Digital River: Financial Results 2010


Full year financial results are reported by Digital River. This can be read over Yahoo Finance.

Our fourth quarter revenue was strong and non-GAAP earnings exceeded expectations. Overall, 2010 was one of the best years of operational execution in the history of the company.We entered last year with an objective to replace 30 percent of our revenue after the loss of a major client and align our expenses with our growth profile. We not only accomplished that but also exited 2010 a much more diversified business. In 2011, we see more opportunity for sustainable growth across more markets than ever before and are extremely optimistic about our future.” said Joel Ronning, Digital River’s CEO.

GAAP Results:
Fourth quarter revenue totaled $97.7 million, compared to $104.9 million during the same period in 2009. These results were at the top end of management’s fourth quarter revenue guidance of $95 – $98 million. For the full year 2010, Digital River reported revenue of $363.2 million, compared to $403.8 million reported in 2009.

Fourth quarter GAAP net income was $5.4 million, or $0.14 per diluted share, and compared to GAAP net income of $13.6 million, or $0.36 per diluted share, in the fourth quarter of 2009. This year’s results were in line with management’s fourth quarter earnings guidance of $0.12 – $0.15 per diluted share, adjusted for the issuance of the convertible debt. For the full year 2010, GAAP net income was $15.7 million, or $0.41 per diluted share, and compared to GAAP net income of $49.8 million, or $1.32 per diluted share, during the same period in 2009.

Source: Yahoo Finance

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