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LogMeIn Announces Third Quarter 2013 Results

Stocks in this article: LOGM

BOSTON, Oct. 24, 2013 (GLOBE NEWSWIRE) -- LogMeIn, Inc. (Nasdaq:LOGM), a leading provider of essential cloud and mobile services, today announced its results for the quarter ended September 30, 2013.

For the third quarter of 2013, total revenue increased 21 percent to $43.0 million from $35.4 million reported in the third quarter of 2012.

Non-GAAP net income for the third quarter of 2013 was $3.5 million, or $0.14 per diluted share. Non-GAAP net income excludes $4.6 million in stock compensation expense, $100,000 in patent litigation related expense and $700,000 in acquisition related costs and amortization. This compares to non-GAAP net income of $4.6 million, or $0.18 per diluted share, reported in the third quarter of 2012.

GAAP net loss for the third quarter of 2013 was $56,000, or $0.00 per diluted share, as compared to GAAP net income of $700,000, or $0.03 per diluted share, reported in the third quarter of 2012.

Non-GAAP cash flow from operations for the third quarter of 2013 was $8.8 million, or 20 percent of revenue. The Company closed the quarter with cash, cash equivalents and short-term investments of $199.4 million. The Company spent $5.7 million in the quarter to repurchase approximately 190,000 shares under its share repurchase program. Additionally, the Company reported total deferred revenue of $80.3 million, an increase of 23 percent from the $65.3 million reported in the third 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 another good quarter with results that exceeded the high-end of our guidance. Strong growth in our collaboration business, especially with join.me, as well as continued strength in our core IT management business helped us deliver year-over-year revenue growth in excess of 20 percent," said Michael Simon, CEO of LogMeIn. "As a result, we're raising our full year outlook."

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