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Greenway Reports Record Fourth Quarter And Fiscal 2012 Results

Stocks in this article: GWAY

Operating income was $3.5 million and $4.9 million for the three and 12 months ended June 30, 2012, respectively. This compares to operating income of $4.4 million and $3.8 million for the comparable periods of the prior year.

Greenway earned net income of $2.2 million for the three months ended June 30, 2012, or seven cents per diluted share for the fiscal 2012 fourth quarter. For the three months ended June 30, 2011, Greenway had net income of $2.6 million and a loss available to common shareholders of ($12.6 million), or ($1.09) per share. The Company’s results for the 2011 fourth quarter and fiscal year include dividends and accretion related to preferred stock that was converted to common stock in February 2012.

Net income for the 12 months ended June 30, 2012, was $2.9 million, or 11 cents per diluted share. This compares with net income of $33.0 million, which includes a net tax benefit of $29.2 million for fiscal 2011. The Company reported a loss available to common shareholders of ($22.0 million), or ($1.90) per share for fiscal 2011 due to preferred stock accretion and dividends.

As of June 30, 2012, the Company had $34.9 million in cash and short-term investments and no outstanding indebtedness.

Non-GAAP Measures

Greenway’s non-GAAP adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization, acquisition-related transaction costs and stock-based compensation, was $5.9 million for the three months ended June 30, 2012, a 17% increase from $5.0 million for the prior-year period. For fiscal 2012, non-GAAP adjusted EBITDA increased by 89% to $12.1 million, from $6.4 million for fiscal 2011.

Adjusted, or non-GAAP net income for the three months ended June 30, 2012, was $3.0 million, or 10 cents per diluted share. Non-GAAP net income for fiscal 2012 was $5.3 million or 26 cents per diluted share. Greenway earned 21 cents per diluted share, non GAAP, for the fourth quarter of fiscal 2011. Non-GAAP net income for fiscal 2011 was $33.9 million, including a $29.2 million net income tax benefit, or $2.71 per diluted share. The effects of dividends and accretion related to the converted preferred stock have been excluded from all periods presented for non-GAAP measures.

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