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Rosetta Stone Inc. Reports Third Quarter 2012 Results

Rosetta Stone Inc. (NYSE:RST), a leading provider of technology-based language-learning solutions, today announced financial results for the third quarter 2012, as summarized below:

   
US$ thousands Three Months Ended
except per-share data September 30, %
2012   2011 change
Total revenue $64,279 $64,202 0%
Bookings 1 $72,125 $66,062 9%
 
Net loss (33,390) (1,177) -2,737%
Net loss per share $(1.58) $(0.06) -2,533%
 
Adjusted Net loss 1, 2 (1,748) (1,177) -49%
Adjusted Net loss per share 1,2 $(0.08) $(0.06) -33%
 
Adjusted EBITDA 1 $1,827 $(1,791) 202%
 
Cash flow from operations 5,424 (2,010) 370%
Purchases of property and equipment (941) (2,443) -61%
Free cash flow 1 4,483 (4,453) 201%
 

1Definitions and reconciliations for all non-GAAP measures are provided in this press release. 2 Excludes impact of legal expenses related to the lawsuit against Google, Inc. and all adjustments related to recording a non-cash tax valuation allowance for deferred tax assets.

Steve Swad, President and Chief Executive Officer of Rosetta Stone, said, “We had a good third quarter with bookings up 9% year-over-year with double-digit growth in our consumer business and single-digit growth in our institutional business. We also did a better job managing our expenses and we made progress shifting the business online with over 57,000 consumer Online Learners and over 80% of our institutional business online.” Swad added, “We grew consumer Online Learners by 115% since the beginning of the year and by 167% versus this time last year. We operated more efficiently and lowered expenses, including reducing our kiosk expenses and lowering our international media spend which allowed us to deliver Adjusted EBITDA of $1.8 million, more than double the $1.8 million loss a year ago.”

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