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ModusLink Global Solutions Reports 2013 Fourth Quarter And Fiscal Year Financial Results

ModusLink Global Solutions , Inc. (NASDAQ: MLNK) today reported financial results for its 2013 fourth quarter and fiscal year ended July 31, 2013. Results for those periods are summarized in the following paragraphs. An annual report on Form 10-K for the period can be accessed through www.moduslink.com.

Fourth Quarter Financial Summary and Supplemental Information

  • Net revenue of $181.0 million, an increase of 4.5%, compared to the fourth quarter of fiscal 2012
  • Gross margin of 11.1%, compared to 6.6% in the fourth quarter of fiscal 2012; improvement reflects favorable revenue mix, actions to reduce costs and other items
  • SG&A expenses of $19.8 million, a 29.2% reduction, compared to the fourth quarter of fiscal 2012 primarily due to lower employee related costs and professional fees
  • Operating loss of $5.7 million, including restructuring charges of $5.7 million, compared to operating loss of $18.1 million, including restructuring charges of $1.2 million, in the fourth quarter of fiscal 2012
  • Adjusted EBITDA of $7.7 million, compared to $(5.0) million in the fourth quarter of fiscal 2012
  • Net loss of $8.8 million, or $0.17 per share, compared with net loss of $20.2 million, or $0.46 per share, in the fourth quarter of fiscal 2012
  • During fiscal 2013, the Company reduced the number of full time employees from approximately 3,870 to 3,250, a reduction of 16%

ModusLink reported net revenue of $181.0 million for the fourth quarter of fiscal 2013, compared to net revenue of $173.1 million in the fourth quarter of fiscal 2012. Operating loss for the fourth quarter of fiscal 2013 was $5.7 million, compared to operating loss of $18.1 million in the fourth quarter of the previous year. Net loss for the fourth quarter of fiscal 2013 was $8.8 million, or $0.17 per share, which included net loss from discontinued operations of $6 thousand. Net loss for the fourth quarter of the previous year was $20.2 million, or $0.46 per share, which included net loss from discontinued operations of $5.3 million, or $0.12 per share.

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