Digital River Releases First Quarter 2010
April 29, 2010 04:08 PM Eastern Daylight Time
MINNEAPOLIS--(EON: Enhanced Online News)--Digital River, Inc. (NASDAQ: DRIV), a leading provider of
global e-commerce solutions, reports its first quarter financial results.
First Quarter Ended March 31, 2010
First quarter revenue totaled $98.7 million, compared to $102.9 million during the same period in 2009. These
results were in line with management’s first quarter revenue guidance of $95 - $99 million. Core revenue for the first
quarter, which excludes all Symantec revenue, was $81.5 million.
First quarter GAAP net income was $7.0 million, or $0.18 per diluted share. This compares to GAAP net income of
$13.3 million, or $0.36 per diluted share, in the first quarter of 2009. These results exceeded management’s first
quarter earnings guidance of $0.05 - $0.10 per diluted share.
First quarter non-GAAP net income was $11.4 million, or $0.30 per diluted share. This compares to non-GAAP net
income of $20.8 million, or $0.56 per diluted share, in the first quarter of 2009. These results exceeded
management’s first quarter earnings guidance of $0.18 - $0.23 per diluted share.
Non-GAAP net income is computed by starting with GAAP pre-tax income as reported on the Company’s
statement of income, then adding back the write-off of debt financing costs, amortization of acquisition-related
intangibles, one-time restructuring charges and stock-based compensation expense, to calculate non-GAAP pre-tax
income. This amount is then taxed at 27 percent to arrive at non-GAAP net income. This amount is then divided by
fully-diluted GAAP shares outstanding, which includes shares underlying the Company’s convertible senior notes, to
derive non-GAAP diluted net income per share. To provide further clarity, a detailed reconciliation on the
comparability of the GAAP and non-GAAP data has been provided in table form following the financial statements