Lyris, Inc., Reports Growth in Second Quarter Revenues Driven by Increased … – MarketWatch (press release)
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EMERYVILLE, Calif., Feb 10, 2010 (BUSINESS WIRE) –
Lyris, Inc.,
/quotes/comstock/11k!lyri
(LYRI
0.29,
+0.01,
+3.57%)
, the online marketing expert, today reported
results for the second quarter and first six months of fiscal 2010.
For the quarter ended December 31, 2009, Lyris reported revenues of
$11.3 million versus revenues of $11.0 million in the second quarter a
year ago, and $10.8 million in the prior quarter. The revenue breakout
for the second quarter of 2010 included subscription, 77 percent;
licensed software, seven percent; support and maintenance, nine percent
and professional services, seven percent.
On a GAAP basis, the company reported a net loss of $327,000, or $0.00
per share in the second fiscal quarter of 2010, compared with a net loss
of $129,000, or $0.00 per share, in the second quarter of fiscal 2009.
On a non-GAAP basis, Lyris reported net income of $768,000, or $0.01 per
diluted share, in the second quarter of fiscal 2010. This compares with
non-GAAP net income of $834,000, or $0.01 per diluted share, in the same
period a year ago. Material exclusions from non-GAAP net income in the
second quarter of fiscal 2010 included amortization of intangibles of
$934,000 and stock-based compensation expense of $161,000. In the prior
year, material exclusions from non-GAAP net income were amortization of
intangibles of $864,000, stock-based compensation expense of $175,000
and a gain on disposal of discontinued operations of $76,000.
The company said that adjusted EBITDA in the second quarter of 2010 was
$1.2 million versus $1.2 million in the second quarter a year ago.
Adjusted EBITDA is earnings before net interest expense, taxes,
deprecation and amortization expense, non-cash stock-based compensation
expense and gains or losses on disposal of discontinued operations.
A reconciliation between GAAP and non-GAAP net income and between GAAP
net income and adjusted EBITDA can be found in this news release and at www.lyris.com.
“We are pleased with our ability to achieve a record revenue quarter for
the company. Our Lyris HQ platform continues to drive our revenue growth
as it generated a 14 percent increase in sales sequentially,” said Luis
Rivera, chief executive officer of Lyris. “We saw particularly strong
growth in Lyris HQ for Agencies, which is our offering targeted to
advertising and marketing firms. In addition, we continued to make solid
inroads with the platform in Europe,” he added.
“We have made a number of enhancements to Lyris HQ during fiscal 2010
and are on track to complete the integration of the platform by the end
of the fiscal year, as well as adding other features that will increase
its ease of use and return-on-investment for our customers,” he
continued.
For the first six months of fiscal 2010, Lyris reported revenues of
$22.1 million compared to revenues of $22.0 million in the first six
months of fiscal 2009. On a GAAP basis, the company reported a net loss
of $1.1 million, or $0.01 per share, in the first six months of fiscal
2010, versus a net loss of $1.2 million, or $0.01 per share, in the same
period a year ago. On a non-GAAP basis, the company reported net income
of $1.1 million, or $0.01 per diluted share, in the first six months of
fiscal 2010 versus non-GAAP net income of $643,000, or $0.01 per diluted
share, in the same period a year ago. Non-GAAP net income in the first
six months of fiscal 2010 and fiscal 2009 excludes amortization of
intangibles of $1.9 million and $1.7 million and stock-based
compensation expense of $353,000 and $212,000, respectively, and a gain
on disposal of discontinued operations of $70,000 in the first half of
fiscal 2009. Adjusted EBITDA for the first six months of fiscal 2010 was
$2.1 million versus $1.6 million in the same period a year ago.
Conference Call
The company will hold a conference call today, February 10, at 8 a.m.,
Pacific Standard Time (11 a.m., Eastern Standard Time). The
teleconference can be accessed by calling (913) 312-1496, passcode
4641764, or via the Internet at www.lyris.com.
Please dial in or access the webcast 10-15 minutes prior to the
beginning of the call. A replay of the call will be available through
Wednesday, February 17, at (719) 457-0820, passcode 4641764, or via the
company’s website at www.lyris.com.
Non-GAAP Financial Measures
In this release and during our conference call as described above, we
use or plan to discuss certain non-GAAP financial measures. Generally, a
non-GAAP financial measure is a numerical measure of a company’s
performance, financial position or cash flow that either excludes or
includes amounts that are not normally excluded or included in the most
directly comparable measure calculated and presented in accordance with
United States generally accepted accounting principles (“GAAP”). A
reconciliation between non-GAAP and GAAP measures can be found in the
accompanying tables. Non-GAAP financial measures should not be
considered as a substitute for, or superior to, measures of financial
performance prepared in accordance with GAAP. These non-GAAP financial
measures do not reflect a comprehensive system of accounting and may
differ from non-GAAP financial measures with the same or similar
captions that are used by other companies.
