Lionbridge's Financial Results for 2013

Cash Flow 2013= $28.8 million

acquired 1.7 million shares of its common stock for %5.2 million 

http://www.lionbridge.com/lionbridge-announces-q4-fy-2013-results-reports-record-quarterly-revenue-127-5-million-record-gaap-eps-0-10-non-gaap-eps-0-18/

WALTHAM, Mass. – February 04, 2014 — Lionbridge Technologies, Inc. (Nasdaq: LIOX) today announced financial results for the fourth quarter and year ended December 31, 2013.
Financial highlights for the fourth quarter include:

• Record revenue of $127.5 million, an increase of $13.6 million, or 12% year-on-year compared to the fourth quarter of 2012.
• GAAP net income of $6.5 million, or $0.10 per share based on 62.4 million fully diluted shares outstanding, compared to GAAP net income of $3.3 million, or $0.05 per diluted share in the fourth quarter of 2012.
• Non-GAAP adjusted earnings of $10.9 million or $0.18 per share. The Company defines non-GAAP earnings as GAAP net income excluding restructuring and acquisition-related costs, asset impairment, stock-based compensation and amortization of acquisition-related intangible assets.  Please see the section of this release entitled “Non-GAAP Financial Measures” and the attached table for details and reconciliations of this measure to the comparable GAAP measure.
• Cash flow from operations of $11.4 million during the quarter.
• Ending cash balance of $38.9 million and long-term debt of $27.0 million.

“The fourth quarter marked yet another quarter of strong top line growth, solid earnings expansion and increasing cash flows.  Our second half momentum and strong new business pipeline underscore that  we have the right strategy, the right model and the right offerings to deliver sustainable annual revenue and earnings growth,” said Rory Cowan, CEO of Lionbridge.  “As we apply our unique crowd-in-the-cloud model to new applications and new markets, we expect ongoing growth in 2014 and beyond.”   Financial Highlights for Fiscal Year 2013 include:

• Revenue of $489.2 million, an increase of $32.0 million, or 7% year-on-year compared to FY 2012

• GAAP net income of $12.0 million, or $0.19 per share based on 62.0 million fully diluted shares outstanding.  This compares to GAAP net income of $11.3 million, or $0.19 per diluted share in FY 2012.

• Non-GAAP adjusted earnings of $27.3 million or $0.44 per share. The Company defines non-GAAP earnings as GAAP net income excluding restructuring and acquisition-related costs, asset impairment, stock-based compensation and amortization of acquisition-related intangible assets.  Please see the section of this release entitled “Non-GAAP Financial Measures” and the attached table for details and reconciliations of this measure to the comparable GAAP measure.

• Cash flow from operations of $28.8 million for the year.

Business highlights for FY 2013 include:

• Secured several, multi-year, multi-million dollar engagements with leading organizations in the automotive, life sciences, luxury retail, manufacturing, technology and hospitality industries.

• Appointed Richard Tobin, a former SVP of Operations for DigitasLBi, as Senior Vice President and General Manager responsible for Lionbridge’s language services business and global marketing operations offerings.

• Announced and closed the acquisition of E5 Systems, a US-based, privately-held provider of application development and testing solutions.  With E5 Systems’ annual revenue of approximately $4 million, the acquisition provides Lionbridge with access to long-standing relationships with clients in the hospitality and financial services industries and qualified development and testing professionals in the US and in Jinan, China.

• Successfully expanded its global digital marketing offerings as Lionbridge worked with global brand leaders to manage and optimize digital marketing campaigns in international markets.

• Introduced and secured several new clients for Lionbridge Business Process Crowdsourcing practice, a suite of professional crowdsourcing offerings that enable enterprises to increase productivity, maximize workforce elasticity and reduce costs through a highly flexible workforce model. The new offerings, which include data research and validation, in-country testing and crowd-based language services, enable Lionbridge to extend its proven, professional crowd solutions into new vertical markets.

• Acquired 1.7 million shares of its common stock for an aggregate purchase price of $5.2 million.

• Established a new five-year, $100 million global bank facility, which includes a $65 million revolving credit facility with an additional $35 million accordion feature. The new facility replaces the Company’s previous revolving credit facility. The Company plans to use the new facility to fund investments, including potential acquisitions.