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Dealertrack Technologies, Inc. Reports Fourth Quarter And Full Year 2012 Financial Results

Dealertrack Technologies, Inc. (NASDAQ: TRAK) today reported financial results for the fourth quarter and year ended December 31, 2012.

GAAP Results for the Fourth Quarter 2012

  • Revenue for the quarter was $101.8 million, as compared to $91.3 million for the fourth quarter of 2011.
  • GAAP net income for the quarter was $0.5 million, as compared to GAAP net income of $32.9 million for the fourth quarter of 2011.
  • Diluted GAAP net income per share for the quarter was $0.01, as compared to GAAP net income per share of $0.76 for the fourth quarter of 2011.

GAAP net income for the fourth quarter 2011 was positively impacted by a $26.8 million (net of tax), or $0.62 per share, non-cash gain related to the sale of ALG and a $2.8 million, or $0.06 per share, non-cash tax benefit related to a reversal in the valuation allowance against the company’s net U.S. deferred tax assets including disposed deferred tax liabilities.

Non-GAAP Results for the Fourth Quarter 2012

  • Adjusted EBITDA for the quarter was $25.8 million, as compared to $20.3 million for the fourth quarter of 2011.
  • Adjusted net income for the quarter was $13.7 million, as compared to $10.3 million for the fourth quarter of 2011.
  • Diluted adjusted net income per share for the quarter was $0.31, as compared to $0.24 for the fourth quarter of 2011.

GAAP Results for the Year Ended December 31, 2012

  • Revenue for the year was $388.9 million, as compared to $353.3 million for 2011.
  • GAAP net income for the year was $20.5 million, as compared to $65.1 million for 2011.
  • Diluted GAAP net income per share for the year was $0.46, as compared to $1.53 for 2011.

GAAP net income for 2011 was positively impacted by a $26.8 million (net of tax), or $0.63 per share, non-cash gain related to the sale of ALG and a $25.1 million, or $0.59 per share, non-cash tax benefit related to a reversal in the valuation allowance against the company’s net U.S. deferred tax assets including disposed deferred tax liabilities.

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