Digital River, Inc. (NASDAQ: DRIV), the revenue growth experts in global cloud commerce, reports its third quarter financial results.
Third Quarter Ended Sept. 30, 2012 GAAP Results Third quarter revenue totaled $91.7 million, compared to $95.4 million during the same period in 2011. This result exceeded management’s third quarter revenue guidance of $88 to $91 million.
Third quarter GAAP net loss was $734 thousand or $0.02 per share, which compared to GAAP net income of $5.5 million, or $0.15 per diluted share in the third quarter of 2011. These results were at the top end of management’s third quarter GAAP earnings guidance, which ranged from a loss of $0.09 to a loss of $0.02 per share.
Non-GAAP Results Third quarter non-GAAP net income was $6.6 million, or $0.20 per diluted share. This compared to non-GAAP net income of $8.9 million, or $0.23 per diluted share, in the third quarter of 2011. These results also exceeded management’s third quarter non-GAAP earnings guidance of $0.12 to $0.18 per diluted share.“We’re pleased with both the revenue and earnings results we delivered in the third quarter. It was a busy quarter for our teams as we prepared for some exciting product launches from key clients and we executed very well throughout this period,” said Tom Madison, Digital River’s lead director and interim CEO. “We also announced our intent to acquire LML Payment Systems. This acquisition will further strengthen our online payments and transaction processing solutions, which are showing continued rapid growth. We have a lot of work ahead of us and face some challenges, but are confident we have the right strategy and team in place to execute to our plan and deliver attractive and sustainable shareholder value over time.” Fourth Quarter and Full Year 2012 Guidance Management’s forward-looking financial expectations for the fourth quarter are as follows:
- Revenue, ranging from $96 to $100 million;
- GAAP EPS, ranging from $0.08 to $0.15 per diluted share, using a 17 percent tax rate; and
- Non-GAAP EPS, ranging from $0.25 to $0.31 per diluted share, using a 21 percent tax rate.
- Revenue, ranging from $381 to $385 million;
- GAAP EPS, ranging from $0.20 to $0.27 per diluted share, using a 17 percent tax rate; and
- Non-GAAP EPS, ranging from $0.96 to $1.01 per diluted share, using a 21 percent tax rate.