We believe the calculation of non-GAAP net income (loss) calculated
without acquisition-related amortization charges, non-cash stock
compensation expense and certain other measures provides a meaningful
comparison to our net income (loss) figures. Management does not
consider these measures that are excluded to be related to the company’s
ongoing core operating performance and therefore non-GAAP net income
provides a basis for comparison of the company’s operating results
across other periods and against other companies in our industry. We
also believe that adjusted EBITDA, which we calculate as net income
(loss) on a GAAP basis, less interest, taxes, depreciation,
amortization, non cash stock compensation expense, and certain other
financial measures is an indicator of the company’s cash flows. This
measure is commonly used by our lenders to assess our leverage capacity,
debt service ability and liquidity. These non-GAAP measures have been
reconciled to the nearest GAAP measure as required under the rules and
regulations promulgated by the U.S. Securities and Exchange Commission.
About Lyris, Inc.
Lyris, Inc.
/quotes/comstock/11k!lyri
(LYRI
0.29,
+0.01,
+3.57%)
is the first online market solution provider
to integrate email with diverse online marketing channels to create more
efficient and effective marketing organizations. The company’s flagship
offering, Lyris HQ, is an all-in-one online marketing solution that
combines email marketing with search, social and mobile channels,
enhanced by embedded deliverability and Web analytics. Lyris HQ provides
online marketers actionable insights that help them make intelligent
decisions and improve results. Clients include American Apparel, Body
Glove, British Museum Company Ltd., Eldorado Hotel Casino and Silver
Legacy Resort Casino, ExpediaCruiseShipCenters, Minnesota Timberwolves,
PC Recycler and StudentAdvantage.com. For more information, please visit www.lyris.com.
Lyris, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(in
thousands, except for per share data)
Three Months Ended December 31,
2009 2008
Revenues:
Subscription revenue $ 8,664 $ 8,443
Other services revenue 1,867 1,732
Software revenue 783 833
Total revenues 11,314 11,008
Cost of revenues:
Subscription, software and other services 4,716 3,585
Amortization of developed technology 434 477
Total cost of revenue 5,150 4,062
Gross profit 6,164 6,946
Operating expenses:
General and administrative expenses 1,728 1,828
Research & development 740 1,207
Sales & marketing 3,303 3,562
Amortization of customer relationship trade names 500 387
Total operating expenses 6,271 6,984
Loss from operations (107 ) (38 )
Interest expense (83 ) (110 )
Loss from operations before income taxes (190 ) (148 )
Income tax provision 137 (19 )
Net loss $ (327 ) $ (129 )
Net loss per share basic and diluted $ (0.00 ) $ (0.00 )
Weighted average shares outstanding used in calculating net loss
per share:
Basic and diluted 103,222 103,222
Lyris, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(in
thousands, except for per share data)
Six Months Ended December 31,
2009 2008
Revenues:
Subscription revenue $ 16,931 $ 16,552
Other services revenue 3,817 3,445
Software revenue 1,394 1,971
Total revenues 22,142 21,968
Cost of revenues:
Subscription, software and other services 9,127 8,030
Amortization of developed technology 866 955
Total cost of revenue 9,993 8,985
Gross profit 12,149 12,983
Operating expenses:
General and administrative expenses 3,773 3,800
Research & development 1,460 1,769
Sales & marketing 6,596 7,534
Amortization of customer relationship trade names 999 776
Total operating expenses 12,828 13,879
Loss from operations (679 ) (896 )
Interest expense (170 ) (243 )
Loss from operations before income taxes (849 ) (1,139 )
Income tax provision 275 91
Net loss $ (1,124 ) $ (1,230 )
Net loss per share basic and diluted $ (0.01 ) $ (0.01 )
Weighted average shares outstanding used in calculating net loss
per share:
Basic and diluted 103,222 103,222
Lyris, Inc.
Reconciliation of Net Income to Non-GAAP Net Income
(Unaudited)
(in
thousands, except for per share data)
Three Months Ended December 31,
2009 2008
Net loss (327 ) (129 )
Stock-based compensation expense 161 175
Amortization of intangibles 934 864
Gain on disposal of discontinued operations - (76 )
Non-GAAP net income (loss) 768 834
Net income (loss) per share basic and diluted $ 0.01 $ 0.01
Shares used to compute net income per share:
Basic and diluted 103,222 103,222
Non-GAAP net income excludes stock-based compensation expense,
amortization of intangibles and certain other financial measures.
