal fourth quarter, an increase of 76% as compared to the same quarter of fiscal 2009. Revenue for the Education client vertical was $37.3 million for the fiscal fourth quarter, a decrease of 5% as compared to the year-ago quarter. Revenue in the Education client vertical grew 15% excluding changes in revenue from a large education client undergoing a previously disclosed change in their online marketing strategy. Revenue for Other client verticals was $12.6 million for the fiscal fourth quarter, an increase of 96% as compared to the year-ago quarter. Adjusted EBITDA for the quarter was $19.9 million, or 22% of revenue. It was $71.4 million, or 21% of revenue, for the fiscal year ended June 30, 2010. Reconciliations of adjusted net income to net income, adjusted EBITDA to net income, and free cash flow to net cash provided by operating activities are included in the accompanying tables.