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Greenway Reports Record Fourth Quarter And Fiscal 2012 Results

Non-GAAP Adjusted EBITDA (Unaudited, in thousands)

Set forth below is a presentation of the Company’s “non-GAAP Adjusted EBITDA” and the “non-GAAP Adjusted EBITDA Margin” which is non-GAAP Adjusted EBITDA as a percentage of total revenue:

                   
 
Three Months Ended June 30, Year Ended June 30,
  2012     2011     2012     2011  
 
Reconciliation of net income to Non-GAAP Adjusted EBITDA:
Net income $ 2,205 $ 2,590 $ 2,910 $ 32,965
Stock-based compensation 924 59 2,755 1,399
Acquisition-related transaction costs - - 123 -
Depreciation and amortization 1,410 617 4,372 1,252
Interest (income) expense, net (12 ) 2 (54 ) (31 )
Provision (benefit) for income taxes   1,327     1,744     1,955     (29,200 )
Non-GAAP adjusted EBITDA $ 5,854   $ 5,012   $ 12,061   $ 6,385  
 
Non-GAAP adjusted EBITDA margin   16 %   17 %   10 %   7 %
 

Non-GAAP Adjusted Net Income (Unaudited, in thousands except share and per share amounts)

Set forth below is a reconciliation of the Company’s “Non-GAAP Adjusted Net Income” and “Non-GAAP Adjusted Net Income per Diluted Share”:

                 
 
Three Months Ended June 30, Year Ended June 30,
  2012     2011     2012     2011  
 
Non-GAAP adjusted net income
GAAP net income $ 2,205 $ 2,590 $ 2,910 $ 32,965
 
Add: Stock-based compensation 924 59 2,755 1,399
Add: Acquisition-related transaction costs - - 123 -
Add: Amortization of purchased intangibles   382     86     1,109     201  
Subtotal of tax deductible items   1,306     145     3,987     1,600  
Less: tax impact of tax deductible items (40% rate)   (522 )   (58 )   (1,595 )   (640 )
Non-GAAP adjusted net income $ 2,989   $ 2,677   $ 5,302   $ 33,925  
 
Weighted average number of shares - diluted 30,514,275 13,020,496

(1)

 

20,136,760

(1)

 

12,496,283
 
Non-GAAP adjusted net income per diluted share $ 0.10 $ 0.21 $ 0.26 $ 2.71
 
 
Three Months Ended June 30, Year Ended June 30,
  2012     2011     2012     2011  
 
GAAP net income per share - diluted 1 $ 0.07 $ 0.20

(1)

 

$ 0.14

(1)

 

$ 2.64
 
Add: Stock-based compensation $ 0.03 $ 0.01 $ 0.14 $ 0.11
Add: Acquisition-related transaction costs $ - $ - $ - $ -
Add: Amortization of purchased intangibles $ 0.01   $ 0.01   $ 0.06   $ 0.02  
Subtotal of tax deductible items $ 0.04   $ 0.02   $ 0.20   $ 0.13  
Less: tax impact of tax deductible items (40% rate) $ (0.01 ) $ (0.01 ) $ (0.08 ) $ (0.06 )
Non-GAAP adjusted net income per share - diluted $ 0.10   $ 0.21   $ 0.26   $ 2.71  

1 The presentation of non-GAAP adjusted net income and non-GAAP net income per share excludes, for all periods, the effect of dividends and accretion related to preferred stock converted to common in February 2012. Accordingly, for the affected periods GAAP weighted average shares outstanding and GAAP net income per diluted share differ from that presented in the accompanying unaudited statement of operations. Net income per share for 2011’s fourth quarter and year end is computed based on weighted average shares outstanding that include options and warrants totaling 1.3 million and 918,000 shares, respectively, which would otherwise have been anti-dilutive and excluded. For fiscal 2012, GAAP net income per share is computed based on weighted average shares outstanding excluding the dilutive effect of preferred stock assumed to have been converted at the beginning of the year totaling 5.2 million shares.

Explanation of Non-GAAP Measures

The Company reports its financial results in accordance with U.S. GAAP. The Company’s management believes that investors may wish to consider the impact of certain non-cash or non-recurring items as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that may vary in frequency and impact on continuing operations. Management also presents results of operations before such items to evaluate operating performance, compare performance against past periods and as a basis for strategic planning. These non-GAAP financial measures provide management with additional means to understand and evaluate operating results and trends by eliminating certain non-cash expenses and other items that management believes might complicate comparisons with prior periods, obscure current trends or reduce the ability to make useful forecasts. Management believes that these non-GAAP measures provide additional means of evaluating performance, period-over-period. In addition, management understands that some investors and financial analysts find this information useful in analyzing the Company’s financial and operational performance and comparing such performance to peers and competitors.

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