Third quarter 2012 earnings before interest, taxes, depreciation and amortization ("EBITDA") (7) increased 161.8% to $26.2 million, or 16.2% of revenues, compared to $10.0 million, or 6.5% of revenues, in the comparable quarter last year.
In evaluating the Company’s financial performance, management uses non-GAAP financial measures including Adjusted EBITDA (7) and Adjusted net income from continuing operations (7) that exclude the effect of the following items (in thousands):
|Three Months Ended September 30,|
|Amortization of intangible assets||$||1,923||$||1,986|
|Restatement related expenses||$||68||$||845|
|Goodwill impairment charge||$||13,083||$||21,973|
Adjusted EBITDA (7) rose 25.1% to $41.6 million, or 25.7% of revenues, in the third quarter of 2012, compared to $33.2 million, or 21.6% of revenues, in the comparable quarter last year. Adjusted net income from continuing operations (7) rose 28.9% to $20.8 million, or $0.93 per diluted share, for the third quarter of 2012 compared to $16.2 million, or $0.74 per diluted share, for the comparable period in 2011.
Reconciliations of the aforementioned non-GAAP financial measures to comparable GAAP measures are provided in the financial schedules accompanying this news release.
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