QuinStreet Grows 32%; Financial Services Strong, Education Accelerates
FOSTER CITY, Calif., Nov. 3, 2010 (GLOBE NEWSWIRE) -- QuinStreet, Inc. (Nasdaq:QNST), a leader in vertical marketing and media online, today announced its financial results for the fiscal first quarter ended September 30, 2010.
For the quarter, the Company reported total revenue of $103.6 million, an increase of 32% over revenue reported in the same quarter last year.
The Company reported net income of $7.5 million, or $0.16 per diluted share, for the quarter. Adjusted net income for the quarter was $13.5 million, or $0.29 per diluted 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 $49.8 million, an increase of 61% as compared to the same quarter of last year. Revenue for the Education client vertical was $42.6 million, an increase of 5% as compared to the year-ago quarter. Revenue for the Education client vertical grew 20% excluding changes in revenue from a large education client undergoing a previously disclosed change in its online marketing strategy. Revenue for Other client verticals was $11.2 million, an increase of 57% as compared to the year-ago quarter. Adjusted EBITDA for the quarter was $24.6 million, or 24% of revenue. 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. "We are pleased to report our fourth consecutive quarter of year-over-year revenue growth of 30% or more. We are also excited to have exceeded quarterly revenue of $100 million for the first time," commented Doug Valenti, QuinStreet CEO. "Revenue grew significantly in each of our client verticals, and we have never seen stronger client demand, visitor traffic or competitive advantages. Our business momentum is strong. Our markets are enormous, and despite our success to date, we are still very early in our penetration and growth potential." "We remain maniacally focused on execution and on delivering shareholder value, as we have since we started the Company 11 years ago. This is our ninth consecutive year of strong growth and strong, consistent profitability," concluded Valenti.
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