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Keynote Reports Third Quarter Of Fiscal 2013 Results

Stocks in this article: KEYN

Keynote (NASDAQ: KEYN), the global leader in mobile and web cloud testing & monitoring, reported financial results for its third quarter of fiscal 2013 ended June 30, 2013.

Umang Gupta, Chairman and CEO of Keynote, said: “During the third quarter, our business performed as expected. As announced on June 24 th, we have signed a definitive agreement to be acquired by Thoma Bravo. The board and I are pleased the agreement provides stockholders with immediate and substantial cash value, as well as an attractive premium to our share price. We expect to complete this transaction within 60 days.”

Quarter Ended June 30, 2013 Compared to Quarter Ended June 30, 2012

Revenue was $31.2 million for the third quarter of fiscal 2013, compared to $30.3 million in the third quarter of fiscal 2012. Total Internet revenue was $16.2 million, up from $14.6 million a year ago. Total mobile revenue was $15.0 million, compared to $15.7 million a year ago.

Total costs and expenses for the quarter were $31.1 million, compared to $30.3 million in the same quarter a year ago. Also included in operating expenses in this quarter were expenses associated with the announced acquisition by Thoma Bravo of approximately $1.2 million. Net income for the third quarter of fiscal 2013 was $167,000, or $0.01 per diluted share, compared to net income of $27,000, or breakeven per diluted share, for the same period last fiscal year. Non-GAAP net income for the third quarter of fiscal 2013 was $2.8 million, or $0.15 per diluted share, compared to $3.3 million, or $0.18 per diluted share, for the same period last fiscal year. The company defines non-GAAP net income as GAAP net income adjusted for the provision (benefit) for income taxes, cash taxes from on-going operations, stock-based compensation expense, amortization of purchased intangibles, and any unusual items. In the third quarter of fiscal 2013, the expenses associated with the announced acquisition by Thoma Bravo were considered an unusual item. Non-GAAP net income per diluted share equals non-GAAP net income divided by the diluted weighted average shares outstanding for the period.

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