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ModusLink Reports Financial Results For First Quarter Of Fiscal 2014

Stocks in this article: MLNK

ModusLink Global Solutions , Inc. (NASDAQ: MLNK) today reported financial results for its first quarter of fiscal year 2014 ended October 31, 2013. Results for that period are summarized in the following paragraphs. For a full discussion of the results, please see the Company's quarterly report on Form 10-Q, which can be accessed through www.moduslink.com.

First Quarter Financial Summary

  • Net revenue of $191.4 million, a decrease of 2.9% compared to the first quarter of fiscal 2013
  • Gross margin of 11.5%, a 200 basis point improvement compared to 9.5% in the first quarter of fiscal 2013
  • SG&A expenses of $18.1 million, a 25.0% reduction compared to the first quarter of fiscal 2013
  • Operating income of $2.6 million compared to operating loss of $7.3 million in the first quarter of fiscal 2013
  • Adjusted EBITDA of $8.5 million compared to $2.1 million in the first quarter of fiscal 2013
  • Net income of $0.6 million, or $0.01 per diluted share, compared with net loss of $10.7 million, or $0.24 per share, in the first quarter of fiscal 2013

ModusLink reported net revenue of $191.4 million for the first quarter of fiscal 2014, compared to $197.1 million in the first quarter of fiscal 2013. Operating income for the first quarter of fiscal 2014 was $2.6 million, compared to an operating loss of $7.3 million in the first quarter of the previous year. Net income for the first quarter of fiscal 2014 was $0.6 million, or $0.01 per diluted share, which included net income from discontinued operations of $0.1 million. For the first quarter of the previous year the Company reported a net loss of $10.7 million, or $0.24 per share, which included a net loss from discontinued operations of $0.8 million, or $0.02 per share.

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