updated 2/15/2011 5:16:20 PM ET 2011-02-15T22:16:20

Record Quarterly and Annual Revenues

Record Quarterly and Annual Non-GAAP EPS

LOS ANGELES, Feb. 15, 2011 (GLOBE NEWSWIRE) -- j2 Global Communications, Inc. (Nasdaq:JCOM) today reported financial results for the fourth quarter and year ended December 31, 2010.

FOURTH QUARTER 2010 RESULTS

During the quarter the Company added over 500,000 paying DIDs, bringing its total to more than 1.9 million.

Subscriber revenues increased 17% to a quarterly record $70.3 million compared to $60.2 million in Q4 2009.

Total revenues increased 17% to a quarterly record $71.0 million compared to $60.9 million in Q4 2009.

GAAP net earnings per diluted share increased 49% to $0.58 compared to $0.39 for Q4 2009.

Non-GAAP net earnings per diluted share(3) increased 33% to a quarterly record $0.60 compared to $0.45 for Q4 2009. 

Free cash flow(4) for Q4 2010 was $21.6 million after impact of approximately $3.3 million, net of tax, transaction and transition-related costs, compared to $22.2 million for Q4 2009.

Key financial results for fourth quarter 2010 versus fourth quarter 2009 are as follows:

       
  Q4 2010 Q4 2009 % Change
Subscriber Revenues $70.3 million $60.2 million 16.8%
Total Revenues $71.0 million $60.9 million 16.6%
GAAP Net Earnings per Diluted Share(1) $0.58 $0.39 48.7%
Non-GAAP Net Earnings per Diluted Share(2) (3) $0.60 $0.45 33.3%
Free Cash Flow(4) $21.6 million $22.2 million (3.1%)

(1) The estimated GAAP effective tax rate was approximately 14% for Q4 2010 and 31% for Q4 2009. The Q4 2010 GAAP rate was reduced by increased foreign income taxed at a lower rate, full year R&D credit recognized in Q4 and the book, but not tax, gain on sale of auction rate securities.

(2) The estimated Non-GAAP effective tax rate was approximately 18% for Q4 2010 and 31% for Q4 2009. The Q4 2010 Non-GAAP rate was reduced by increased foreign income taxed at a lower rate and full year R&D credit recognized in Q4.

(3) For Q4 2010, Non-GAAP earnings per diluted share excludes share-based compensation and related payroll taxes, certain acquisition-related integration costs and gain on sale of auction rate securities, in each case, net of tax, totaling $0.02. For Q4 2009, Non-GAAP earnings per diluted share excludes share-based compensation and related payroll taxes, disposal of long-lived asset and gain on auction rate securities, in each case, net of tax, totaling $0.06.

(4) Free cash flow is defined as net cash provided by operating activities, less purchases of property, plant and equipment, plus excess tax benefit from share-based compensation. Free cash flow for the quarter was impacted by approximately $3.3 million, net of tax, of transition and acquisition-related costs.

FULL YEAR 2010 RESULTS

Subscriber revenues increased 4% to an annual record $252.5 million compared to $241.9 million in 2009.

Total revenues increased 4% to an annual record $255.4 million compared to $245.6 million in 2009.

GAAP net earnings per diluted share increased 22% to $1.81 compared to $1.48 for 2009. 

Non-GAAP net earnings per diluted share(7) for 2010 increased 6% to an annual record $1.96 compared to $1.85 for 2009. 

Free cash flow(8) for 2010 was $108.8 million, an increase of 7% compared to $101.6 million for 2009.

Key annual financial results for 2010 versus 2009 are as follows:

       
  2010 2009 % Change
Subscriber Revenues $252.5 million $241.9 million 4.4%
Total Revenues $255.4 million $245.6 million 4.0%
GAAP Net Earnings per Diluted Share(5) $1.81 $1.48 22.1%
Non-GAAP Net Earnings per Diluted Share(6) (7) $1.96 $1.85 6.0%
Free Cash Flow(8) $108.8 million $101.6 million 7.1%

(5)   The estimated GAAP effective tax rate was approximately 24.9% for 2010 and 31.7% for 2009. The 2010 GAAP rate was reduced by increased foreign income taxed at a lower rate, a decrease in reserves for uncertain tax positions and a change in valuation allowance.

