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Synchronoss Technologies, Inc. Announces Third Quarter 2013 Financial Results

Stocks in this article: SNCR

Synchronoss Technologies, Inc. (NASDAQ: SNCR), the mobile innovation leader that provides personal cloud solutions and software-based activation for connected devices across the globe, today announced financial results for the third quarter of 2013.

“We are pleased to announce our strong third quarter results,” said Stephen G. Waldis, Founder and Chief Executive Officer of Synchronoss. “We are excited by the positive adoption trends we are seeing across our Personal Cloud Services deployments. Our software is enabling our mobile operator customers to provide compelling cloud services that have become a critical part of their overall strategic initiatives. At the same time our Activation Services offering continues to be positively impacted by industry trends and marketing initiatives by mobile operators to drive more frequent upgrade activity and enable more family share plans. We believe Synchronoss is well positioned to continue driving strong top line growth, and our differentiated value proposition is further reinforced as our Tier One customers such as AT&T and Verizon commit to new and expanded multi-year agreements.”

On a GAAP basis, Synchronoss reported net revenues of $89.7 million, representing an increase of 30% compared to the third quarter of 2012. Gross profit was $51.6 million and income from operations was $8.8 million in the third quarter of 2013. Net income applicable to common stock was $3.6 million, leading to diluted earnings per share of $0.09, compared to $0.16 for the third quarter of 2012.

On a non-GAAP basis, Synchronoss reported net revenues of $90.3 million, an increase of 30% compared to the third quarter of 2012. Gross profit for the third quarter of 2013 was $53.9 million, representing a gross margin of 60%. Income from operations was $21.0 million in the third quarter of 2013, representing an operating margin of 23%. Net income was $13.5 million in the third quarter of 2013, compared to $10.7 million in the year ago period. Diluted earnings per share were $0.34 for the third quarter of 2013, compared to $0.28 for the third quarter of 2012.

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