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Greenway Reports Fiscal 2013 First-Quarter Results

Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures

(Unaudited, in thousands, except share amounts)

The following is a reconciliation of the non-GAAP financial measures used by the Company in describing its financial performance in accordance with U.S. “generally accepted accounting principles” (GAAP). An explanation of these measures is also included below under the heading “Explanation of Non-GAAP Financial Measures”. While management believes these non-GAAP financial measures provide useful supplemental information to investors regarding the Company’s operations, investors are reminded to consider these non-GAAP measures in addition to, and not a substitute for, financial performance measures in accordance with GAAP. In addition, it should be noted that these non-GAAP financial measures may be different from non-GAAP measures used by other companies, and management may utilize other measures to illustrate performance in the future. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of the operations as determined in accordance with GAAP.

Non-GAAP Adjusted EBITDA

(Unaudited, in thousands)

Set forth below is a presentation of the Company’s “non-GAAP Adjusted EBITDA” and the “non-GAAP Adjusted EBITDA Margin” which is non-GAAP Adjusted EBITDA as a percentage of total revenue:
  Three Months Ended September 30,
2012     2011
 
Reconciliation of net income (loss) to Non-GAAP Adjusted EBITDA:

 
 
Net income (loss) 8 $ (406 )
Stock-based compensation 1,099 1,057
Depreciation and amortization 1,784 460
Interest (income) expense, net (289 ) 9
Provision (benefit) for income taxes   7     (190 )
Non-GAAP adjusted EBITDA $ 2,609   $ 930  
 
Non-GAAP adjusted EBITDA margin   8 %   4 %
 
 

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