(6)   The estimated Non-GAAP effective tax rate was approximately 26.3% for 2010 and 29.6% for 2009. The 2010 Non-GAAP rate was reduced by increased foreign income taxed at a lower rate and a decrease in reserves for uncertain tax positions.

(7)   For 2010, Non-GAAP earnings per diluted share excludes share-based compensation and related payroll taxes, certain acquisition-related integration costs and gain on sale of auction rate securities, in each case, net of tax, totaling $0.15. For 2009, Non-GAAP earnings per diluted share excludes share-based compensation and related payroll taxes, impairment of auction rate securities, disposal of long-lived asset and gain on auction rate securities, in each case, net of tax, totaling $0.37.

(8)   Free cash flow is defined as net cash provided by operating activities, less purchases of property, plant and equipment, plus excess tax benefit from share-based compensation. In addition, the amount shown for 2010 excludes the impact of a $14.2 million payment to the IRS in settlement of an audit for transfer pricing covering tax years 2004 through 2008 which was fully accrued for in prior periods. Including this settlement amount, the Company's free cash flow for the year was $94.6 million. Free cash flow for the year was impacted by approximately $3.4 million, net of tax, of transition and acquisition-related costs.

The Company ended the year with approximately $87 million in cash and investments compared to $244 million as of December 31, 2009. During fiscal 2010 the Company deployed approximately $249 million of cash and investments in connection with business acquisitions.

"We are very proud of our accomplishments in 2010 and look forward to continued improved growth in revenues and earnings in 2011," said Hemi Zucker, j2 Global's chief executive officer. "The Company achieved record revenues, earnings and cash flow, added 630,000 paid DIDs and acquired eight businesses.  At the same time, we improved our customer retention levels and expanded our geographic coverage by 23% to more than 4,300 cities world-wide. We are also excited at the prospects of our new cloud-based business lines: KeepItSafe™, a data backup service, and Campaigner®, an email marketing offering."

BUSINESS OUTLOOK

For fiscal 2011, j2 Global expects revenues between $320 and $340 million and Non-GAAP net earnings per diluted share between $2.21 and $2.42, exclusive of between $9 and $11 million of share-based compensation expense and between $5 and $8 million of acquisition-related transition costs.

It is anticipated that the normalized tax rate for 2011 (exclusive of the release of certain FIN 48 reserves) will be between 28% and 30%.

About j2 Global Communications

Founded in 1995, j2 Global Communications, Inc. provides outsourced, value-added messaging and communications services to individuals and businesses around the world. j2 Global's network spans more than 4,300 cities in 49 countries on six continents. The Company offers Internet fax, voice and email solutions. j2 Global markets its services principally under the brand names eFax®, MyFax®, eFax Corporate®, Onebox®, eVoice®, Campaigner®, Electric Mail® and KeepItSafe™. As of December 31, 2010, j2 Global had achieved 15 consecutive fiscal years of revenue growth. For more information about j2 Global, please visit www.j2global.com.

The j2 Global Communications, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3907

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this Press Release are "forward-looking statements" within the meaning of The Private Securities Litigation Act of 1995, particularly those contained in the "Business Outlook" portion regarding the Company's expected fiscal 2011 financial performance. These forward-looking statements are based on management's current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These factors and uncertainties include, among other items: subscriber growth and retention; variability of revenue based on changing conditions in particular industries and the economy generally; protection of the Company's proprietary technology or infringement by the Company of intellectual property of others; the risk of adverse changes in the U.S. or international regulatory environments surrounding messaging and communications, including but not limited to the imposition or increase of taxes or regulatory-related fees; and the numerous other factors set forth in j2 Global's filings with the Securities and Exchange Commission ("SEC"). For a more detailed description of the risk factors and uncertainties affecting j2 Global, refer to the 2009 Annual Report on Form 10-K filed by j2 Global on February 23, 2010, and the other reports filed by j2 Global from time-to-time with the SEC, each of which is available at www.sec.gov. The forward-looking statements provided in this press release and particularly those contained in the "Business Outlook" portion regarding the Company's expected fiscal 2011 financial performance are based on limited information available to the Company at this time, which is subject to change. Although management's expectations may change after the date of this press release, the Company undertakes no obligation to revise or update these statements.

j2 GLOBAL COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED, IN THOUSANDS)
     
