LogMeIn Announces Fourth Quarter And Fiscal Year 2010 Results

WOBURN, Mass., Feb. 15, 2011 (GLOBE NEWSWIRE) -- LogMeIn, Inc. (Nasdaq:LOGM), a provider of SaaS-based, remote-connectivity solutions, today announced its results for the fourth quarter and fiscal year ended December 31, 2010.

For the fourth quarter of 2010, revenue increased 53 percent to $30.9 million from $20.2 million reported in the fourth quarter of 2009. Net income attributable to common stockholders for the fourth quarter of 2010 increased to $5.4 million, or $0.21 per diluted share, from net income attributable to common stockholders of $2.5 million, or $0.10 per diluted share, reported in the fourth quarter of 2009. Revenue in the fourth quarter of 2010 includes $3.4 million in non-recurring revenue related to an agreement with Intel.

Non-GAAP net income for the fourth quarter of 2010 increased to $6.9 million, or $0.28 per diluted share, as compared to $3.5 million, or $0.14 per diluted share, reported in the fourth quarter of 2009. Non-GAAP net income excludes $106,000 in amortization of intangibles and $1.5 million in stock compensation expense for the fourth quarter of 2010, and $186,000 in amortization of intangibles and $806,000 of stock compensation expense for the fourth quarter of 2009.

For fiscal year 2010, revenue increased 36 percent to $101.1 million from $74.4 million in 2009. Net income attributable to common stockholders increased to $21.1 million, or $0.85 per diluted share, in fiscal year 2010 from net income attributable to common stockholders of $7.5 million, or $0.37 per diluted share, reported in 2009.

Non-GAAP net income for fiscal year 2010 increased to $21.1 million, or $0.85 per diluted share, from non-GAAP net income of $12.5 million, or $0.59 per diluted share, reported in 2009. Non-GAAP net income excludes $589,000 in amortization of intangibles and $5.0 million in stock compensation expense for 2010, and $743,000 in amortization of intangibles and $2.9 million of stock compensation expense in 2009.