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TheStreet Open House

Limelight Networks(R) Reports First Quarter 2013 Financial Results

Stocks in this article: LLNW

TEMPE, Ariz., May 9, 2013 (GLOBE NEWSWIRE) -- Limelight Networks, Inc. (Nasdaq:LLNW) ("Limelight"), a global leader in Digital Presence Management, today announced first quarter 2013 financial results.

"Today Limelight reported revenue for the first quarter of 2013 of $45.8 million and adjusted EBITDA of $2.8 million. In my first full quarter at Limelight, I placed a strong emphasis on driving focus and a high level of execution across our business in order to deliver superior service to our customers and build shareholder value," said Bob Lento, Chief Executive Officer. "We began to implement changes to improve our sales organization's productivity and increase the effectiveness of our sales and marketing investments, and we put in place processes within R&D to accelerate product time to market and increase the quality of each solution. I am encouraged by our progress during the quarter."

Recent Business Highlights

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

  • First quarter 2013 value added services were 35% of total revenue, up from 32% in the fourth quarter of 2012.
  • Limelight was named a Strong Performer by Forrester in the Forrester Wave: Online Video Platform report.
  • We launched our thought leadership book, Digital Presence for Dummies, which was published by Wiley and is the industry's first guide to digital presence. Demand for the book is strong, and within just a few weeks of hitting the digital airwaves, the book was named a 2013 Killer Content Award winner by the DemandGen Report.
  • During the first quarter of 2013, Limelight announced George Vonderhaar as Chief Sales Officer and Jonathan Smith as Managing Director and Vice President of Europe, Middle East and Africa.

Financial highlights for Limelight's 2013 first quarter included:

  • Revenue from continuing operations of $45.8 million.
  • Adjusted EBITDA of $2.8 million.
  • Cash flows from operations of $2.7 million.
  • Non-GAAP net loss, before share-based compensation, litigation expenses, amortization of intangible assets, acquisition-related expenses, and discontinued operations of $4.0 million, or $0.04 cents per basic share.
  • GAAP loss from continuing operations of $8.1 million, or $0.08 cents per basic share.
  • Capital expenditures of $2.6 million.
  • The Company ended the quarter with no bank debt and approximately $120 million in cash and cash equivalents and short-term marketable securities.

Stock Buyback Program

During the first quarter, the Company repurchased approximately $5.5 million of common stock under the $10 million repurchase plan that the Board of Directors authorized on October 29, 2012. The Board of Directors previously 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. With the first quarter repurchases, the third stock repurchase program is now complete.

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