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Commtouch Reports Second Quarter 2012 Results

Stocks in this article: CTCH

MCLEAN, Virginia, August 1, 2012 /PRNewswire/ --

Revenue of $5.7 million, in line with corresponding prior year period

GAAP Net Income of $0.8 million or $0.03 per fully diluted share

Non-GAAP Net Income of $1.3 million or $0.05 per fully diluted share

Commtouch® (NASDAQ: CTCH), a leading cloud-based Internet security provider, today announced its second quarter financial results for the period ending June 30, 2012.

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Second Quarter 2012 Financial Results:

  • Revenues for the second quarter of 2012 were $5.7 million, matching the $5.7 million for the second quarter of 2011.
  • Net income for the second quarter of 2012 in accordance with US Generally Accepted Accounting Principles (US GAAP) was $0.8 million, compared to net income of $1.4 million in the same period last year.
  • GAAP earnings per diluted share for the second quarter of 2012 were $0.03, compared to $0.06 in the same period last year.
  • Non-GAAP net income for the second quarter of 2012 was $1.3 million, compared to $1.6 million in the second quarter of 2011.
  • Non-GAAP earnings per diluted share for the second quarter of 2012 were $0.05, compared to $0.06 for the second quarter of 2011.
  • Operating cash flow for the second quarter of 2012 was $1.4 million, compared to operating cash flow of $1.9 million in the second quarter of 2011. During the second quarter of 2012, options were exercised for approximately $0.6 million.
  • Cash as of June 30, 2012 was $19.8 million, compared to $22.0 million as of March 31, 2012. Cash usage during the quarter included $3.4 million related to the earnout paid in connection with the Company's acquisition of Authentium's antivirus assets during 2010 and $0.6 million related to the Company's share repurchase program initiated during the quarter.

"Our second quarter 2012 performance was highlighted by significant progress toward our strategic plan and Commtouch's ongoing evolution from a key security technology provider into a cloud-driven 'security as a service' solutions provider. While revenue was in line with the equivalent quarter of 2011, our recent investments in our global sales and marketing infrastructure have now begun to yield impressive results and have set the stage for renewed revenue growth. Contracts signed during the second quarter reflected the highest level of quarterly new business wins in more than two years. These new contracts are expected to come online, ramp and begin positively impacting our revenues in the second half of 2012 and 2013.

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