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FOSTER CITY, Calif., Nov. 5, 2013 (GLOBE NEWSWIRE) -- QuinStreet, Inc. (Nasdaq:QNST), a leading Internet performance marketing company, today announced its financial results for the fiscal first quarter ended September 30, 2013.
The Company reported revenue of $77.0 million and adjusted EBITDA of $9.6 million, or 13% of revenue.
For the quarter, adjusted net income was $4.4 million, or $0.10 per diluted share, and GAAP net loss was $0.9 million, or $0.02 per share. Adjusted net income excludes stock-based compensation expense and amortization of intangible assets, net of estimated tax.
Normalized free cash flow for the first quarter was $6.9 million, and the Company closed the quarter with $127 million in cash and marketable securities and $37 million in net cash.
Reconciliations of adjusted net income to net loss, adjusted EBITDA to net loss and normalized free cash flow to net cash provided by operating activities are included in the accompanying tables.
"Revenue in the quarter was almost flat with last year, our best year over year performance in eight quarters," commented Doug Valenti, QuinStreet CEO. "We continue to invest in initiatives that we believe will return us to growth. Our balance sheet remains strong, and we continue to deliver good free cash flow and EBITDA margin even while spending aggressively on new initiatives. For the December quarter, our seasonally most difficult quarter, we expect revenue in the range of $67 to $70 million, in line with historic seasonality. Adjusted EBITDA margin is expected to be approximately 10%, down from last quarter by the amount predicted by the seasonal revenue decline and resulting loss of top line leverage.
"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.