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Dice Holdings, Inc. Reports First Quarter 2012 Results

NEW YORK

First Quarter Operating Results

$46.1 million $40.1 million

$13.9 million $10.8 million $2.9 million

$8.6 million $6.6 million $0.13 $0.09

$23.4 million March 31, 2011

$18.5 million $15.9 million

Operating Segment Results

$31.1 million

$10.0 million $0.2 million

$4.0 million

$1.0 million

Balance Sheet

$69.7 million $60.9 million $59.0 million $8.8 million

$54.7 million $68.7 million $14.0 million $45.2 million $60.2 million $15.0 million

Other Events

March 8, 2012 $65 million $30 million August 2011 $9.04 $12.3 million

February 2012 $100 million

Management Comments

Scot Melland

Mike Durney

Business Outlook

June 30, 2012

 


June 30, 2012


December 31, 2012

Revenues

$49  mm

$198  mm

Year/Year Increase in Revenues

9%

11%

Estimated Contribution by Segment

Tech & Clearance

67%

67%

Finance

20%

20%

Energy

11%

11%

Other

2%

2%

Adjusted EBITDA

$18.5 mm

$82 mm

Depreciation and amortization

$3.5 mm

$11.5 mm

Non-cash stock compensation expense

$1.5 mm

$  6.0 mm

Interest expense, net

$0.3 mm

$  1.2 mm

Income taxes

$4.8 mm

$23.4 mm

Net income

$8.4 mm

$39.9 mm

Adjusted EBITDA Margin

38%

41%

Fully diluted share count

67 mm

67 mm

 

Conference Call Information

8:30 a.m. Eastern Time Scot W. Melland Michael P. Durney

May 2, 2012

www.diceholdingsinc.com

Upcoming Investor Conference

Monday, May 7, 2012 10:00 a.m. Eastern time www.diceholdingsinc.com

Investor & Media Contact :

Jennifer Bewley

[email protected]

About Dice Holdings, Inc.

North America Europe Middle East Asia Australia

Notes Regarding the Use of Non-GAAP Financial Measures

the United States

Adjusted EBITDA

$250,000

We consider Adjusted EBITDA, as defined above, to be an important indicator to investors because it provides information related to our ability to provide cash flows to meet future debt service, capital expenditures and working capital requirements and to fund future growth as well as to monitor compliance with financial covenants.  We present Adjusted EBITDA as a supplemental performance measure because we believe that this measure provides our board of directors, management and investors with additional information to measure our performance, provide comparisons from period to period and company to company by excluding potential differences caused by variations in capital structures (affecting interest expense) and tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses), and to estimate our value. 

We present Adjusted EBITDA because covenants in our Credit Agreement contain ratios based on this measure.  Our Credit Agreement is material to us because it is one of our primary sources of liquidity.  If our Adjusted EBITDA were to decline below certain levels, covenants in our Credit Agreement that are based on Adjusted EBITDA may be violated and could cause a default and acceleration of payment obligations under our Credit Agreement.

Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP or as an alternative to cash flow from operating activities as a measure of our profitability or liquidity.

Free Cash Flow

We define free cash flow as net cash provided by operating activities minus capital expenditures. We believe free cash flow is an important non-GAAP measure as it provides useful cash flow information regarding our ability to service, incur or pay down indebtedness or repurchase our common stock.  We use free cash flow as a measure to reflect cash available to service our debt as well as to fund our expenditures.  A limitation of using free cash flow versus the GAAP measure of net cash provided by operating activities is that free cash flow does not represent the total increase or decrease in the cash balance from operations for the period since it includes cash used for capital expenditures during the period.

Net Cash/Net Debt

Net Cash is defined as cash and cash equivalents and investments less total debt. Net Debt is defined as total debt less cash and cash equivalents and investments. We consider Net Cash and Net Debt to be important measures of liquidity and indicators of our ability to meet ongoing obligations.  We also use Net Cash and Net Debt, among other measures, in evaluating our choices for capital deployment.  Net Cash and Net Debt presented herein are non-GAAP measures and may not be comparable to similarly titled measures used by other companies.

Forward-Looking Statements

www.diceholdingsinc.com

You should keep in mind that any forward-looking statement made by the Company or its representatives herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect us. We have no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.

 

DICE HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands except per share amounts)


2012

2011

Revenues

$

46,132

$

40,089

Operating expenses:

Cost of revenues

3,127

2,691

Product development

3,162

2,495

Sales and marketing

16,570

14,176

General and administrative

6,287

5,715

Depreciation

1,251

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