Zix Corporation (NASDAQ: ZIXI), the leader in email encryption services, today announced financial results for the third quarter ended Sept. 30, 2012.
Third Quarter 2012 Financial Highlights
- Third quarter new first year orders of $2.6 million, including a one-time catch up of approximately $300,000
- New first year orders for the nine months ended Sept. 30, 2012, were $6.8 million compared to $5.2 million for the same period last year, representing 31.0% year-over-year growth
- Third quarter revenue of $11.0 million, an increase of 15.3%, year-over-year, the Company’s 15th consecutive quarterly record in revenue
- Third quarter GAAP net income of $0.03 per share, a decrease of 18.9%, year-over-year (1)
- Third quarter Non-GAAP net income of $0.04 per share, an increase of 3.6%, year-over-year (1)
- The Company generated approximately $4.6 million in cash flow from operations, a decrease of $0.1 million, year-over-year
- Cash and cash equivalents totaled $23.0 million, an increase of $4.2 million compared to the June 30, 2012, ending cash balance
“We are pleased with our new first year order performance over the last two quarters reflecting our product leadership, channel expansion and increasing demand in the marketplace. The positive results to date have us well-positioned to achieve our full-year goals,” said Rick Spurr, ZixCorp’s Chairman and Chief Executive Officer.
Third Quarter 2012 Corporate Financial Summary and Other Operational Metrics
|$ in Millions, except per share and % data||
% or $
|GAAP Gross Profit||$9.1||$7.8||17.6%|
|GAAP Net Income||$1.9||$2.6||(24.4)%|
|GAAP Net Income Per Share – Diluted||$0.03||$0.04||(18.9)%|
|Non-GAAP Adjusted Gross Profit (2)||$9.2||$7.8||17.8%|
|Non-GAAP Adjusted Net Income (2)||$2.7||$2.8||(3.4)%|
|Non-GAAP Adjusted Net Income Per Share-Diluted (2)||$0.04||$0.04||3.6%|
|Adjusted EBITDA (2) (3)||$3.1||$3.2||(3.6)%|
|Adjusted EBITDA Margin (2) (3)||28.2%||33.7%||(5.5)pt|
|New First Year Orders||$2.6||$1.6||57.6%|
|Bookings Backlog (4)||$57.0||$52.6||8.4%|
- ZixCorp enhanced its partner program with upgraded marketing and sales support and improved program infrastructure. Program changes were implemented to maximize channel growth and continue to recruit qualified value added resellers while assisting partners in lead generation and accelerating the sales cycle.
- Growing at approximately 100,000 members per week, ZixDirectory® increased its membership to 33 million. ZixDirectory continues to be the largest email encryption community in the world and demonstrates the growing strength of ZixCorp’s unique email encryption approach.
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