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QuinStreet Reports Fiscal Fourth Quarter 2013 Financial Results

Stocks in this article: QNST

FOSTER CITY, Calif., July 30, 2013 (GLOBE NEWSWIRE) -- QuinStreet, Inc. (Nasdaq:QNST), a leading Internet performance marketing company, today announced its financial results for the fiscal fourth quarter ended June 30, 2013.

The Company reported total revenue of $75.7 million and adjusted EBITDA of $12.3 million, or 16% of revenue.

For the quarter, GAAP net loss was $1.6 million, or $0.04 per share. Adjusted net income for the quarter was $6.2 million, or $0.14 per diluted share. Adjusted net income excludes stock-based compensation expense and amortization of intangible assets, net of estimated tax.

QuinStreet generated $7.5 million in normalized free cash flow for the fourth quarter and $38.3 million for the fiscal year, closing the year with $128 million in cash and marketable securities and $35 million in net cash.

Reconciliations of adjusted net income to net (loss) income, adjusted EBITDA to net (loss) income, and normalized free cash flow to net cash provided by operating activities are included in the accompanying tables.

"This was our third consecutive quarter of an improving top line trend or smaller year over year revenue declines," commented Doug Valenti, QuinStreet CEO. "We continue to make good progress on initiatives that we believe will return us to growth. Our business model has remained resilient and attractive, with good adjusted EBITDA and cash flow margins, and a strengthening balance sheet. In fiscal year 2013, we went from net debt of $2 million to net cash of over $35 million. For the September quarter, we expect the improving top line trend to continue and estimate revenue in the range of $74 to $79 million. Adjusted EBITDA margin is expected to be approximately 12% as we choose to more aggressively spend on media as an investment in growing our expanded auto insurance model.

"QuinStreet is one of the leaders in on-line performance marketing, and we believe that it is an important, early, and very large market opportunity. We continue to be well positioned given our strong capabilities, assets and resources," concluded Valenti.

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