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Greenway Reports Fiscal 2013 First-Quarter Results

Non-GAAP Adjusted Net Income

(Unaudited, in thousands except per share amounts)

Set forth below is a reconciliation of the Company’s “Non-GAAP Adjusted Net Income” and “Non-GAAP Adjusted Net Income per Diluted Share”:

    Three Months Ended September 30,
2012     2011
 
Non-GAAP adjusted net income (loss)
GAAP net income (loss) $ 8 $ (406 )
 
Add: Stock-based compensation 1,099 1,057
Add: Amortization of purchased intangibles   361     88  
Subtotal of tax deductible items   1,460     1,145  
Less: tax impact of tax deductible items (40% rate)   (584 )   (458 )
Non-GAAP adjusted net income $ 884   $ 281  
 
Weighted average number of shares - diluted 30,603 11,686
 
Non-GAAP adjusted net income per diluted share $ 0.03 $ 0.02
 
 
Three Months Ended September 30,
2012 2011
 
GAAP net income (loss) per share $ 0.00 $ ( 0.04 )
 
Add: Stock-based compensation $ 0.03 $ 0.09
Add: Amortization of purchased intangibles $ 0.01   $ 0.01  
Subtotal of tax deductible items $ 0.04   $ 0.10  
Less: tax impact of tax deductible items (40% rate) $ (0.01 ) $ (0.04 )
Non-GAAP adjusted net income per share - diluted $ 0.03   $ 0.02  
 

Explanation of Non-GAAP Measures

The Company reports its financial results in accordance with U.S. GAAP. The Company’s management believes that investors may wish to consider the impact of certain non-cash or non-recurring items as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that may vary in frequency and impact on continuing operations. Management also presents results of operations before such items to evaluate operating performance, compare performance against past periods and as a basis for strategic planning. These non-GAAP financial measures provide management with additional means to understand and evaluate operating results and trends by eliminating certain non-cash expenses and other items that management believes might complicate comparisons with prior periods, obscure current trends or reduce the ability to make useful forecasts. Management believes that these non-GAAP measures provide additional means of evaluating performance, period-over-period. In addition, management understands that some investors and financial analysts find this information useful in analyzing the Company’s financial and operational performance and comparing such performance to peers and competitors.

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