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Keynote Reports First Fiscal Quarter 2013 Results

Keynote (NASDAQ: KEYN), the global leader in mobile and web cloud testing & monitoring, reported financial results for its first fiscal quarter ended December 31, 2012.

Umang Gupta, Chairman and CEO of Keynote, said: "Our first fiscal quarter of 2013 results were better than expected. Our Internet subscriptions revenue continued on its upward trajectory and our mobile telecom business delivered record revenue. Additionally, we continued to make progress with our mobile enterprise business. Today, we have the strongest product offering in our growing market segments and solid go-to-market strategies. We are optimistic about our future prospects.”

Quarter Ended December 31, 2012 Compared to Quarter Ended December 31, 2011

Revenue was $33.9 million for the first fiscal quarter of 2013, compared to $33.1 million in the first fiscal quarter of 2012. Total Internet revenue was $16.4 million, up from $15.5 million a year ago. Total mobile revenue was $17.5 million, compared to $17.6 million a year ago. The revenue accounting headwind in the quarter was $1.2 million, which equals the decrease in mobile ratable licenses revenue from $1.6 million a year ago to $397,000 in the first fiscal quarter of 2013.

Total costs and expenses for the quarter were $29.7 million, compared to $27.6 million in the same quarter a year ago. Net income for the first fiscal quarter of 2013 was $1.9 million, or $0.11 per diluted share, compared to net income of $4.1 million, or $0.22 per diluted share, for the same period last fiscal year. Non-GAAP net income for the first fiscal quarter of 2013 was $6.0 million, or $0.33 per diluted share, compared to $6.0 million, or $0.32 per diluted share, for the same period last fiscal year. The company defines non-GAAP net income as GAAP net income adjusted for the provision for income taxes, cash taxes from on-going operations, stock-based compensation expense, amortization of purchased intangibles, and any unusual items. Non-GAAP net income per diluted share equals non-GAAP net income divided by the diluted weighted average shares outstanding for the period.

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