Delaware
|
1-16371
|
22-3415036
|
||
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
520 Broad Street Newark, New Jersey
|
07102
|
|
(Address of principal executive offices)
|
(Zip Code)
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 2.02.
|
Results of Operations and Financial Condition
|
Item 9.01.
|
Financial Statements and Exhibits.
|
(d)
|
Exhibits.
|
Exhibit No.
|
|
Document
|
99.1
|
|
Earnings Release, dated March 6, 2014, reporting the results of operations for IDT Corporation’s fiscal quarter ended January 31, 2014.
|
IDT CORPORATION
|
||
By:
|
/s/ Shmuel Jonas
|
|
Name:
|
Shmuel Jonas
|
|
Title:
|
Chief Executive Officer
|
Exhibit Number
|
Document
|
|
99.1
|
Earnings Release, dated March 6, 2014, reporting the results of operations for IDT Corporation’s fiscal quarter ended January 31, 2014.
|
·
|
Revenue decreased 1.2% to $406.4 million from $411.5 million;
|
·
|
Adjusted EBITDA increased 18.5% to $11.3 million from $9.5 million;
|
·
|
Income from operations - including the impact of a non-routine gain of $350,000 - increased 33.9% to $7.6 million from $5.7 million;
|
·
|
Net income attributable to IDT was $2.5 million compared to $3.0 million;
|
·
|
Diluted EPS of $0.11 compared to $0.13;
|
·
|
Non-GAAP net income of $6.4 million compared to $6.9 million;
|
·
|
Non-GAAP diluted EPS of $0.28 compared to $0.31.
|
|
·
|
Retail Communications’ revenue in 2Q14 was $169.8 million, an increase (+5.4%) from $161.1 million in 2Q13 and a decrease (-1.6%) from $172.5 million compared to 1Q14. Sales of international calling services on the Boss Revolution platform grew by 27% and drove the year over year revenue increase- for Retail Communications. Sequentially, Boss Revolution growth of 3.6% was more than offset by the continued decline in revenue from the sale of traditional disposable prepaid calling cards in the U.S. and internationally. Retail Communications’ revenue comprised 42.7% of TPS’ total revenue in 2Q14.
|
|
·
|
Wholesale Termination Services’ revenue in 2Q14 was $167.8 million, a decrease (-7.9%), from $182.2 million in 2Q13 and a decrease (-6.0%) from $178.5 million in 1Q14. The year over year revenue loss resulted primarily from the impact of the abrupt, industry-wide rate changes that took effect in the third quarter of last year in certain South Asian destinations, and the resulting decline in traffic to those countries. The sequential decline in revenue reflects primarily a shift in our destination mix, as we carried more traffic this quarter to lower revenue per minute, but more profitable, destinations. Wholesale Termination Services continues to benefit from pricing shift opportunities resulting from certain disparities in currency exchange rates and related macro conditions in Latin America. Wholesale Termination Services’ revenue comprised 42.1% of TPS’ total revenue in 2Q14.
|
|
·
|
Payment Services’ revenue in 2Q14 was $48.9 million, an increase (+4.9%), from $46.6 million in 2Q13 and a decrease (-2.1%) from $49.9 million in 1Q14. The year over year increase primarily reflects the growth of international and domestic airtime top-up sales while the sequential decrease reflects the impact of a restructured resale agreement with an important supplier and increased competition generally among resellers. Payment Services revenue comprised 12.3% of total TPS revenue in 2Q14.
|
|
·
|
Hosted Platform Solutions’ revenue in 2Q14 was $11.5 million, a decrease (-10.9%) from $12.9 million in 2Q13 and a decrease (-2.2%) from $11.8 million in1Q14. The majority of Hosted Platform Solutions revenue is generated by IDT’s cable telephony business. Hosted Platform Solutions’ revenue comprised 2.9% of total TPS revenue in 2Q14.
