QuinStreet Revenue Up 27%; Education Growth Accelerates To 18%
FOSTER CITY, Calif., Feb. 2, 2011 (GLOBE NEWSWIRE) -- QuinStreet, Inc. (Nasdaq:QNST), a leader in vertical marketing and media online, today announced its financial results for the fiscal second quarter ended December 31, 2010.
For the quarter, the Company reported total revenue of $97.6 million, an increase of 27% over revenue reported in the same quarter last year.
Adjusted EBITDA for the quarter was $21.7 million, or 22% of revenue.The Company reported net income of $6.9 million, or $0.14 per diluted share, for the quarter. Adjusted net income for the quarter was $12.3 million, or $0.25 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 $44.0 million, an increase of 36% compared to the same quarter last year. Revenue for the Education client vertical was $43.2 million, an increase of 18% compared to the year-ago quarter. Excluding the effects from one large education client undergoing a previously disclosed change in its online marketing strategy, revenue for the Education client vertical grew 24%. The large client change was "lapped" in November and will no longer be reported separately going forward. Revenue for Other client verticals was $10.4 million, an increase of 29% versus the year-ago quarter. 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 reported another good quarter of financial results. Education performance was particularly impressive, returning to target double-digit growth ahead of forecast. Overall seasonal effects were in line with historic norms and projections," commented Doug Valenti, QuinStreet CEO. "We have a lot of momentum in our two largest verticals, Education and Financial Services. Execution by our client, media and technology teams has been outstanding. Demand from clients is strong. We remain excited about the enormous size of our markets. While we are not a young company – this is our ninth consecutive year of strong revenue growth and strong, consistent profitability – we are still in the early stages of this long-term business opportunity."
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