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WageWorks Reports Third Quarter 2012 Financial Results

WageWorks, Inc. (the “Company”) (NYSE:WAGE) a leading provider of consumer-directed benefits programs in the United States, today announced the Company's financial results for its third quarter of fiscal 2012.

For the third quarter, WageWorks reported total revenue of $42.5 million, compared to $32.4 million for the third quarter of 2011, an increase of 31 percent. Healthcare revenue was $26.5 million, compared to $21.5 million for the third quarter of 2011, an increase of 23 percent. Commuter revenue was $13.1 million, compared to $8.3 million for the third quarter of 2011, an increase of 58 percent. Other revenue was $2.9 million, compared to $2.7 million for the third quarter of 2011, an increase of 10 percent.

“This was another strong quarter for WageWorks as we continue to provide significant value to employers and employees who are looking to take advantage of consumer directed benefits and want a solution that simplifies and streamlines the process. We have largely concluded our Enterprise selling season and are pleased with the number and quality of new companies added for 2013. In the fourth quarter, we will complete our SMB selling season as well as open enrollment period and are encouraged by the current demand environment,” said Joe Jackson, Chief Executive Officer of WageWorks.

GAAP operating income was $5.0 million for the third quarter of 2012, compared to GAAP operating income of $3.6 million for the third quarter of 2011. On a non-GAAP basis, third quarter of 2012 operating income was $8.1 million, compared to non-GAAP operating income of $5.6 million for the third quarter of 2011.

GAAP net income attributable to common stockholders for diluted EPS was $2.5 million, or $0.08 per diluted share, for the third quarter of 2012, compared to GAAP net income attributable to common stockholders for diluted EPS of $3.3 million, or $0.17 per diluted share, for the third quarter of 2011.

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