|
·
|
IDT will host a conference call at 5:30 PM ET today, March 6th, beginning with management’s discussion of financial and operational results, business outlook and strategy, followed by Q&A.
|
·
|
To listen to the conference call and/or participate in the Q&A, dial toll-free 1-877-418-5260 (from U.S.) or 1-412-717-9589 (international) and request the IDT Corporation call.
|
·
|
An audio replay of the conference call will be available one hour after the call concludes through March 20, 2013 by dialing 1-877-344-7529 (conference code #10039290), or by streaming from the IDT website investor relations site: www.idt.net/about/ir.
|
·
|
Copies of this release - including the reconciliation of the non-GAAP financial measures that are both used herein and referenced during management’s discussion of results - are available in the Investor Relations portion of IDT’s website, at http://www.idt.net/about/ir.
|
January 31,
2014
|
July 31,
2013
|
|||||||
(Unaudited)
|
||||||||
(in thousands)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 138,161 | $ | 146,960 | ||||
Restricted cash and cash equivalents—short-term
|
57,606 | 34,988 | ||||||
Marketable securities
|
11,192 | 9,684 | ||||||
Trade accounts receivable, net of allowance for doubtful accounts of $13,075 at January 31, 2014 and $13,079 at July 31, 2013
|
63,711 | 65,078 | ||||||
Prepaid expenses
|
19,371 | 19,175 | ||||||
Deferred income tax assets, net—current portion
|
973 | 1,689 | ||||||
Other current assets
|
13,000 | 12,730 | ||||||
Total current assets
|
304,014 | 290,304 | ||||||
Property, plant and equipment, net
|
80,556 | 80,742 | ||||||
Goodwill
|
14,855 | 14,807 | ||||||
Other intangibles, net
|
1,407 | 1,390 | ||||||
Investments
|
9,396 | 9,605 | ||||||
Restricted cash and cash equivalents—long-term
|
2,763 | 7,407 | ||||||
Deferred income tax assets, net—long-term portion
|
18,105 | 20,000 | ||||||
Other assets
|
13,902 | 11,152 | ||||||
Total assets
|
$ | 444,998 | $ | 435,407 | ||||
Liabilities and equity
|
||||||||
Current liabilities:
|
||||||||
Revolving credit loan payable
|
$ | 15,000 | $ | 21,062 | ||||
Trade accounts payable
|
30,442 | 39,323 | ||||||
Accrued expenses
|
137,083 | 145,432 | ||||||
Deferred revenue
|
97,816 | 91,227 | ||||||
Customer deposits
|
53,965 | 28,663 | ||||||
Income taxes payable
|
1,426 | 761 | ||||||
Dividends payable
|
— | 1,837 | ||||||
Notes payable—current portion
|
542 | 535 | ||||||
Other current liabilities
|
4,285 | 4,829 | ||||||
Total current liabilities
|
340,559 | 333,669 | ||||||
Notes payable—long-term portion
|
6,492 | 6,624 | ||||||
Other liabilities
|
4,087 | 5,978 | ||||||
Total liabilities
|
351,138 | 346,271 | ||||||
Commitments and contingencies
|
||||||||
Equity:
|
||||||||
IDT Corporation stockholders’ equity:
|
||||||||
Preferred stock, $.01 par value; authorized shares—10,000; no shares issued
|
— | — | ||||||
Class A common stock, $.01 par value; authorized shares—35,000; 3,272 shares issued and 1,574 shares outstanding at January 31, 2014 and July 31, 2013
|
33 | 33 | ||||||
Class B common stock, $.01 par value; authorized shares—200,000; 24,494 and 24,275 shares issued and 21,563 and 21,397 shares outstanding at January 31, 2014 and July 31, 2013, respectively
|
245 | 243 | ||||||
Additional paid-in capital
|
390,502 | 388,533 | ||||||
Treasury stock, at cost, consisting of 1,698 and 1,698 shares of Class A common stock and 2,931 and 2,878 shares of Class B common stock at January 31, 2014 and July 31, 2013, respectively
