Non-GAAP net income for the second quarter increased 25% year over year to a record $2.7 million, or $0.04 per share. On a cash basis, during the quarter, we generated approximately $2.5 million in cash flow from operations, an increase of $1.5 million year over year.
We ended the quarter with a commercial paper and cash balance of $17.1 million, a decrease of $400,000 compared to the ending cash balance last year at this time. This is very healthy, in that during the second quarter, we completed our repurchase program with the purchase of $10 million worth of our stock. Mike English will provide more details on the buy back in his prepared remarks.
Let’s turn now to some comments about the market and our leadership position. We are seeing continued growth in the Zix directory, which now has over 27 million members that include some of the most respected institutions in the country. This cloud based, shared directory architecture, the only one of its kind, allows for unequaled ease of use, most notably through our transparent email encryption capability, and it continues to grow by approximately 100,000 new users per week.
Two independent industry analysts validated our position as the number one provider of email encryption in the marketplace. These analysts’ reports affirmed our number one ranking atop the email encryption vendor landscape.One report from Infinity Research detailed the global email encryption market, and named Zix Corp as the number one provider ahead of Cisco, Semantic and MacAfee, to name a few. Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV