Digital River Reports First Quarter 2012 Financial Results

Digital River, Inc. (NASDAQ: DRIV), the revenue growth experts in global cloud commerce, reports its first quarter financial results.

First Quarter Ended March 31, 2012 GAAP Results First quarter revenue totaled $102.4 million, compared to $98.2 million during the same period in 2011. This result exceeded management’s first quarter revenue guidance of $99 to $101 million.

First quarter GAAP net income was $4.7 million, or $0.14 per diluted share, which compared to GAAP net income of $7.0 million, or $0.18 per diluted share in the first quarter of 2011. These results also exceeded management’s first quarter earnings guidance of $0.09 to $0.13 per diluted share.

Non-GAAP Results First quarter non-GAAP net income was $11.0 million, or $0.30 per diluted share. This compared to non-GAAP net income of $12.6 million, or $0.31 per diluted share, in the first quarter of 2011. These results were in line with management’s first quarter non-GAAP earnings guidance of $0.27 to $0.30 per diluted share.

“We’re pleased with our results in the quarter, beating our revenue target and coming in at the top-end of our earnings range,” said Joel Ronning, Digital River’s CEO. “While we are maintaining a slightly cautious outlook on the European economy, we continue to invest for the future, developing some great products in cloud-based subscriptions and building out our catalog of APIs to simplify the process of onboarding new clients. Our mission is to continually strengthen our position as the revenue growth experts in global cloud commerce.”

Guidance Management’s forward-looking financial expectations for the second quarter are as follows:

• Revenue, ranging from $92 to $94 million;
• GAAP EPS, ranging from break-even to a loss of $0.02 per diluted share using an 18 percent tax rate;
• Non-GAAP EPS, ranging from $0.17 to $0.19 per diluted share.

A detailed table providing a reconciliation of the company’s GAAP and non-GAAP earnings guidance estimates can be found accompanying this press release.

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