|
(99,791 | ) | (98,836 | ) | ||||
Accumulated other comprehensive income
|
3,523 | 2,341 | ||||||
Accumulated deficit
|
(201,570 | ) | (203,711 | ) | ||||
Total IDT Corporation stockholders’ equity
|
92,942 | 88,603 | ||||||
Noncontrolling interests
|
918 | 533 | ||||||
Total equity
|
93,860 | 89,136 | ||||||
Total liabilities and equity
|
$ | 444,998 | $ | 435,407 |
Three Months Ended
January 31,
|
Six Months Ended
January 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
(in thousands, except per share data)
|
||||||||||||||||
Revenues
|
$ | 406,423 | $ | 411,456 | $ | 827,093 | $ | 811,573 | ||||||||
Costs and expenses:
|
||||||||||||||||
Direct cost of revenues (exclusive of depreciation and amortization)
|
335,258 | 344,486 | 685,577 | 679,737 | ||||||||||||
Selling, general and administrative (i)
|
57,285 | 55,631 | 115,040 | 108,946 | ||||||||||||
Depreciation and amortization
|
4,059 | 3,865 | 7,955 | 7,000 | ||||||||||||
Research and development
|
2,597 | 1,819 | 4,873 | 3,201 | ||||||||||||
Total costs and expenses
|
399,199 | 405,801 | 813,445 | 798,884 | ||||||||||||
Other operating gains (loss), net
|
350 | — | 1,209 | (350 | ) | |||||||||||
Income from operations
|
7,574 | 5,655 | 14,857 | 12,339 | ||||||||||||
Interest income (expense), net
|
105 | (457 | ) | 80 | (352 | ) | ||||||||||
Other (expense) income, net
|
(3,065 | ) | 1,815 | (3,614 | ) | 2,700 | ||||||||||
Income from continuing operations before income taxes
|
4,614 | 7,013 | 11,323 | 14,687 | ||||||||||||
Provision for income taxes
|
(1,641 | ) | (3,105 | ) | (4,300 | ) | (5,159 | ) | ||||||||
Income from continuing operations
|
2,973 | 3,908 | 7,023 | 9,528 | ||||||||||||
Loss from discontinued operations, net of tax
|
— | (413 | ) | — | (1,865 | ) | ||||||||||
Net income
|
2,973 | 3,495 | 7,023 | 7,663 | ||||||||||||
Net income attributable to noncontrolling interests
|
(438 | ) | (542 | ) | (965 | ) | (1,096 | ) | ||||||||
Net income attributable to IDT Corporation
|
$ | 2,535 | $ | 2,953 | $ | 6,058 | $ | 6,567 | ||||||||
Amounts attributable to IDT Corporation common stockholders:
|
||||||||||||||||
Income from continuing operations
|
$ | 2,535 | $ | 3,284 | $ | 6,058 | $ | 8,351 | ||||||||
Loss from discontinued operations
|
— | (331 | ) | — | (1,784 | ) | ||||||||||
Net income
|
$ | 2,535 | $ | 2,953 | $ | 6,058 | $ | 6,567 | ||||||||
Earnings per share attributable to IDT Corporation common stockholders:
|
||||||||||||||||
Basic:
|
||||||||||||||||
Income from continuing operations
|
$ | 0.12 | $ | 0.16 | $ | 0. 28 | $ | 0.40 | ||||||||
Loss from discontinued operations
|
— | (0.02 | ) | — | (0.08 | ) | ||||||||||
Net income
|
$ | 0.12 | $ | 0.14 | $ | 0.28 | $ | 0.32 | ||||||||
Weighted-average number of shares used in calculation of basic earnings per share
|
21,572 | 20,829 | 21,305 | 20,818 | ||||||||||||
Diluted:
|
||||||||||||||||
Income from continuing operations
|
$ | 0.11 | $ | 0.15 | $ | 0.27 | $ | 0.38 | ||||||||
Loss from discontinued operations
|
— | (0.02 | ) | — | (0.08 | ) | ||||||||||
Net income
|
$ | 0.11 | $ | 0.13 | $ | 0.27 | $ | 0.30 | ||||||||
Weighted-average number of shares used in calculation of diluted earnings per share
|
22,743 | 22,089 | 22,827 | 22,087 | ||||||||||||
Dividends declared per common share
|
$ | 0.17 | $ | — | $ | 0.17 | $ | 0.75 | ||||||||
(i) Stock-based compensation included in selling, general and administrative expenses
|
$ | 1,632 | $ | 1,806 | $ | 4,127 | $ | 2,818 |
