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TheStreet Open House

Digi International Reports Third Fiscal Quarter 2013 Results

Stocks in this article: DGII

Gross profit for all periods on the Condensed Consolidated Statements of Operations has been updated.  All other financial statement amounts remain unchanged from the original earnings release.

The corrected release reads:

DIGI INTERNATIONAL REPORTS THIRD FISCAL QUARTER 2013 RESULTS

Meets Street EPS Consensus Estimate for Third Fiscal Quarter 2013

Digi International® Inc. (NASDAQ: DGII, www.digi.com) reported revenue of $48.8 million for the third fiscal quarter of 2013, compared with $47.6 million for the third fiscal quarter of 2012, an increase of $1.2 million, or 2.5%. Net income was $1.5 million, or $0.06 per diluted share, in the third fiscal quarter of 2013 compared to $2.3 million, or $0.09 per diluted share, in the year ago comparable quarter.

“Earnings for the quarter met the Street consensus estimate,” said Joe Dunsmore, President and Chief Executive Officer. “We are encouraged by the revenue pipeline development of The Social Machine® we released during the quarter which enables the connection of widely deployed devices into core business processes via the salesforce.com platform.”

Below is a table setting forth certain GAAP and non-GAAP results:

GAAP Results
(in thousands, except per share data)   Q3 2013   Q3 2012   YTD 2013   YTD 2012
Net Sales $48,824 $47,632 $144,012 $143,310
Operating Income $1,892 $2,082 $3,983 $6,327
Net Income $1,528 $2,307 $3,758 $5,153
Net Income per Diluted Share $0.06 $0.09 $0.14 $0.20
 
Non-GAAP Results*
(in thousands, except per share data) Q3 2013 Q3 2012 YTD 2013 YTD 2012
Operating Income $1,892 $3,045 $5,471 $7,586
Net Income $1,416 $1,853 $4,093 $4,680
Net Income per Diluted Share $0.05 $0.07 $0.16 $0.18
 
* A table with a detailed reconciliation to non-GAAP information is provided later in this earnings release.
 

Business Results for the Three Months Ended June 30, 2013

Revenue from growth products and services in the third fiscal quarter of 2013, including $3.4 million of revenue from Etherios' consulting services, was $27.5 million, or 56.4% of net sales, compared to $24.9 million, or 52.3% of net sales, in the third fiscal quarter of 2012, an increase of $2.6 million or 10.6%. Revenue from mature products was $21.3 million, or 43.6% of net sales, in the third fiscal quarter of 2013 compared to $22.7 million, or 47.7% of net sales, in the third fiscal quarter of 2012, a decrease of $1.4 million or 6.4%. Digi's growth products portfolio includes Etherios' consulting services, all wireless products, as well as the ARM-based embedded module product line, which leverages the Device Cloud by Etherios™ platform with both wired and wireless connectivity.

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