IncrediMail Ltd. (NASDAQ: MAIL), a digital media company that
builds downloadable consumer products, today announced that:
- Revenues increased 24% year-over-year
to a record $8.7 million in the first quarter of 2011;
- EBITDA was a record $3.7 million in the
first quarter of 2011, or 43% of revenues, compared to $3.1 million
in the first quarter of 2010;
- Net income in the first quarter of 2011
was $3.2 million, or $0.32 per diluted share, compared to $2.1
million, or $0.22 per diluted share, in the first quarter of 2010,
and;
- Cash flow from operations in the first
quarter of 2011 was $2.1 million, compared to $0.7 million in the
first quarter of 2010
Commenting on the quarter, Josef Mandelbaum, IncrediMail’s CEO,
said, “We are extremely pleased with our strong first quarter
performance, which is a direct result of our execution on several
key fronts: financially, our new deal with Google yielded positive
year over year results; operationally, our renewed focus on
non-search growth activities and reallocation of resources, led to
a significant increase in non-search revenues without added
expense; and strategically, our focus on our consumer’s needs
helped increase customer engagement. The combined result of these
efforts led to our record quarter.”
In the first quarter of 2011 gross profits reached $8.3 million,
or 96% of sales, an increase of 25%, compared to the first quarter
of 2010.
Research and Development expenses in the first quarter of 2011
were $1.9 million, increasing $0.2 million, compared to the first
quarter of 2010. However, as a percentage of sales, R&D
expenses decreased to 22% in the first quarter of 2011 from 23% in
the first quarter of 2010.
Sales and Marketing expenses in the first quarter of 2011 were
$1.5 million, increasing $0.2 million, compared to the first
quarter of 2010. The increase was primarily attributable to the
increased investment in customer acquisition costs which were $0.7
million, compared to $0.5 million in the first quarter of 2010.
Mandelbaum continued, “We completed, on schedule, the back-end
system needed to measure and track media buying and have begun to
test new customer acquisition channels. We expect to see a
significant increase in our media spend in the third and fourth
quarter, as acquiring new customers is a key ingredient driving
future growth.”
General and Administrative expenses increased to $1.6 million in
the first quarter of 2011, compared to $0.9 million in the first
quarter of 2010. G&A expenses were similar to those in the
prior quarter, reflecting our ongoing efforts to enhance and
broaden the management of the Company over the latter part of
2010.
Income taxes in the first quarter of 2011 included a
non-recurring income tax credit of $0.6 million attributable to the
Company’s decision not to distribute dividends from 2011 earnings
and beyond.
“We are making good progress on our product diversification
efforts and expect to have more to report next quarter. Overall we
still have much to do, but we are very excited about our strong
start to the year and expect to build on this positive momentum
throughout the rest of the year,” Mandelbaum concluded.
Conference Call
IncrediMail will host a conference call to discuss the results
today, May 12th at 10:00 AM EDT (17:00 PM Israel Time). We invite
all those interested in participating in the call to dial
1-(866)-744-5399. Callers from Israel may access the call by
dialing (03) 918-0865. Participants may also access a live webcast
of the conference call through the Investor Relations section of
IncrediMail's website at www.incredimail-corp.com. The webcast will
be archived on the company’s website for seven days.
About IncrediMail Ltd.
IncrediMail Ltd. (NASDAQ: MAIL) is a digital media company that
builds, acquires and enhances downloadable consumer applications.
The company’s award winning e-mail client product, IncrediMail
Premium, is sold in over 100 countries in 10 different languages.
Other products include, HiYo a graphic add-on to instant messaging
software and Magentic, a wallpaper and screensaver software.
Non-GAAP measures
Use of Non-GAAP Financial Information - In addition to reporting
financial results in accordance with generally accepted accounting
principles, or GAAP, IncrediMail uses non-GAAP measures of net
income and earnings per share, which are adjustments from results
based on GAAP to exclude reorganization expenses, one-time expenses
and benefits, hand-over expenses and non-cash stock-based
compensation expenses. IncrediMail also uses EBITDA as a non-GAAP
financial performance measurement. EBITDA is calculated by adding
back to net income; interest, taxes, stock-based compensation and
depreciation and amortization. IncrediMail's management believes
the non-GAAP financial information provided in this release is
useful to investors' understanding and assessment of IncrediMail’s
on-going core operations and prospects for the future. The
presentation of this non-GAAP financial information is not intended
to be considered in isolation or as a substitute for results
prepared in accordance with GAAP. Management uses both GAAP and
non-GAAP information as presented in this press release in
evaluating and operating business internally and as such deemed it
important to provide all this information to investors. These
non-GAAP financial measures may differ materially from the non-GAAP
financial measures used by other companies. Reconciliation between
results on a GAAP and non-GAAP basis is provided in tables
immediately following IncrediMail's Statement of Operations in this
press release.
