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Digital River Reports Fourth Quarter And Full Year 2013 Financial Results

Digital River, Inc. (NASDAQ: DRIV), a leading global provider of Commerce-as-a-Service solutions, reported financial results for the fourth quarter and full year of 2013.

Fourth Quarter and Full-Year Ended December 31, 2013 GAAP Results Fourth quarter revenue totaled $101.2 million, exceeding management’s fourth quarter revenue guidance of $96.5 to $100.5 million. For the full year 2013, revenue was $389.7 million, exceeding management’s full year 2013 revenue guidance of $385 to $389 million. In 2012, fourth quarter revenue from continuing operations was $98.1 million, and full year revenue from continuing operations was $370.5 million.

Fourth quarter 2013 GAAP net loss from continuing operations was $0.1 million or $0.00 per share, exceeding management’s fourth quarter GAAP guidance of a net loss from continuing operations of $0.10 to $0.03 per share. For the full year 2013, GAAP net loss from continuing operations was $18.5 million or a net loss of $0.58 per share, exceeding management’s full year 2013 GAAP guidance of a net loss from continuing operations of $0.67 to $0.60 per share. In 2012, fourth quarter GAAP net loss from continuing operations was $188.8 million or $5.77 per share, and full year GAAP net loss from continuing operations was $183.6 million or $5.53 per share.

Non-GAAP Results Fourth quarter 2013 non-GAAP diluted net income from continuing operations was $8.3 million or $0.22 per diluted share, which was at the high end of management’s fourth quarter non-GAAP guidance of $0.17 to $0.22 per diluted share. For the full year 2013, non-GAAP diluted net income from continuing operations was $20.0 million or $0.61 per diluted share, at the high end of management’s non-GAAP guidance of $0.56 to $0.61 per diluted share. In 2012, fourth quarter non-GAAP diluted net income from continuing operations was $12.9 million or $0.32 per diluted share, and full year non-GAAP diluted net income from continuing operations was $41.4 million or $1.02 per diluted share.

“I am pleased to report that we closed the year with solid results. Our revenue performance was driven by strong holiday sales through our customers’ commerce channels and the continued, strong organic growth of our global payments offerings,” said David Dobson, Digital River’s CEO. “We remain committed to creating more value for our customers and shareholders. The strategic transformation framework, which we initiated in 2013, is driving our execution priorities. As a result of the progress we have made, we have increased customer retention, expanded our business with existing customers, and started to win new customers in selected segments. As a result, we are going to redeploy some of the financial capacity we created in the fourth quarter to accelerate our technology transformation, continue to expand our global footprint and increase our investment in payments to sustain the rapid growth of this part of our business.”

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