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Monotype Imaging Holdings Inc. (Nasdaq: TYPE), a leading global provider of text imaging solutions, today announced financial results for the fourth quarter and full year ended Dec. 31, 2011.
Full year 2011 highlights
2011 revenue was $123.2 million, an increase of 16 percent year-over-year.
Non-GAAP net income was $32.6 million, an increase of 18 percent year-over-year.
Non-GAAP net adjusted EBITDA was $54.6 million, or 44 percent of revenue, representing a 14 percent increase over 2010.
Cash flow from operations was $39.3 million, and total cash exceeded total debt by $16.5 million as of Dec. 31, 2011.
Fourth quarter 2011 highlights
Revenue for the quarter was a record $31.7 million, an eight percent increase year-over-year.
Operating income was $9.5 million, or 30 percent of revenue.
Non-GAAP net adjusted EBITDA was $13.7 million, or 43 percent of revenue, inclusive of approximately $600,000 of transaction costs.
Cash flow from operations was $11.1 million.
“Monotype Imaging delivered a record quarter, closing out another solid year. This was led by double-digit growth in our Display Imaging and Creative Professional businesses – a direct result of the continued execution of our strategy to diversify our business,” said Doug Shaw, president and chief executive officer. “During 2011, we expanded across multiple device categories and established a leadership position in emerging markets such as Web fonts, automotive displays and tablets. Our typefaces, technology and expertise are enabling a growing number of customers to deliver high-quality, branded experiences, regardless of device, platform or language.”
“We continued to invest in support of our long-term strategic growth initiatives, while delivering significant levels of profitability and cash flow. We’ve entered 2012 in a very solid financial position and will continue to capitalize on our expanding leadership position across the markets we serve,” said Scott Landers, senior vice president and chief financial officer.