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Monotype Imaging Announces Fourth Quarter And Full Year 2011 Results

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Fourth quarter 2011 operating results

Revenue for the quarter was $31.7 million, up eight percent compared to $29.4 million for the fourth quarter of 2010. OEM revenue was $23.8 million, increasing six percent from the fourth quarter of 2010. Creative Professional revenue was $7.9 million, increasing 15 percent from the same period in 2010.

Net income was $5.6 million, compared to $6.1 million in the fourth quarter of 2010. Earnings per diluted share were $0.15, compared to $0.17 in the same period in 2010.

Non-GAAP net income, which excludes the amortization of intangible assets and stock-based compensation expense, net of taxes, was $8.1 million, compared to $8.5 million in the fourth quarter of 2010. Non-GAAP earnings per diluted share were $0.21, compared to $0.23 in the same period in 2010.

Non-GAAP net adjusted EBITDA was $13.7 million, or 43 percent of revenue, compared to $13.8 million or 47 percent of revenue in the fourth quarter of 2010.

In the fourth quarter of 2011, Monotype Imaging’s operating expense and profitability metrics, such as non-GAAP net adjusted EBITDA, included approximately $600,000 of transaction costs related to the proposed acquisition of the font business of Bitstream Inc. The equivalent GAAP and non-GAAP earnings per share impact was $0.02.

Full year 2011 operating results

Revenue for 2011 was $123.2 million, an increase of 16 percent compared to $106.7 million for 2010. OEM revenues were $91.7 million, increasing 15 percent year-over-year. Creative Professional revenues were $31.6 million, an increase of 18 percent year-over-year.

Net income for 2011 was $22.7 million, compared to net income of $18.4 million for the prior year. Earnings per diluted share were $0.61 compared to earnings per diluted share of $0.51 for 2010.

Non-GAAP net income, which excludes the amortization of intangible assets and stock-based compensation expense, net of taxes, was $32.6 million, compared to $27.7 million in 2010. Non-GAAP earnings per diluted share for 2011 were $0.88, compared to $0.77 in the same period for 2010.

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