Forward Looking Statements
This press release contains historical information and
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995 with respect to the
business, financial condition and results of operations of the
Company. The words “believe,” “expect,” “intend,” “plan,” “should”
and similar expressions are intended to identify forward-looking
statements. Such statements reflect the current views, assumptions
and expectations of the Company with respect to future events and
are subject to risks and uncertainties. Many factors could cause
the actual results, performance or achievements of the Company to
be materially different from any future results, performance or
achievements that may be expressed or implied by such
forward-looking statements, including, among others, changes in the
markets in which the Company operates and in general economic and
business conditions, loss of key customers and unpredictable sales
cycles, competitive pressures, market acceptance of new products,
inability to meet efficiency and cost reduction objectives, changes
in business strategy and various other factors, both referenced and
not referenced in this press release. Various risks and
uncertainties may affect the Company and its results of operations,
as described in reports filed by the Company with the Securities
and Exchange Commission from time to time. The Company does not
assume any obligation to update these forward-looking
statements.
INCREDIMAIL LTD. CONDENSED BALANCE
SHEETS U.S. dollars in thousands (except share data)
March 31 December 31, 2011 2010
Unaudited ASSETS CURRENT ASSETS: Cash and cash equivalents $
12,246 $ 16,055 Marketable securities 20,726 14,973 Trade
receivables 3,117 2,795 Deferred taxes 329 - Other receivables and
prepaid expenses 5,581 4,485 Total current assets
41,999 38,308 LONG-TERM ASSETS: Severance pay fund
845 877 Deferred taxes 117 102 Other long-term assets 485 478
Property and equipment, net 1,293 1,381 Other intangible assets,
net 183 202 Total long-term assets 2,923
3,040 Total assets $ 44,922 $ 41,348 LIABILITIES AND
SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables $ 1,313 $
1,831 Dividend Payable 3,885 - Deferred revenues 2,265 2,204
Accrued expenses and other liabilities 6,718 6,206
Total current liabilities 14,181 10,241 LONG-TERM
LIABILITIES: Deferred revenues 1,545 1,576 Accrued severance pay
1,421 1,379 Total long-term liabilities 2,966
2,955 SHAREHOLDERS' EQUITY
Shares authorized: 15,000,000 and
40,000,000 and Shares issued and outstanding: 9,718,432 and
9,701,750 as of March 31, 2011 and December 31, 2010,
respectively
27,775 28,152 Total liabilities and shareholders'
equity $ 44,922 $ 41,348 INCREDIMAIL LTD. CONDENSED
STATEMENTS OF INCOME U.S. dollars and number of shares in thousands
(except per share data), unaudited
Quarter ended March
31, 2011 2010 Revenues $ 8,687 $
6,995 Cost of revenues 384 375 Gross
profit 8,303 6,620 Operating expenses:
Research and development 1,876 1,638 Selling and marketing 1,514
1,344 General and administrative 1,635 867
Total operating expenses 5,025 3,849
Operating income 3,278 2,771 Financial income, net 77
152 Income before taxes on income 3,355 2,923
Taxes on income 113 788 Net income $
3,242 $ 2,135 Net earnings per Ordinary share:
Basic $ 0.33 $ 0.22 Diluted $ 0.32 $ 0.22
Diluted weighted number of shares (in thousands)
10,014 9,870 RECONCILIATION OF GAAP TO
NON-GAAP RESULTS: GAAP Net income $ 3,242 $ 2,135 Non-recurring
income tax credit (594 ) - Stock based compensation 281
143 Non-GAAP net income $ 2,929 $ 2,278
Non-GAAP net earnings per share : Basic $ 0.30 $ 0.24
Diluted $ 0.29 $ 0.23 GAAP net income: $ 3,242
$ 2,135 Income tax expense 113 788 Financial income, net (77 ) (152
) Depreciation, Amortization and Stock-based Compensation
461 335 EBITDA $ 3,739 $ 3,106
INCREDIMAIL LTD. CONDENSED STATEMENTS OF CASH
FLOWS U.S. dollars in thousands, unaudited
Quarter ended
March 31, 2011 2010
Cash flows from
operating activities:
Net income $ 3,242 $ 2,135 Adjustments required to reconcile net
income to net cash provided by operating activities: Depreciation
and amortization 180 192 Stock based compensation expense 281 143
Amortization of premium and accrued interest on marketable
securities 47 1 Loss (gain) from marketable securities, net 57 (140
) Deferred taxes, net (1,340 ) 138 Accrued severance pay, net 74 71
Net changes in operating assets and liabilities: Trade receivables
(322 ) 26 Other receivables and prepaid expenses (1,096 ) (1,181 )
Other long-term assets (7 ) 15 Trade payables (518 ) (27 ) Deferred
revenues 30 (104 ) Accrued expenses and other liabilities
1,508 (587 ) Net cash provided by operating
activities 2,136 682
Cash flows from
investing activities:
Purchase of property and equipment (60 ) (129 ) Capitalization of
content costs and domain (13 ) (96 ) Proceeds from sales of
marketable securities 3,885 2,641 Investment in marketable
securities (9,757 ) (9,927 ) Net cash used in
investing activities (5,945 ) (7,511 )
Cash flows from
financing activities:
Exercise of share options - 158
Decrease in cash and cash equivalents (3,809 ) (6,671 ) Cash and
cash equivalents at beginning of year 16,055
24,368 Cash and cash equivalents at end of year $ 12,246
$ 17,697
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