This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

WageWorks Reports Second Quarter 2012 Financial Results

WageWorks, Inc. (the “Company”) (NYSE:WAGE) a leading provider of consumer-directed benefits programs in the United States, today announced the Company's financial results for its second quarter of fiscal 2012.

For the second quarter, WageWorks reported total revenue of $43.8 million, compared to $33.9 million for the second quarter of 2011, an increase of 29 percent. Healthcare revenue was $27.6 million, compared to $22.9 million for the second quarter of 2011, an increase of 21 percent. Commuter revenue was $13.2 million, compared to $8.4 million for the second quarter of 2011, an increase of 58 percent. Other revenue was $2.9 million, compared to $2.6 million for the second quarter of 2011, an increase of 12 percent.

“We are very pleased with WageWorks’ business momentum during the second quarter. We continue to execute on all facets of our growth strategy by adding new employers, establishing new channel partnerships, cross selling new products to existing clients and identifying strategic portfolio purchases. In addition, as our business scales, we are realizing leverage in our model as evidenced by our strong profitability in the quarter,” said Joe Jackson, Chief Executive Officer of WageWorks. Jackson continued, “We are excited to have completed our Company’s initial public offering, which marked a major milestone in WageWorks’ history. This further enhances our brand and increases the resources we have available to execute the Company’s long-term strategy.”

GAAP operating income was $4.8 million for the second quarter of 2012, compared to GAAP operating income of $4.2 million for the second quarter of 2011. On a non-GAAP basis, second quarter of 2012 operating income was $8.4 million, compared to non-GAAP operating income of $6.0 million for the second quarter of 2011.

GAAP net income attributable to common stockholders for diluted EPS was $2.4 million, or $0.10 per diluted share, for the second quarter of 2012, compared to GAAP net income attributable to common stockholders for diluted EPS of $0.9 million, or $0.06 per diluted share, for the second quarter of 2011. GAAP net income attributable to common stockholders for the second quarter of 2012 includes $0.8 million of accretion of redemption premium expense, which had a $0.03 per diluted share effect. GAAP net income attributable to common stockholders for the second quarter of 2011 includes $2.9 million of accretion of redemption premium expense, which had a $0.18 per diluted share effect.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,172.68 -107.06 -0.62%
S&P 500 1,994.29 -16.11 -0.80%
NASDAQ 4,527.6890 -52.10 -1.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs