Financial Metrics (include Albumprinter and Webs results unless otherwise stated) :
- Revenue for the first quarter of fiscal year 2013 grew to $251.4 million, an 18 percent increase over revenue of $212.4 million reported in the same quarter a year ago. Excluding Albumprinter and Webs combined revenue of $18.0 million, total first quarter revenue was $233.4 million. Excluding the estimated impact from currency exchange rate fluctuations and revenue from acquired businesses, total revenue grew 13 percent year over year in the first quarter.
- Gross margin (revenue minus the cost of revenue as a percent of total revenue) in the first quarter was 65.0 percent, compared to 63.2 percent in the same quarter a year ago.
- Operating income in the first quarter was $0.2 million, or 0.1 percent of revenue, and reflected a 98 percent decrease compared to operating income of $9.7 million, or 4.6 percent of revenue, in the same quarter a year ago. This result was in line with our expectations.
- GAAP net income for the first quarter was $(1.7) million, or (0.7) percent of revenue, representing a 121 percent decrease compared to $8.2 million, or 3.8 percent of revenue in the same quarter a year ago. This result was in line with our expectations.
- GAAP net income per diluted share for the first quarter was $(0.05), versus $0.19 in the same quarter a year ago.
- Non-GAAP adjusted net income for the first quarter, which excludes amortization expense for acquisition-related intangible assets, tax charges related to the alignment of acquisition-related intellectual property with global operations, and share-based compensation expense and its related tax effect, was $8.9 million, or 3.5 percent of revenue, representing a 32 percent decrease compared to non-GAAP adjusted net income of $13.0 million, or 6.1 percent of revenue, in the same quarter a year ago.
- Non-GAAP adjusted net income per diluted share for the first quarter, as defined above, was $0.25, versus $0.31 in the same quarter a year ago.
- Capital expenditures in the first quarter were $27.8 million or 11.0 percent of revenue.
- During the first quarter, the company generated $6.6 million of cash from operations and $(22.4) million in free cash flow, defined as cash from operations less purchases of property, plant and equipment, purchases of intangible assets not related to acquisitions, and capitalization of software and website development costs.
- The company had $59.3 million in cash and cash equivalents and $259.3 million in long-term debt, with $128.2 million remaining under its credit facility as of September 30, 2012.
- During the first quarter, the company did not repurchase shares.
Operating metrics are now provided as a table-based supplement to this press release.