Six Months Ended
January 31,
|
||||||||
2014
|
2013
|
|||||||
(in thousands)
|
||||||||
Operating activities
|
||||||||
Net income
|
$ | 7,023 | $ | 7,663 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Net loss from discontinued operations
|
— | 1,865 | ||||||
Depreciation and amortization
|
7,955 | 7,000 | ||||||
Deferred income taxes
|
2,614 | 5,681 | ||||||
Provision for doubtful accounts receivable
|
548 | 1,786 | ||||||
Gain on proceeds from insurance
|
(571 | ) | — | |||||
Interest in the equity of investments
|
(852 | ) | (600 | ) | ||||
Stock-based compensation
|
4,127 | 2,818 | ||||||
Change in assets and liabilities:
|
||||||||
Restricted cash and cash equivalents
|
(14,437 | ) | (12,661 | ) | ||||
Trade accounts receivable
|
3,465 | 13,311 | ||||||
Prepaid expenses, other current assets and other assets
|
(2,119 | ) | 3,784 | |||||
Trade accounts payable, accrued expenses, other current liabilities and other liabilities
|
(23,300 | ) | (16,357 | ) | ||||
Customer deposits
|
22,777 | 10,304 | ||||||
Income taxes payable
|
665 | (572 | ) | |||||
Deferred revenue
|
5,873 | 2,620 | ||||||
Net cash provided by operating activities
|
13,768 | 26,642 | ||||||
Investing activities
|
||||||||
Capital expenditures
|
(7,847 | ) | (7,462 | ) | ||||
Collection of notes receivable
|
— | 750 | ||||||
Increase in investments
|
— | (1,069 | ) | |||||
Proceeds from sale and redemption of investments
|
1,019 | 99 | ||||||
Proceeds from insurance
|
571 | — | ||||||
Purchases of marketable securities
|
(11,631 | ) | — | |||||
Proceeds from maturities and sales of marketable securities
|
10,094 | — | ||||||
Net cash used in investing activities
|
(7,794 | ) | (7,682 | ) | ||||
Financing activities
|
||||||||
Dividends paid
|
(5,754 | ) | (17,124 | ) | ||||
Distributions to noncontrolling interests
|
(626 | ) | (816 | ) | ||||
Purchases of stock of subsidiary
|
(1,133 | ) | (1,804 | ) | ||||
Proceeds from exercise of stock options
|
528 | — | ||||||
Proceeds from revolving credit loan payable
|
30,000 | — | ||||||
Proceeds from sale of stock of subsidiary
|
— | 145 | ||||||
Repayments of revolving credit loan payable and other borrowings
|
(36,187 | ) | (118 | ) | ||||
Repurchases of Class B common stock
|
(955 | ) | (1,078 | ) | ||||
Net cash used in financing activities
|
(14,127 | ) | (20,795 | ) | ||||
Discontinued operations
|
||||||||
Net cash used in operating activities
|
— | (1,114 | ) | |||||
Effect of exchange rate changes on cash and cash equivalents
|
(646 | ) | 2,079 | |||||
Net decrease in cash and cash equivalents
|
(8,799 | ) | (870 | ) | ||||
Cash and cash equivalents (including discontinued operations) at beginning of period
|
146,960 | 151,504 | ||||||
Cash and cash equivalents (including discontinued operations) at end of period
|
138,161 | 150,634 | ||||||
Less cash and cash equivalents of discontinued operations at end of period
|
— | (2,204 | ) | |||||
Cash and cash equivalents (excluding discontinued operations) at end of period
|
$ | 138,161 | $ | 148,430 | ||||
Supplemental schedule of non-cash investing and financing activities
|
||||||||
Adjustment to liabilities in connection with the Straight Path Spin-Off
|
$ | 1,624 | $ | — | ||||
Escrow account overages included in other current assets used to reduce notes payable
|
$ | — | $ | 1,340 |
IDT Corporation
Reconciliation of Adjusted EBITDA to Net Income
(unaudited)
in millions
Figures may not foot or cross-foot due to rounding to millions.
