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TheStreet Open House

Limelight Networks(R) Reports Fourth Quarter And Full Year 2012 Financial Results

Stock quotes in this article: LLNW

TEMPE, Ariz., Feb. 19, 2013 (GLOBE NEWSWIRE) -- Limelight Networks, Inc. (Nasdaq:LLNW) ("Limelight"), a global leader in Digital Presence Management, today announced fourth quarter and full year 2012 financial results.

Limelight reported revenue for the fourth quarter of 2012 of $46.5 million and revenue for the full year of $180.2 million.

"In today's global online economy, the imperative for organizations to optimize their Digital Presence is becoming clear," said Bob Lento, Chief Executive Officer. "I am excited to be leading Limelight. I believe there is unlocked potential in our company and opportunity in the market that can help us generate returns for our customers, employees and shareholders. Effectively engaging audiences through the online device of their choice, is now a critical requirement for our customers. Limelight's Orchestrate Digital Presence platform is well positioned to help organizations create, manage, and deliver engaging, personalized content to their global audiences."

Recent Business Highlights

Limelight continues to enhance its position as a leader in the Digital Presence Management marketplace.

  • Fourth quarter 2012 value added services were 32% of total revenue and grew 14% year-over-year.
  • Limelight received Frost & Sullivan's 2012 Global Product Line Strategy Award in the Online Video Platform market.
  • During the fourth quarter of 2012, Limelight appointed Indu Kodukula as Chief Operating Officer and Bob Lento as interim Chief Executive Officer. In January 2013, Mr. Lento became Limelight's full time Chief Executive Officer.
  • On February 12, 2013, Limelight announced George Vonderhaar as Chief Sales Officer. The company also recently appointed Jonathan Smith as Managing Director and Vice President of Europe, Middle East and Africa. These recent additions complement the management changes above and, in conjunction with the appointments of a new Chief Marketing Officer and head of Professional Services earlier in 2012, create a management team ready to execute in 2013.

Financial highlights for Limelight's 2012 fourth quarter included:

  • Revenue from continuing operations of $46.5 million, up 1% year-over-year from fourth quarter 2011.
  • Adjusted EBITDA of $2.4 million.
  • Cash flows from operations of $4.5 million.
  • Non-GAAP net loss, before share-based compensation, litigation expenses, amortization of intangible assets, acquisition-related expenses, and discontinued operations of $5.6 million or $0.06 cents per basic share.
  • GAAP loss from continuing operations was $10.3 million, or $0.10 cents per basic share.
  • Capital expenditures were $0.9 million.

Financial highlights for Limelight's full year 2012 included:

  • Revenue of $180.2 million from continuing operations, up 5% year-over-year from 2011.
  • Adjusted EBITDA of $9.9 million.
  • Cash flows from operations of $12.5 million.
  • Non-GAAP net loss, before share-based compensation, litigation expenses, amortization of intangible assets, acquisition-related expenses, gain on sale of cost basis investment and discontinued operations of $22.0 million or $0.22 cents per basic share.
  • GAAP loss from continuing operations was $30.0 million, or $0.30 cents per basic share.
  • Capital expenditures were $18.4 million.
  • The Company ended the year with no bank debt and approximately $128 million in cash and cash equivalents and short-term marketable securities.

Stock Buyback Program

During the fourth quarter, the Company repurchased approximately $4.6 million of common stock under the $10 million repurchase plan authorized by the Board of Directors on October 29, 2012. The Board of Directors has authorized the repurchase of a total of $50 million in common stock under three separate repurchase plans, the first of which was authorized in September 2011. Since the inception of the first plan, through the end of the fourth quarter of 2012, the Company has repurchased approximately $44.5 million of common stock.

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