Fourth quarter 2013 results:
- Revenue grew 12 percent year over year to $280.1 million
- Revenue grew 12 percent year over year excluding the impact of currency exchange rate fluctuations
- Revenue grew 11 percent year over year excluding the impact of currency exchange fluctuations and revenue from acquisitions
- GAAP net income per diluted share decreased 30 percent year over year to $0.07
- Non-GAAP adjusted net income per diluted share increased 2 percent year over year to $0.41
Fiscal year 2013 results:
- Revenue grew 14 percent year over year to $1,167.5 million
- Revenue grew 16 percent year over year excluding the impact of currency exchange rate fluctuations
- Revenue grew 12 percent year over year excluding the impact of currency exchange rate fluctuations and revenue from acquisitions
- GAAP net income per diluted share decreased 25 percent year over year to $0.85
- Non-GAAP adjusted net income per diluted share increased 10 percent year over year to $2.15
“Fiscal year 2013 was a year with mixed financial results,” said Robert Keane, president and chief executive officer. “Our total revenue performance was disappointing relative to our expectations twelve months ago. Though our revenue growth in North America was strong with good execution of our strategic and financial objectives, our growth in Europe and Australia was weaker than expected.
"Moving to earnings, we were pleased with our higher than anticipated bottom-line performance for the year. This was due in part to actions we took throughout the year to improve advertising efficiency and moderate our expense growth in reaction to our lower revenue growth, reflecting our commitment to achieving our annual earnings target.”
Keane continued, “Our progress against the strategic initiatives set forth two years ago is also mixed. We are executing well in manufacturing globally, as well as advertising and customer value proposition improvements in North America.
"In Europe and Australia, our revenue growth has been weak, although we are encouraged by recent signs of stabilization. Finally, we are making good progress with our investments in longer-term growth initiatives including new markets in Asia as well as with Webs and Albumprinter, and we continue to be enthusiastic about the potential long-term value of these initiatives.”
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