|
Total IDT Corporation
|
Telecom Platform Services
|
Consumer Phone Services
|
Zedge
|
All Other
|
Corporate
|
|||||||||||||||||||
Three Months Ended January 31, 2014
(2Q14)
|
||||||||||||||||||||||||
Adjusted EBITDA
|
$ | 11.3 | $ | 15.5 | $ | 0.4 | $ | 0.4 | $ | (1.1 | ) | $ | (3.9 | ) | ||||||||||
Subtract (Add):
|
||||||||||||||||||||||||
Depreciation and amortization
|
4.1 | 3.4 | - | 0.2 | 0.4 | - | ||||||||||||||||||
Other operating gain
|
(0.4 | ) | (0.4 | ) | - | - | - | - | ||||||||||||||||
Income (loss) from operations
|
7.6 | $ | 12.4 | $ | 0.4 | $ | 0.2 | $ | (1.5 | ) | $ | (3.9 | ) | |||||||||||
Interest income, net
|
0.1 | |||||||||||||||||||||||
Other expense, net
|
(3.1 | ) | ||||||||||||||||||||||
Income before income taxes
|
4.6 | |||||||||||||||||||||||
Provision for income taxes
|
(1.6 | ) | ||||||||||||||||||||||
Net income
|
3.0 | |||||||||||||||||||||||
Net income attributable to noncontrolling interests
|
(0.4 | ) | ||||||||||||||||||||||
Net income attributable to IDT Corporation
|
$ | 2.5 | ||||||||||||||||||||||
Total IDT Corporation
|
Telecom Platform Services
|
Consumer Phone Services
|
Zedge
|
All Other
|
Corporate
|
|||||||||||||||||||
Three Months Ended October 31, 2013
(1Q14)
|
||||||||||||||||||||||||
Adjusted EBITDA
|
$ | 10.3 | $ | 14.8 | $ | 0.4 | $ | 0.4 | $ | (0.8 | ) | $ | (4.5 | ) | ||||||||||
Subtract (Add):
|
||||||||||||||||||||||||
Depreciation and amortization
|
3.9 | 3.2 | - | 0.2 | 0.4 | - | ||||||||||||||||||
Other operating gain
|
(0.9 | ) | (0.3 | ) | - | - | (0.6 | ) | - | |||||||||||||||
Income (loss) from operations
|
7.3 | $ | 11.9 | $ | 0.4 | $ | 0.2 | $ | (0.6 | ) | $ | (4.5 | ) | |||||||||||
Other expense, net
|
(0.5 | ) | ||||||||||||||||||||||
Income before income taxes
|
6.7 | |||||||||||||||||||||||
Provision for income taxes
|
(2.7 | ) | ||||||||||||||||||||||
Net income
|
4.0 | |||||||||||||||||||||||
Net income attributable to noncontrolling interests
|
(0.5 | ) | ||||||||||||||||||||||
Net loss attributable to IDT Corporation
|
$ | 3.5 |
Figures may not foot or cross-foot due to rounding to millions.
