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.

What is the story behind the notice we received and what's next?

What is the story behind the notice we received and what's next?

The email accompanying the notice states:

"We are distributing the Attached Notice to Employees to you pursuant to a Settlement Agreement approved by the Regional Director of Region 19 of the National Labor Relations Board in Case 19-CA-115285. "

Case 19-CA-115285 concerns the complaint filed by Marilyse B after she was abruptly fired from the lab in August 2013.

NOTICE

Steps to form our own independent local union - bargaining unit

To start the process toward the creation of a local union, we only need to collect a significant number of signatures by employees on "authorization cards" supporting such a creation.

Once we have such a number (at least 30% of the Tier 1s, including both shifts) we give those signed cards that are not divulged to the employer, to the Regional Office of the NLRB (National Labor Relations Board) that will decide if we have enough names to organize an election (by comparing our list to the list of Tier 1 employees provided by the employer).

The names of the people who signed the 'petition' to create a union remain anonymous (the NLRB only says to the employer they have received a union petition involving at least 30% of the eligible employees) and the vote for the election is secret so no one is able to know who is for or against.

It is important not to discuss anything related to the union during the working hours and inside the lab. Reserve the discussions to the breaks outside of the lab and keep the info secret from management and the non-Tier1 employees. 

http://www.nlrb.gov/rights-we-protect/protected-concerted-activity

The goals of a local union will be to bargain collectively to improve our working conditions, obtain benefits (paid vacation, paid time off, health insurance, etc.)

Forming is a union is perfectly legal and is a protected activity (provided you respect the above mentioned restriction about not discussing within the workplace). As such the employer cannot harass you or fire you. If a person that is part of organizing is fired he/she can file a complaint with the NLRB for wrongful dismissal for retaliation, as was the case last year for one of our colleagues. A complaint was filed and the company paid a significant settlement to avoid litigation.

Why 'Temporary Workers of America'? Our own independent start up union

When we considered organizing a union to try improving all aspects of our common working conditions via collective bargaining since it was clear individual/'one on one' approaches with management led nowhere, we contacted a few existing unions. 

We thought it would be easier to rely on their expertise and support than create our own independent new union. 

Unfortunately we did not find much support and when it was offered it came with a price tag we could not afford and refused to pay (about $50 per month per person). 

So we decided for our own start up union as the whole process seems rather simple. 

We are still on step 2, gathering enough support to have an election so keep up the good work of making it happen.

Why the name 'Temporary Workers of America"? 

Because 'Tier1 employees' even after more than one year (or two) of full time regular employment are still (mis)classified as 'temporary' and as such denied the most basic benefits, without any time limit offered for a 'temporary' position. 

We hope our 'Temporary Workers of America' will change this situation.