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WageWorks Reports Second Quarter 2012 Financial Results

Stocks in this article: WAGE

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.

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