|
|
Total IDT Corporation
|
Telecom Platform Services
|
Consumer Phone Services
|
Zedge
|
All Other
|
Corporate
|
||||||||||||||||||
Three Months Ended January 31, 2013
(2Q13)
|
||||||||||||||||||||||||
Adjusted EBITDA
|
$ | 9.5 | $ | 13.3 | $ | 0.4 | $ | 0.4 | $ | (0.2 | ) | $ | (4.4 | ) | ||||||||||
Subtract:
|
||||||||||||||||||||||||
Depreciation and amortization
|
3.9 | 3.2 | - | 0.2 | 0.4 | - | ||||||||||||||||||
Income (loss) from operations
|
5.7 | $ | 10.1 | $ | 0.4 | $ | 0.2 | $ | (0.6 | ) | $ | (4.4 | ) | |||||||||||
Interest expense, net
|
(0.5 | ) | ||||||||||||||||||||||
Other income, net
|
1.8 | |||||||||||||||||||||||
Income from continuing operations before income taxes
|
7.0 | |||||||||||||||||||||||
Provision for income taxes
|
(3.1 | ) | ||||||||||||||||||||||
Income from continuing operations
|
3.9 | |||||||||||||||||||||||
Loss from discontinued operations, net of tax
|
(0.4 | ) | ||||||||||||||||||||||
Net income
|
3.5 | |||||||||||||||||||||||
Net income attributable to noncontrolling interests
|
(0.5 | ) | ||||||||||||||||||||||
Net income attributable to IDT Corporation
|
$ | 3.0 |
IDT Corporation
Reconciliation of Adjusted EBITDA to Net Income
(unaudited)
in millions
Figures may not foot or cross-foot due to rounding to millions.
|
Total IDT Corporation
|
Telecom Platform Services
|
Consumer Phone Services
|
Zedge
|
All Other
|
Corporate
|
|||||||||||||||||||
Six Months Ended January 31, 2014
|
||||||||||||||||||||||||
Adjusted EBITDA
|
$ | 21.6 | $ | 30.3 | $ | 0.8 | $ | 0.8 | $ | (1.9 | ) | $ | (8.4 | ) | ||||||||||
Subtract (Add):
|
||||||||||||||||||||||||
Depreciation and amortization
|
8.0 | 6.7 | - | 0.5 | 0.8 | - | ||||||||||||||||||
Other operating gain
|
(1.2 | ) | (0.7 | ) | - | - | (0.6 | ) | - | |||||||||||||||
Income (loss) from operations
|
14.9 | $ | 24.3 | $ | 0.8 | $ | 0.3 | $ | (2.1 | ) | $ | (8.4 | ) | |||||||||||
Interest income, net
|
0.1 | |||||||||||||||||||||||
Other expense, net
|
(3.6 | ) | ||||||||||||||||||||||
Income before income taxes
|
11.3 | |||||||||||||||||||||||
Provision for income taxes
|
(4.3 | ) | ||||||||||||||||||||||
Net income
|
7.0 | |||||||||||||||||||||||
Net income attributable to noncontrolling interests
|
(1.0 | ) | ||||||||||||||||||||||
Net income attributable to IDT Corporation
|
$ | 6.1 | ||||||||||||||||||||||
Total IDT Corporation
|
Telecom Platform Services
|
Consumer Phone Services
|
Zedge
|
All Other
|
Corporate
|
|||||||||||||||||||
Six Months Ended January 31, 2013
|
||||||||||||||||||||||||
Adjusted EBITDA
|
$ | 19.7 | $ | 25.2 | $ | 1.0 | $ | 0.5 | $ | 0.1 | $ | (7.2 | ) | |||||||||||
Subtract:
|
||||||||||||||||||||||||
Depreciation and amortization
|
7.0 | 5.8 | - | 0.4 | 0.8 | - | ||||||||||||||||||
Other operating loss
|
0.4 | 0.4 | - | - | - | - | ||||||||||||||||||
Income (loss) from operations
|
12.3 | $ | 19.1 | $ | 1.0 | $ | 0.1 | $ | (0.7 | ) | $ | (7.2 | ) | |||||||||||
Interest expense, net
|
(0.4 | ) | ||||||||||||||||||||||
Other income, net
|
2.7 | |||||||||||||||||||||||
Income from continuing operations before income taxes
|
14.7 | |||||||||||||||||||||||
Provision for income taxes
|
(5.2 | ) | ||||||||||||||||||||||
Income from continuing operations
|
9.5 | |||||||||||||||||||||||
Loss from discontinued operations, net of tax
|
(1.9 | ) | ||||||||||||||||||||||
Net income
|
7.7 | |||||||||||||||||||||||
Net income attributable to noncontrolling interests
|
(1.1 | ) | ||||||||||||||||||||||
Net income attributable to IDT Corporation
|
$ | 6.6 |
IDT Corporation
Reconciliations of Net Income to Non-GAAP Net Income and Earnings Per Diluted Share to Non-GAAP Diluted EPS
(unaudited)
in millions, except per share data
Figures may not foot due to rounding to millions.
