EasyLink Services International Corporation Announces Fiscal Second Quarter 2011 Financial Results
Supply Chain Messaging revenue for the second quarter of fiscal 2011, which includes electronic data interchange ("EDI") products and services and telex, was approximately $9.5 million compared to approximately $10.2 million in the second quarter of fiscal 2010. Supply Chain Messaging revenue decreased on a year-over-year basis primarily as the result of declining telex revenue. This trend is expected to continue in the foreseeable future. Supply Chain Messaging revenue represented approximately 20% of total revenue in the second quarter.
Net income for the second quarter of fiscal 2011 was approximately $2.9 million, or $0.03 per basic and diluted share compared to approximately $1.3 million or $0.04 in the second quarter of fiscal 2010. Non-GAAP net income ex-items was $5.5 million, or $0.19 per adjusted basic share and $0.17 per diluted share compared to approximately $1.9 million, or $0.07 per adjusted basic and dilutive share in the second quarter of fiscal 2010. Please see the GAAP to non-GAAP reconciliation at the end of this release for details.
Adjusted EBITDA, which includes non-cash compensation expense and acquisition and integration related charges, was approximately $12.1 million for the second quarter of fiscal 2011 compared to approximately $5.3 million in the second quarter of fiscal 2010.
Our cash and cash equivalents at January 31, 2011 totaled $21.2 million.Non-GAAP Presentation This press release contains non-GAAP financial measures that are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles and may be different from non-GAAP measures used by other companies. This press release should be read in conjunction with the Company's Form 8-K earnings release filed with the Securities and Exchange Commission for the second fiscal quarter ended January 31, 2011. In addition, these non-GAAP measures: (i) are not based on any comprehensive set of accounting rules or principles; and (ii) have limitations in that they do not reflect all of the amounts associated with EasyLink's results of operations as determined in accordance with GAAP. As such, these measures should only be used to evaluate EasyLink's results of operations in conjunction with the corresponding GAAP measures.
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