IAC announced it has reported financial results for the first quarter of 2011.
In an April 26 release, IAC reported that financial highlights for the first quarter included:
- First quarter revenue increased 22 percent reflecting double digit growth across each segment. Operating Income Before Amortization grew 78 percent driven by strong profit growth at Search, Match and ServiceMagic.
- First quarter net income and Adjusted Net Income grew $36.8 million and $33.0 million, respectively, reflecting strong operating performance. The prior year period included an impairment charge related to an investment, partially offset by a gain associated with the sale of certain securities which collectively impacted net loss and Adjusted Net Income by $15.8 million and GAAP EPS and Adjusted EPS by $0.14 and $0.13, respectively.
- First quarter Free Cash Flow and cash flows from operating activities attributable to continuing operations were $45.6 million and $53.9 million, respectively.
Equity in losses of unconsolidated affiliates in the first quarter of 2011 reflects losses related to the company's investment in The Newsweek Daily Beast Company partially offset by income related to the company's investment in Meetic.
Equity in losses of unconsolidated affiliates in the first quarter of 2010 includes a write-down of $18.3 million related to the company's investment in The HealthCentral Network. Other income in the first quarter of 2010 includes a $4.0 million pre-tax gain related to the sale of certain securities.
The effective tax rates for continuing operations and Adjusted Net Income in the first quarter of 2011 were 44 percent and 39 percent, respectively. The effective tax rate for continuing operations was higher than the statutory rate of 35 percent due principally to interest for tax contingencies and state taxes, partially offset by foreign income taxed at lower rates. The effective tax rate for Adjusted Net Income was higher than the statutory rate of 35 percent due principally to state taxes and interest for tax contingencies. The tax provision for continuing operations was $6.1 million in the first quarter of 2010 on a pre-tax loss of $8.5 million. The effective tax rate for Adjusted Net Income was 86 percent in the first quarter of 2010. The continuing operations tax provision, despite a pre-tax loss, and the Adjusted Net Income effective tax rate, which was higher than the statutory rate of 35 percent, were due principally to a valuation allowance on the deferred tax asset created by the impairment charge for the company's investment in The HealthCentral Network, interest on tax contingencies and state taxes.
As of March 31, IAC had 89.9 million common and class B common shares outstanding. IAC may purchase shares over an indefinite period of time, depending on those factors IAC management deems relevant at any particular time, including, without limitation, market conditions, share price and future outlook.
As of March 31, IAC had approximately $1.3 billion in cash and marketable securities, and $95.8 million in long-term debt.
For the three months ended March 31, consolidated Free Cash Flow increased by $0.5 million due to higher income and lower capital expenditures, partially offset by the timing of payments related to accounts payable. The prior year period benefited from certain tax refunds versus cash taxes paid in 2011.
For Adjusted EPS purposes, the impact of RSUs on shares outstanding is based on the weighted average number of RSUs outstanding as compared with shares outstanding for GAAP purposes, which includes RSUs on a treasury method basis. The weighted average number of RSUs outstanding for Adjusted EPS purposes includes the weighted average number of performance-based RSUs that the company believes are probable of vesting. There are no performance-based RSUs included for GAAP purposes.
IAC operates over 50 diversified Internet businesses across 30 countries.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
Комментариев нет:
Отправить комментарий