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Lionbridge Announces FY 2010 Results with Revenue of $405.2 Million, GAAP EPS of ($0.02) and Non-GAAP EPS of $0.26

WALTHAM, Mass. Feb. 8, 2011 December 31, 2010

Financial highlights for FY 2010 include:

  • $405.2 million $16.0 million December 31, 2009
  • $1.3 million ($0.02) $4.0 million ($0.07)
  • $7.8 million $0.14
  • $15.4 million $0.26 $12.0 million $0.21
  • $8.7 million
  • $28.2 million $24.7 million December 31, 2010

Business highlights for FY 2010 include:

  • After several years of internal use and multi-tenancy development, the Company introduced its first SaaS product to the market with the launch of Translation Workspace™, Lionbridge’s cloud-based translation productivity platform.  Within the first eight months of introduction, the Company has secured more than 2,300 subscriptions from translators and agencies in over 80 countries.  In 2011, the Company plans to extend Translation Workspace to enterprise clients as well.  As a result, Lionbridge expects adoption of Translation Workspace to continue to accelerate in 2011 as translators, agencies and enterprises realize the benefits of the industry’s only global scale, real time, live asset management system.  
  • Lionbridge announced a partnership agreement with IBM for the development and commercialization of automated translation technology.  With that agreement Lionbridge is the only provider to offer SaaS-based, text-to-text language automation solutions to commercial clients based on IBM’s Real Time Translation Service (RTTS) technology.  Since this partnership announcement, Lionbridge has secured three prominent beta customers for this real time translation platform, now called GeoFluent™. This reflects strong demand for customizable, cost-effective, instantaneous translation of enterprise content that is not currently translated using traditional translation methods.  The Company expects to make GeoFluent generally available in Q2 of 2011.
  • The Company has also successfully expanded its Global Sourcing and Search (GSS) professional crowdsourcing service offering.  GSS now has access to 100,000 pre-qualified, independent professionals in over 4,600 cities in 102 countries that provide in-country expertise and on-demand knowledge, from applications such as web search relevance rating to regulatory compliance in local markets.  This offering grew 22% in 2010, making it one of Lionbridge’s fastest growing services.
  • Lionbridge secured a number of significant new customer engagements in 2010, including a world leader in mobile media and computing devices, a market-leading automobile manufacturer, a global wireless company, a market-leading pharmaceutical company, a global provider of IT management software, a mobile cell phone provider, a global leader in personal computing and digital media, a premier online content network for information and entertainment and a prestigious global art auctioneer.  

Rory Cowan

December 31, 2010 $100.4 million $1.1 million $4.6 million

$2.6 million ($0.04) $1.9 million $0.03 $671,000 ($0.01)

$1.6 million $0.03

"The fourth quarter came in as we expected with a short-term slowdown from our largest client," continued Cowan.  "Despite this headwind, we ramped our new account wins, strengthened our pipeline of new business, and continued to generate market demand for our GeoFluent real time translation technology.  These achievements give us added confidence that we will accelerate revenue and profit in 2011."

$98 million to $102 million

9:00 a.m. ET the United States www.lionbridge.com/webcast/Q42010

Non-GAAP Financial Measures

In this release, the Company’s adjusted earnings, earnings excluding restructuring expenses, earnings per share excluding restructuring expenses and adjusted earnings per share, are not presented in accordance with generally accepted accounting principles (GAAP) and are not intended to be used in lieu of GAAP presentations of results of operations. These measures are presented because management believes they provide additional information to investors with respect to the performance of our fundamental business activities. These measures are Non-GAAP financial measures and should not be viewed as alternatives to GAAP measures of performance.  Management believes the most directly comparable GAAP financial measure for adjusted earnings, earnings excluding restructuring expenses, earnings per share excluding restructuring expenses and adjusted earnings per share are net income and net income per share and has provided a reconciliation of these measures to net income (loss) at the end of this release.

About Lionbridge

Waltham, Mass. http://www.lionbridge.com

Forward-Looking Statements

the United States Europe India December 31, 2009 http://www.sec.gov

LIONBRIDGE TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(Amounts in thousands, except per share data)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2010

2009

2010

2009

Revenue

$ 100,365

$ 104,997

$ 405,238

$ 389,250

Operating expenses:

Cost of revenue (excluding depreciation and amortization shown separately below)

69,322

69,778

275,474

264,038

Sales and marketing

8,595

7,141

31,218

28,777

General and administrative

18,565

18,902

74,087

74,056

Research and development

1,149

826

3,880

4,026

Depreciation and amortization

1,330

1,169

4,901

4,619

Amortization of acquisition-related intangible assets

1,223

1,380

4,892

5,520

Merger, restructuring and other charges

1,881

2,864

7,762

6,842

Total operating expenses

102,065

102,060

402,214

387,878

Income (loss) from operations

(1,700)

2,937

3,024

1,372

Interest expense:

Interest on outstanding debt

169

349

939

1,777

Amortization  of deferred financing costs and discount on debt

24

44

311

177

Interest income

24

24

87

122

Other (income) expense, net

599

17

1,749

3,732

Income (loss) before income taxes

(2,468)

2,551

112

(4,192)

Provision for (benefit from) income taxes

84

220

1,402

(184)

Net income (loss)

$    (2,552)

$    2,331

$ (1,290)

$ (4,008)

Net income (loss) per share of common stock:

Basic

$      (0.04)

$      0.04

$     (0.02)

$     (0.07)

Diluted

$      (0.04)

$      0.04

$     (0.02)

$     (0.07)

Weighted average number of common shares outstanding:

Basic

56,927

56,155

56,690

56,036

Diluted

56,927

57,162

56,690

56,036

LIONBRIDGE TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(Amounts in thousands)

December 31,

December 31,

2010

2009

ASSETS

Current assets:

Cash and cash equivalents

$    28,206

$    27,432

Accounts receivable, net of allowances of $500  at December 31, 2010 and 2009

    57,763

    55,501

Unbilled receivables

17,471

17,246

Other current assets

9,585

8,290

Total current assets

     113,025

     108,469

Property and equipment, net

       16,394

       12,681

Goodwill

9,675

9,675

Other intangible assets, net

9,588

14,480

Other assets

8,294

7,414

Total assets

 $  156,976

 $  152,719

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$   18,185

$   20,831

Accrued compensation and benefits

17,080

16,524

Other accrued expenses and current liabilities

25,892

23,448

Deferred revenue

11,073

11,484

Total current liabilities

   72,230

   72,287

Long-term debt, less current portion

24,700

24,700

Deferred income taxes, long-term

730

643

Other long-term liabilities

14,142

14,060

Total stockholders’ equity

45,174

41,029

Total liabilities and stockholders’ equity

$  156,976

$  152,719

Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted EPS (Unaudited)

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