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LogMeIn Announces Second Quarter 2013 Results

Stocks in this article: LOGM

BOSTON, July 25, 2013 (GLOBE NEWSWIRE) -- LogMeIn, Inc. (Nasdaq:LOGM), a leading provider of essential cloud and mobile services, today announced its results for the quarter ended June 30, 2013.

For the second quarter of 2013, total revenue increased 20 percent to $40.7 million from $33.8 million reported in the second quarter of 2012.

Non-GAAP net income for the second quarter of 2013 was $3.3 million, or $0.13 per diluted share. Non-GAAP net income excludes $5.1 million in stock compensation expense, $600,000 in patent litigation related expense and $1.1 million in acquisition related costs and amortization. This compares to non-GAAP net income of $4.2 million, or $0.17 per diluted share, reported in the second quarter of 2012. 

GAAP net loss for the second quarter of 2013 was $1.4 million, or $0.06 per diluted share, as compared to GAAP net income of $576,000, or $0.02 per diluted share, reported in the second quarter of 2012.

Non-GAAP cash flow from operations for the second quarter of 2013 was $14.7 million, or 36 percent of revenue. The Company closed the quarter with cash, cash equivalents and short-term investments of $201.4 million.  Under the Company's $25 million share repurchase program, the Company spent $5.6 million in the quarter to repurchase approximately 260,000 shares. Additionally, the Company reported total deferred revenue of $77.7 million, an increase of 24 percent from the $62.8 million reported in the second quarter of 2012. 

A reconciliation of the comparable GAAP financial measures to non-GAAP measures used above is included in the attached tables.

"We're happy to report a great quarter, a very good first half, and an increasingly positive outlook for the year. Strong sales growth across all of our core businesses helped us deliver results that exceeded the high-end of our guidance," said Michael Simon, CEO of LogMeIn. "As a result, we're raising our full year outlook."

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