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ModusLink Global Solutions Reports Financial Results For Second Quarter Of Fiscal 2013

Operating loss for the second quarter of fiscal 2013 was $8.5 million, compared to operating loss of $12.5 million in the second quarter of fiscal 2012.

Other expense for the second quarter of fiscal 2013 was $3.2 million, compared to other income of $0.6 million in the second quarter of fiscal 2012. Other expense for the second quarter of fiscal 2013 was comprised primarily of losses and a non-cash impairment charge associated with the Company’s @Ventures portfolio and also included foreign exchange transaction losses, compared to foreign exchange transaction gains in the second quarter of 2012.

For the second quarter of fiscal 2013, net loss from continuing operations was $12.4 million, or ($0.29) per share, compared to net loss from continuing operations of $12.3 million, or ($0.29) per share, for the second quarter of fiscal 2012.

Including results from discontinued operations, net loss for the second quarter of fiscal 2013 was $12.6 million, or ($0.29) per share, compared to net loss of $12.9 million, or ($0.30) per share, for the same period in fiscal 2012.

Excluding net charges related to depreciation, amortization of intangible assets, impairment of goodwill and intangible assets, share-based compensation, and restructuring, the Company reported a non-GAAP operating income of $0.2 million for the second quarter of fiscal 2013, compared to non-GAAP operating loss of $3.3 million for the same period in fiscal 2012.

As of January 31, 2013, the Company had working capital of $99.1 million, compared to $113.5 million at July 31, 2012. Included in working capital as of January 31, 2013 were cash, cash equivalents and marketable securities totaling $51.8 million, compared to $52.5 million at July 31, 2012. The Company concluded the quarter with no outstanding bank debt.

For the second quarter of fiscal 2013, net cash used in operating activities of continuing operations was $4.9 million, compared to $10.2 million in the same period in fiscal 2012.

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