     
  DECEMBER 31,

2010
DECEMBER 31,

2009
     
ASSETS    
Cash and cash equivalents  $ 64,752  $ 197,411
Short-term investments  14,035  31,381
Accounts receivable, net of allowances of $2,588 and $3,077, respectively  17,423  11,928
Prepaid expenses and other current assets  15,196  13,076
Deferred income taxes  4,096  2,657
     
Total current assets  115,502  256,453
     
Long-term investments  8,175  14,887
Property and equipment, net  13,567  13,366
Goodwill  281,848  81,258
Other purchased intangibles, net  99,954  39,091
Deferred income taxes  12,967  8,717
Other assets  610  229
     
TOTAL ASSETS  $ 532,623  $ 414,001
     
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable and accrued expenses  $ 25,112  $ 15,941
Income taxes payable  1,798  1,563
Deferred revenue  16,938  11,411
Liability for uncertain tax positions  13,471 — 
Deferred income taxes  573 — 
     
Total current liabilities  57,892  28,915
     
Liability for uncertain tax positions  24,391  46,820
Deferred income taxes  15,293 — 
Other long-term liabilities  3,302  2,094
     
Total liabilities  100,878  77,829
     
Commitments and contingencies —  — 
     
Stockholders' Equity:    
Preferred stock —  — 
Common stock  537  529
Additional paid-in capital  164,769  147,619
Treasury stock  (112,671)  (112,671)
Retained earnings  381,145  301,670
Accumulated other comprehensive loss  (2,035)  (975)
     
Total stockholders' equity  431,745  336,172
     
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $ 532,623  $ 414,001
 
 
j2 GLOBAL COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
         
         
  THREE MONTHS ENDED DECEMBER 31, TWELVE MONTHS ENDED DECEMBER 31,
  2010 2009 2010 2009
         
Revenues        
Subscriber  $ 70,319  $ 60,188  $ 252,492  $ 241,922
Other  706  727  2,902  3,649
         
Total revenue  71,025  60,915  255,394  245,571
         
Cost of revenues (including share-based compensation of $254 and $1,217 for the three and twelve months of 2010, respectively, and $328 and $1,263 for the three and twelve months of 2009, respectively)  12,708  10,480  44,086  44,730
         
Gross profit  58,317  50,435  211,308  200,841
         
Operating expenses:        
Sales and marketing (including share-based compensation of $366 and $1,826 for the three and twelve months of 2010, respectively, and $480 and $1,818 for the three and twelve months of 2009, respectively)  14,005  9,563  46,332  37,006
Research, development and engineering (including share-based compensation of $170 and $815 for the three and twelve months of 2010, respectively, and $219 and $853 for the three and twelve months of 2009, respectively)  4,017  2,972  12,827  11,657
General and administrative (including share-based compensation of $1,380 and $7,079 for the three and twelve months of 2010, respectively, and $1,896 and $7,084 for the three and twelve months of 2009, respectively)  13,963  11,693  48,226  45,275
Loss on disposal of long-lived asset —   2,442 —   2,442
         
Total operating expenses  31,985  26,670  107,385  96,380
         
Operating earnings  26,332  23,765  103,923  104,461
         
Other-than-temporary impairment losses —   (150) —   (9,343)
         
Interest and other income, net  4,964  2,184  6,714  2,661
         
Earnings before income taxes  31,296  25,799  110,637  97,779
         
Income tax expense  4,429  8,095  27,590  30,952
         
Net earnings  $ 26,867  $ 17,704  $ 83,047  $ 66,827
         
         
Basic net earnings per common share  $ 0.60  $ 0.40  $ 1.86  $ 1.52
         
Diluted net earnings per common share  $ 0.58  $ 0.39  $ 1.81  $ 1.48
         
         
Basic weighted average shares outstanding  44,843,543  44,220,725  44,578,036  43,936,194
         
Diluted weighted average shares outstanding  46,358,698  45,244,333  45,941,843  45,138,001
 
 
j2 GLOBAL COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED, IN THOUSANDS)
     
