This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

ServiceSource Reports Second Quarter 2013 Financial Results

ServiceSource ® (Nasdaq: SREV), the global leader in recurring revenue management, today announced its financial results for the second quarter ended June 30, 2013.

  • Total subscription bookings up nearly 40% quarter-over-quarter
  • Revenue: $67.7 million
  • Adjusted EBITDA: $4.4 million
  • Record amount of cash and short term investments: $132 million
  • Four new Renew OnDemand subscription deals signed

“The outperformance of our cloud offering, Renew OnDemand, combined with our managed services, drove strong performance for ServiceSource this quarter,” said Mike Smerklo, ServiceSource’s Chairman and Chief Executive Officer. “As our results demonstrate, ServiceSource has gained momentum in the first half of the year.”

“We’re proud to announce that Dell is live on Renew OnDemand as part of a global implementation,” added Mr. Smerklo, “Dell is building solutions and partnering with leading companies to leverage the cloud and big data as part of their strategy to get closer to their customers.”

Revenue for the second quarter of fiscal 2013 was $67.7 million, a 13% increase over the $59.7 million delivered in the same period of 2012.

Adjusted EBITDA in the quarter was $4.4 million, compared with $4.5 million for the same period last year.

GAAP net loss in the quarter was $4.9 million, or $0.06 per share, compared with a net loss of $36.8 million, or $0.50 per share for the same period last year. GAAP net loss for 2012 reflects a $33.1 million one-time, non-cash charge related to a valuation allowance applied to our deferred tax assets.

Non-GAAP net income in the quarter was $1.5 million, or $0.02 per diluted share, compared with a net income of approximately $1.5 million, or $0.02 per diluted share for the same period last year.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs