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Lionbridge Technologies CEO Discusses Q3 2011 Results - Earnings Call Transcript

So, first let’s start with the financial highlights for the quarter, we saw we delivered revenue about 107.8 million this quarter reflecting a reasonably solid growth of $8.4 million or about 8% year-on-year. This is slightly below our expected range to the shift in the product strategy within our largest technology plans some things are coming forth, some things are going back. Excluding revenue for this plan, we grew about 12% year-on-year. So, we are beginning to see that the diversification effort of our revenue base into new vertical markets and offerings is really beginning to take hold.

We’re successfully delivering on that goal and now that our investments in sales and marketing are paying off, we expect this to continue. Overall, technology is still a strong market for us and more diverse revenue across verticals and offerings to build on as well.

Total gross margin was about 31.5% reflecting on-going improvement from last quarter, and growth from last year in constant currency. As a reminder, from a profit standpoint, we prefer a stronger U.S. dollar. In fact, but it is an evidence on the statement our analysis shows that a 60% conversion of incremental revenue to operating profit year-on-year in constant currency, we operate about 27 currencies around the world. So, we have an internal analysis that shows at constant currency conversion rate.

To our cost management actions are starting to have a positive impact on profitability as we began to generate top line growth. Q3 GAAP earnings were about $0.04 reflecting a profit increase of $6.2 million or $0.10 a share year-on-year despite the currency headwind. This reflects the benefits of increased revenue volume, improving margins, lower restructuring expense and better other expense FX management below the line year-on-year. So, on a sequential basis we kept earnings relatively flat despite of course the seasonally lower revenue that happens in Europe during Q3.

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