     
  TWELVE MONTHS ENDED DECEMBER 31,
  2010 2009
     
Cash flows from operating activities:    
Net earnings  $ 83,047  $ 66,827
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 14,510 14,707
Amortization of discount or premium of investments 837 — 
Share-based compensation  10,937 11,018
Excess tax benefits from share-based compensation (62) (3,063)
Provision for doubtful accounts 1,965 2,378
Deferred income taxes (541) (629)
Loss on disposal of long-lived asset 64 2,529
Loss on trading securities 3 4
Gain on sale of available-for-sale investment (4,477) (1,812)
Other-than-temporary impairment losses —  9,343
Decrease (increase) in:    
Accounts receivable (246) (6)
Prepaid expenses and other current assets (2,253) (2,253)
Other assets (165) (35)
(Decrease) increase in:    
Accounts payable and accrued expenses 1,318 (3,677)
Income taxes payable (15,767) (1,161)
Deferred revenue (1,592) (537)
Liability for uncertain tax positions 8,114 8,178
Other  693 22
Net cash provided by operating activities 96,385 101,833
     
Cash flows from investing activities:    
Sales of available-for-sale investments —  2,706
Maturity of certificates of deposit  31,653 — 
Redemptions/sales of available-for-sale investments  48,843 — 
Purchases of available-for-sale investments  (52,921) (12,900)
Purchases of certificates of deposit —  (31,372)
Purchases of property and equipment (1,842) (3,251)
Proceeds from sale of assets 13 1,340
Acquisition of businesses, net of cash received (248,568) (12,500)
Purchases of intangible assets (8,312) (5,472)
Net cash used in investing activities (231,134) (61,449)
     
Cash flows from financing activities:    
Repurchases of common stock and restricted stock  (4,221)  (470)
Issuance of common stock under employee stock purchase plan  109  120
Exercise of stock options  6,721 2,708
Excess tax benefits from share-based compensation 62 3,063
Net cash provided by financing activities 2,671 5,421
     
Effect of exchange rate changes on cash and cash equivalents (581) 826
     
Net (Decrease) increase in cash and cash equivalents (132,659) 46,631
Cash and cash equivalents at beginning of period 197,411 150,780
Cash and cash equivalents at end of period  $ 64,752  $ 197,411
 
 
j2 GLOBAL COMMUNICATIONS, INC.
UNAUDITED RECONCILIATION OF MODIFIED NET EARNINGS 
THREE MONTHS ENDED DECEMBER 31, 2010 AND 2009
(UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
             
Modified net earnings are GAAP net earnings with the following modifications: (1) elimination of share-based compensation expense for 2010 and 2009; (2) elimination of payroll taxes associated with share-based compensation, (3) elimination of certain acquisition and associated exist costs, (4) elimination of loss on disposal of long-lived asset, (5) elimination of other-than-temporary impairment losses, (6) elimination of gain on sales of certain investments and (7) elimination of income tax expense associated with share-based compensation and associated payroll taxes, certain acquisition and exist costs, loss on disposal of long-lived asset and other-than-temporary impairment losses. Modified net earnings and modified net earnings per share are not meant as a substitute for measures determined under GAAP, but are solely for informational purposes. The following table illustrates and reconciles the GAAP net earnings with the aforementioned exclusions. The Company believes that this non-GAAP financial information are useful measures of operating performance because they exclude certain non-cash or non-ordinary course transactions.
             
             
  THREE MONTHS ENDED DECEMBER 31, 2010 THREE MONTHS ENDED DECEMBER 31, 2009
  Reported Non-GAAP Entries Non-GAAP Reported Non-GAAP Entries Non-GAAP
             
Revenues            
Subscriber  $ 70,319  $ --   $ 70,319  $ 60,188  $ --   $ 60,188
Other  706  --   706  727  --   727
             
Total revenue  71,025  --   71,025  60,915  --   60,915
             
Cost of revenues (1), (3)  12,708  (510)(1), (3)  12,198  10,480  (328)(1)  10,152
             
Gross profit  58,317  510  58,827  50,435  328  50,763
             
Operating expenses:            
Sales and marketing (1), (3)  14,005  (1,644)(1), (3)  12,361  9,563  (480)(1)  9,083
Research, development and engineering (1), (3)  4,017  (615)(1), (3)  3,402  2,972  (219)(1)  2,753
General and administrative (1), (2), (3)  13,963  (3,774)(1)(2)(3)  10,189  11,693  (1,897)(1)(2)  9,796
Loss on disposal of long-lived asset (4)  --   --   --   2,442  (2,442)(4)  -- 
             