|
2Q14 | 1Q14 | 2Q13 |
Six Months Ended January 31, 2014
|
Six Months Ended January 31, 2013
|
||||||||||||||||
Net income
|
$ | 3.0 | $ | 4.0 | $ | 3.5 | $ | 7.0 | $ | 7.7 | ||||||||||
Adjustments (add) subtract:
|
||||||||||||||||||||
Stock-based compensation
|
(1.6 | ) | (2.5 | ) | (1.8 | ) | (4.1 | ) | (2.8 | ) | ||||||||||
Depreciation and amortization
|
(4.1 | ) | (3.9 | ) | (3.9 | ) | (8.0 | ) | (7.0 | ) | ||||||||||
Other operating gains (losses), net
|
0.4 | 0.9 | - | 1.2 | (0.4 | ) | ||||||||||||||
Loss from discontinued operations
|
- | - | (0.4 | ) | - | (1.9 | ) | |||||||||||||
Total adjustments
|
(5.3 | ) | (5.5 | ) | (6.1 | ) | (10.9 | ) | (12.0 | ) | ||||||||||
Income tax effect of total adjustments
|
1.9 | 2.2 | 2.7 | 4.1 | 4.2 | |||||||||||||||
(3.4 | ) | (3.3 | ) | (3.4 | ) | (6.8 | ) | (7.8 | ) | |||||||||||
Non-GAAP net income
|
$ | 6.4 | $ | 7.4 | $ | 6.9 | $ | 13.8 | $ | 15.5 | ||||||||||
Earnings per share:
|
||||||||||||||||||||
Basic
|
$ | 0.12 | $ | 0.17 | $ | 0.14 | $ | 0.28 | $ | 0.32 | ||||||||||
Total adjustments
|
0.18 | 0.18 | 0.19 | 0.37 | 0.42 | |||||||||||||||
Non-GAAP EPS - basic
|
$ | 0.30 | $ | 0.35 | $ | 0.33 | $ | 0.65 | $ | 0.74 | ||||||||||
Weighted-average number of shares used in calculation of basic earnings per share
|
21.6 | 21.0 | 20.8 | 21.3 | 20.8 | |||||||||||||||
Diluted
|
$ | 0.11 | $ | 0.15 | $ | 0.13 | $ | 0.27 | $ | 0.30 | ||||||||||
Total adjustments
|
0.17 | 0.17 | 0.18 | 0.33 | 0.40 | |||||||||||||||
Non-GAAP EPS - diluted
|
$ | 0.28 | $ | 0.32 | $ | 0.31 | $ | 0.60 | $ | 0.70 | ||||||||||
Weighted-average number of shares used in calculation of diluted earnings per share
|
22.7 | 22.9 | 22.1 | 22.8 | 22.1 |