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Greenway Reports Fiscal 2013 First-Quarter Results

Greenway reported a loss from operations of ($250,000) for the fiscal 2013 first quarter, which compares with an operating loss of ($549,000) for the prior-year period.

The Company earned net income of $8,000, or zero cents per share based on a weighted average 30.6 million shares outstanding, for the three months ended September 30, 2012. This compares with a net loss of ($406,000) for the prior-year period. The Company’s results for the three months ended September 30, 2011, reflected a loss available to common shareholders of ($9.8 million), or (84) cents per share and included dividends and accretion related to preferred stock that was converted to common stock in February 2012.

As of September 30, 2012, Greenway had $34.6 million in cash and short-term investments and no outstanding indebtedness.

Greenway generated cash flow from operations of $2.4 million for the fiscal 2013 first quarter, up from $811,000 for the comparable prior-year period.

Non-GAAP Measures

Greenway’s non-GAAP adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization, acquisition-related transaction costs and stock-based compensation, was $2.6 million for the three months ended September 30, 2012, up 181% from $930,000 for the prior-year period, and non-GAAP EBITDA margin improved by 434 basis points, to 8%, year over year.

Adjusted, or non-GAAP net income, which is defined as net income before stock-based compensation, acquisition-related transaction costs and amortization of purchased intangibles and any tax impact related to these items, was $884,000, or three cents per diluted share, for the three months ended September 30, 2012. This compares with non-GAAP net income of $281,000, or two cents per diluted share for the first quarter of fiscal 2012.

The GAAP financial measures most directly comparable to each non-GAAP financial measure used, and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, are included in this press release following the condensed financial statements.

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