Total operating expenses  31,985  (6,033)  25,952  26,670  (5,038)  21,632
             
Operating earnings  26,332  6,543  32,875  23,765  5,366  29,131
             
Other-than-temporary impairment losses (5)  --   --   --   (150)  150(5)  -- 
             
Interest and other income, net (6)  4,964  (3,922)(6)  1,042  2,184  (1,812)(6)  372
             
Earnings before income taxes  31,296  2,621  33,917  25,799  3,704  29,503
             
Income tax expense (7)  4,429  1,750(7)  6,179  8,095  965(7)  9,060
             
Net earnings  $ 26,867  $ 871  $ 27,738  $ 17,704  $ 2,739  $ 20,443
             
             
Diluted net earnings per share   $ 0.58    $ 0.60  $ 0.39    $ 0.45
             
             
Diluted weighted average shares outstanding  46,358,698    46,358,698  45,244,333    45,244,333
             
             
             
(1) Share-based compensation expense:            
Cost of revenues    $ (254)      $ (328)  
Sales and marketing    $ (366)      $ (480)  
Research, development and engineering    $ (170)      $ (219)  
General and administrative    $ (1,380)      $ (1,896)  
     $ (2,170)      $ (2,923)  
             
(2) Payroll taxes associated with share-based compensation  $ (42)      $ (1)  
             
(3) Acquisition and exit costs:            
Cost of revenues    $ (256)      $ --   
Sales and marketing    $ (1,278)      $ --   
Research, development and engineering    $ (445)      $ --   
General and administrative    $ (2,352)      $ --   
     $ (4,331)      $ --   
             
(4) Loss on disposal of long-lived asset    $ --       $ (2,442)  
             
(5) Other-than-temporary impairment losses    $ --       $ 150  
             
(6) Gain on sales of investments    $ (3,922)      $ (1,812)  
             
(7)Income tax adjustment, net impact of the items above            
Share-based compensation expense    $ 659      $ (38)  
Payroll taxes associated with share-based compensation  10      --   
Acquisition and exit costs:    1,081      --   
Loss on disposal of long-lived asset    --       974  
Other-than-temporary impairment losses    --       29  
     $ 1,750      $ 965  
 
 
j2 GLOBAL COMMUNICATIONS, INC.
UNAUDITED RECONCILIATION OF MODIFIED NET EARNINGS 
TWELVE MONTHS ENDED DECEMBER 31, 2010 AND 2009
(UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
             
             
Modified net earnings are GAAP net earnings with the following modifications: (1) elimination of share-based compensation expense for 2010 and 2009; (2) elimination of payroll taxes associated with share-based compensation, (3) elimination of certain acquisition and associated exist costs, (4) elimination of loss on disposal of long-lived asset, (5) elimination of other-than-temporary impairment losses, (6) elimination of gain on sales of certain investments and (7) elimination of income tax expense associated with share-based compensation and associated payroll taxes, certain acquisition and exist costs, loss on disposal of long-lived asset and other-than-temporary impairment losses. Modified net earnings and modified net earnings per share are not meant as a substitute for measures determined under GAAP, but are solely for informational purposes. The following table illustrates and reconciles the GAAP net earnings with the aforementioned exclusions. The Company believes that this non-GAAP financial information are useful measures of operating performance because they exclude certain non-cash or non-ordinary course transactions.
             
  TWELVE MONTHS ENDED DECEMBER 31, 2010 TWELVE MONTHS ENDED DECEMBER 31, 2009
  Reported Non-GAAP Entries Non-GAAP Reported Non-GAAP Entries Non-GAAP
             
Revenues            
Subscriber  $ 252,492  $ --   $ 252,492  $ 241,922  $ --   $ 241,922
Other  2,902  --   2,902  3,649  --   3,649
             
Total revenue  255,394  --   255,394  245,571  --   245,571
             
Cost of revenues (1), (3)  44,086  (1,473)(1), (3)  42,613  44,730  (1,263)(1)  43,467
             
Gross profit  211,308  1,473  212,781  200,841  1,263  202,104
             
Operating expenses:            
Sales and marketing (1), (3)  46,332  (3,104)(1), (3)  43,228  37,006  (1,818)(1)  35,188
Research, development and engineering (1), (3)  12,827  (1,260)(1), (3)  11,567  11,657  (853)(1)  10,804
General and administrative (1), (2), (3)  48,226  (9,847)(1)(2)(3)  38,379  45,275  (7,134)(1)(2)  38,141
Loss on disposal of long-lived asset (4)  --   --   --   2,442  (2,442)(4)  -- 
             
