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Synacor Reports Solid First Quarter Results

  • Quarterly revenue of $29.1 million vs. $30.7 million in prior year
  • Quarterly adjusted EBITDA of $1.8 million, 10th consecutive quarter of positive results

BUFFALO, N.Y., May 7, 2013 (GLOBE NEWSWIRE) -- Synacor, Inc. (Nasdaq:SYNC), leading provider of next-gen startpages, award-winning TV Everywhere solutions, and cloud-based Identity Management (IDM) services across multiple devices for cable, satellite, telecom and consumer electronics companies, today announced its financial results for the first quarter of 2013.

"We are pleased that we delivered on our expectations for the first quarter," said Synacor CEO Ron Frankel. "I am excited about both our customer and product pipelines. From a new customer perspective, our pipeline has never been stronger, and we are beginning to invest in the requisite resources to win and deliver. We are also strengthening our positioning in the mobile space with new products we will be launching throughout this year and next. We remain confident in the long-term prospects for the company as we transition through 2013."

Q1 2013 Financial Results

Revenue : For the first quarter of 2013, total revenue was $29.1 million, compared to $30.7 million in the first quarter of 2012. Search and display advertising revenue was $24.1 million, compared to $25.8 million in the first quarter of 2012. Subscription-based revenue was $5.1 million, compared to $4.9 million in the first quarter of 2012.

Net Income: For the first quarter of 2013, net income was $0.0 million, compared to $1.2 million in the first quarter of 2012. Diluted earnings per share, or EPS, was breakeven. Net income includes stock-based compensation expense of $0.6 million, or $0.02 per share, in the first quarter of 2013, as compared to $0.6 million, or $0.02 per share, in the first quarter of 2012. The diluted EPS calculation for the first quarter of 2013 is based on 28.2 million weighted average fully diluted common shares outstanding. The diluted EPS calculation for the first quarter of 2012 was based on 26.8 million shares.

Adjusted EBITDA : For the first quarter of 2013, adjusted EBITDA, which excludes stock-based compensation expense, was $1.8 million, or 6% of revenue, compared to $3.0 million, or 10% of revenue, in the first quarter of 2012.

Key Business Metrics: For the first quarter of 2013, Synacor averaged 20.3 million unique visitors per month, compared to 21.3 million unique visitors in the first quarter of 2012. Search queries were 212 million for the first quarter of 2013, compared to 271 million in the first quarter of 2012. Advertising impressions grew 35% to 11.5 billion, compared to 8.5 billion in the first quarter of 2012.

Cash : For the first quarter of 2013, Synacor used $0.7 million in cash from operating activities, compared to generating $0.8 million in the first quarter of 2012. The company ended the first quarter of 2013 with $40.2 million in cash and cash equivalents, compared to $33.1 million at the end of the first quarter of 2012.

"With a strong balance sheet, Synacor is uniquely positioned to capitalize on our exciting new products and our rich customer pipeline," said Synacor CFO Bill Stuart. "We continue to build upon the foundation we have established and we continue to position Synacor for the long-term."

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