Management believes that non-GAAP net income provides useful,
supplemental information to management and investors regarding the
performance of the company’s business operations. Non-GAAP net income is
not a measure determined in accordance with United States Generally
Accepted Accounting Principles (“GAAP”) and is thus susceptible to
varying calculations. As presented, this measure may not be comparable
to similarly titled measures that other companies may disclose. Non-GAAP
net income should not be considered in isolation or construed as a
substitute for other measures of profitability prepared in accordance
with GAAP for purposes of analyzing our financial performance or
profitability. Non-GAAP net income should be considered in addition to,
and not as a substitute or as superior measure to, net income, earnings
per share or other measures of financial performance prepared in
accordance with GAAP.
Lyris, Inc.
Reconciliation of Net Income to Non-GAAP Net Income
(Unaudited)
(in
thousands, except for per share data)
Six Months Ended December 31,
2009 2008
Net loss (1,124 ) (1,230 )
Stock-based compensation expense 353 212
Amortization of intangibles 1,865 1,731
Gain on disposal of discontinued operations - (70 )
Non-GAAP net income (loss) 1,094 643
Net income (loss) per share basic and diluted $ 0.01 $ 0.01
Shares used to compute net income per share:
Basic and diluted 103,222 103,222
Non-GAAP net income excludes stock-based compensation expense,
amortization of intangibles and certain other financial measures.
Management believes that non-GAAP net income provides useful,
supplemental information to management and investors regarding the
performance of the company’s business operations. Non-GAAP net income is
not a measure determined in accordance with United States Generally
Accepted Accounting Principles (“GAAP”) and is thus susceptible to
varying calculations. As presented, this measure may not be comparable
to similarly titled measures that other companies may disclose. Non-GAAP
net income should not be considered in isolation or construed as a
substitute for other measures of profitability prepared in accordance
with GAAP for purposes of analyzing our financial performance or
profitability. Non-GAAP net income should be considered in addition to,
and not as a substitute or as superior measure to, net income, earnings
per share or other measures of financial performance prepared in
accordance with GAAP.
Lyris, Inc.
Reconciliation of Net Income to Adjusted EBITDA
(Unaudited,
in thousands)
Three Months Ended December 31,
2009 2008
Net loss $ (327 ) $ (129 )
Interest expense, net 83 110
Income tax provision 137 (19 )
Depreciation and amortization 1,190 1,160
Total EBITDA 1,083 1,122
Stock-based compensation expense 161 175
Gain on disposal of discontinued operations - (76 )
Total Adjusted EBITDA $ 1,244 $ 1,221
Adjusted EBITDA is calculated as earnings before net interest expense,
taxes, depreciation and amortization expense, stock-based compensation
expense and certain other financial measures. Adjusted EBITDA is
commonly used by our lenders to assess leverage capacity, debt service
ability and liquidity, and the company uses adjusted EBITDA to evaluate
financial performance and to award incentive compensation for certain
employees, including our chief executive officer. We believe that
adjusted EBITDA also provides useful measurements of liquidity and
financial performance for our investors.
Lyris, Inc.
Reconciliation of Net Income to Adjusted EBITDA
(Unaudited,
in thousands)
Six Months Ended December 31,
2009 2008
Net loss $ (1,124 ) $ (1,230 )
Interest expense, net 170 243
Income tax provision 275 91
Depreciation and amortization 2,419 2,333
Total EBITDA 1,740 1,437
Stock-based compensation expense 353 209
Gain on disposal of discontinued operations - (70 )
Total Adjusted EBITDA $ 2,093 $ 1,576
Adjusted EBITDA is calculated as earnings before net interest expense,
taxes, depreciation and amortization expense, stock-based compensation
expense and certain other financial measures. Adjusted EBITDA is
commonly used by our lenders to assess leverage capacity, debt service
ability and liquidity, and the company uses adjusted EBITDA to evaluate
financial performance and to award incentive compensation for certain
employees, including our chief executive officer. We believe that
adjusted EBITDA also provides useful measurements of liquidity and
financial performance for our investors.
SOURCE: Lyris, Inc.
Lyris, Inc. Richard McDonald, 610-688-3305 Director, Investor Relations rmcdonald@lyris.com Erick Mott, 510-844-2188 Global Communications Director emott@lyris.com or Ruder-Finn Neal B. Rosen, 415-692-3058 rosenn@ruderfinn.com
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