Total operating expenses  107,385  (14,211)  93,174  96,380  (12,247)  84,133
             
Operating earnings  103,923  15,684  119,607  104,461  13,510  117,971
             
Other-than-temporary impairment losses (5)  --   --   --   (9,343)  9,343(5)  -- 
             
Interest and other income, net (6)  6,714  (3,922)(6)  2,792  2,661  (1,812)(6)  849
             
Earnings before income taxes  110,637  11,762  122,399  97,779  21,041  118,820
             
Income tax expense (7)  27,590  4,599(7)  32,189  30,952  4,221(7)  35,173
             
Net earnings  $ 83,047  $ 7,163  $ 90,210  $ 66,827  $ 16,820  $ 83,647
             
             
Diluted net earnings per share   $ 1.81    $ 1.96  $ 1.48    $ 1.85
             
             
Diluted weighted average shares outstanding  45,941,843    45,941,843  45,138,001    45,138,001
             
             
             
(1)Share-based compensation expense:            
Cost of revenues    $ (1,217)      $ (1,263)  
Sales and marketing    $ (1,826)      $ (1,818)  
Research, development and engineering    $ (815)      $ (853)  
General and administrative    $ (7,079)      $ (7,084)  
     $ (10,937)      $ (11,018)  
             
(2)Payroll taxes associated with share-based compensation    $ (211)      $ (50)  
             
(3)Acquisition and exit costs:            
Cost of revenues    $ (256)      $ --   
Sales and marketing    $ (1,278)      $ --   
Research, development and engineering    $ (445)      $ --   
General and administrative    $ (2,557)      $ --   
     $ (4,536)      $ --   
             
(4)Loss on disposal of long-lived asset    $ --       $ (2,442)  
             
(5)Other-than-temporary impairment losses    $ --       $ 9,343  
             
(6)Gain on sales of investments    $ (3,922)      $ (1,812)  
             
(7)Income tax adjustment, net impact of the items above            
Share-based compensation expense    $ 3,397      $ 2,425  
Payroll taxes associated with share-based compensation    61      17  
Acquisition and exit costs:    1,141      --   
Loss on disposal of long-lived asset    --       974  
Other-than-temporary impairment losses    --       805  
     $ 4,599      $ 4,221  
           
           
j2 Global Communications, Inc.          
Free Cash Flows          
           
  Q1 Q2 Q3 Q4 YTD
2010          
Net cash provided by operating activities  34,688  12,317  27,147  22,233  96,385
Less: Purchases of property and equipment  (86)  (495)  (692)  (569)  (1,842)
Add: Excess tax (deficiency) benefit from share-based compensation  (406)  374  196  (102)  62
Add: IRS settlement*  --   14,223  --   --   14,223
   34,196  26,419  26,651  21,562  108,828
           
* Free cash flow of $26.4 million is before the effects of our IRS settlement. In the second quarter, we successfully settled our audit for transfer pricing for the years of 2004 to 2008 for $14.2 million, which was fully accrued for in prior periods. Taking this settlement into consideration, our free cash flow for the quarter was $12.2 million.
           
           
2009          
Net cash provided by operating activities  31,152  20,362  26,469  23,850  101,833
Less: Purchases of property and equipment  (721)  (217)  (767)  (1,546)  (3,251)
Add: Excess tax benefit (deficiency) from share-based compensation  5  2,718  403  (63)  3,063
   30,436  22,863  26,105  22,241  101,645
           
           
2008          
Net cash provided by operating activities  27,411  23,840  15,676  23,789  90,716
Less: Purchases of property and equipment  (469)  (796)  (937)  (305)  (2,507)
Add: Excess tax benefit from share-based compensation  239  204  212  910  1,565
   27,181  23,248  14,951  24,394  89,774
CONTACT: Jeff Adelman
         j2 Global Communications, Inc.
         323-372-3617
         press@j2global.com

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 2.43%
$30K home equity loan FICO 5.80%
$75K home equity loan FICO 4.54%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.57%
13.57%
Cash Back Cards 17.91%
17.91%
Rewards Cards 17.15%
17.15%
Source: Bankrate.com