- Published: 04 August 2010
- Written by Editor
Web.com Reports Second Quarter 2010 Financial Results
-- Closing on Register.com Acquisition Creates one of the largest online marketing and web services companies serving small business
-- Over $10 million in annualized cost synergy potential as Register.com is integrated
-- Register.com acquisition expected to drive immediate and growing accretion to non-GAAP net income per diluted share
Web.com Group, Inc. (Nasdaq:WWWW), a leading provider of online marketing for small businesses, today announced results for the second quarter ended June 30, 2010.
"Web.com delivered second quarter revenue and profitability that were consistent with our expectations," said David Brown, Chairman and CEO of Web.com. "While the macro environment facing small businesses remains challenging, we are excited about Web.com's future as the acquisition of Register.com is a transformational event for our company.
We have expanded our customer base to over 1 million subscribers, broadened our value proposition with highly synergistic offerings and increased our non-GAAP revenue run rate by approximately 80%."
Brown added, "We believe the addition of Register.com will not only have a significant positive impact on our already strong adjusted EBITDA, it will also provide far greater resources to invest in sales and marketing programs that we are optimistic will restore top line growth off of a much larger revenue base. We believe our combined resources and value proposition enhances Web.com's leadership position and ability to capitalize on the large market opportunity related to online marketing solutions for small and medium-sized businesses."
Second Quarter and Recent Business Highlights:
-- On July 30, 2010, Web.com closed the previously-announced acquisition of
Register.com, a leading provider of global domain name registration and
complementary website design and management services, for $135 million.
The combination will create one of the largest online marketing and web
services companies serving small businesses, and is expected to have
approximately $180 million in annualized non-GAAP revenue and over 1
million total customers.
-- Web.com's total net subscribers were approximately 278,000 at the end of
the second quarter of 2010, consistent with the end of the prior
quarter.
-- Customer churn was 2.9% for the second quarter of 2010, representing an
all-time low and compared to 3.1% for the first quarter of 2010.
Summary of Second Quarter 2010 Financial Results:
-- Total revenue was $24.8 million for the second quarter of 2010, compared
to $26.5 million for the second quarter of 2009.
-- Operating loss, calculated in accordance with U.S. generally accepted
accounting principles (GAAP), was $1.6 million, compared to operating
income of $290 thousand for the second quarter of 2009.
-- GAAP net loss from continuing operations was $1.8 million for the second
quarter of 2010. This compares to GAAP net income from continuing
operations of $307 thousand in the second quarter of 2009. GAAP net loss
from continuing operations was $0.07 per diluted share for the second
quarter of 2010, compared to GAAP net income from continuing operations
of $0.01 per diluted share for the second quarter of 2009.
-- Non-GAAP operating income was $3.1 million for the second quarter of
2010, representing a non-GAAP operating margin of 12.6% and compared to
$4.2 million for the second quarter of 2009.
-- Non-GAAP net income was $3.3 million for the second quarter of 2010,
compared to $5.1 million in the second quarter of 2009. Non-GAAP net
income per diluted share was $0.12 for the second quarter of 2010,
compared to $0.19 per diluted share for the second quarter of 2009.
-- Adjusted EBITDA, which excludes the impact of stock-based compensation,
restructuring charges and corporate development expenses, was $3.8
million for the second quarter of 2010, compared to $4.9 million for the
second quarter of 2009.
-- Cash flows from operations were $3.7 million for the second quarter of
2010 and $4.3 million excluding the pay down of accrued restructuring
expenses and fees associated with closing the Register.com acquisition.
This compared to $2.4 million for the second quarter of 2009.
Conference Call Information
Management will host a conference call to discuss Web.com's results and other matters related to the Company's business, including additional details on the acquisition of Register.com and guidance related to future results, today August 3, 2010, at 5:00 p.m. (Eastern Time). A live webcast of the call will be available at the "Investor Relations" page of the Company's website, http://www.web.com. To access the call, dial 877-407-0784 (domestic) or 201-689-8560 (international). A replay of this conference call will be available for a limited time at 877-660-6853 (domestic) or 201-612-7415 (international). The replay account number is 3055 and the conference ID is 353440. A replay of the webcast will also be available for a limited time at http://ir.web.com.
All per share numbers for non-GAAP net income per share are expressed on a weighted-average diluted per share basis. Non-GAAP net income excludes stock-based compensation expense, amortization expense related to acquisitions, restructuring charges, corporate development expenses, the deferred revenue adjustment due to purchase accounting, income tax expense, and includes an estimated cash tax rate to be paid during 2010. Non-GAAP operating income excludes stock-based compensation expense, amortization expense related to acquisitions, restructuring charges, corporate development expenses and the deferred revenue adjustment related to purchase accounting. A reconciliation of GAAP financial measures to non-GAAP financial measures results has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Use of Non-GAAP Financial Measures."
About Web.com
Web.com Group, Inc. (Nasdaq:WWWW) is a leading provider of online marketing for small businesses. Web.com meets the needs of small businesses anywhere along their lifecycle by offering a full range of online services and support, including domain name registration services, website design, logo design, search engine optimization, search engine marketing and local sales leads, general contractor leads, franchise and homeowner association websites, shopping cart software, eCommerce web site design and call center services. For more information on the company, please visit http://www.web.com/ or call 1-800-GETSITE.
Note to Editors: Web.com is a registered trademark of Web.com Group, Inc.
Use of Non-GAAP Financial Measures
Some of the measures in this press release are non-GAAP financial measures within the meaning of the SEC Regulation G. Web.com believes presenting non-GAAP net income attributable to common stockholders, non-GAAP net income per share attributable to common stockholders and non-GAAP operating income is useful to investors, because it describes the operating performance of the company, excluding some recurring charges that are included in the most directly comparable measures calculated and presented in accordance with GAAP. Company management uses these non-GAAP measures as important indicators of the company's past performance and in planning and forecasting performance in future periods. The non-GAAP financial information Web.com presents may not be comparable to similarly-titled financial measures used by other companies, and investors should not consider non-GAAP financial measures in isolation from, or in substitution for, financial information presented in compliance with GAAP. You are encouraged to review the reconciliation of non-GAAP financial measures to GAAP financial measures included elsewhere in this press release.
Relative to each of the non-GAAP measures the company presents above, management further sets forth its rationale as follows:
-- Non-GAAP Operating Income. The Company excludes from non-GAAP operating
income amortization of intangibles, fair value adjustment to deferred
revenue, restructuring charges, corporate development expenses and
stock-based compensation charges. Management believes that excluding
these items assists investors in evaluating period-over-period changes
in the Company's operating income without the impact of items that are
not a result of the Company's day-to-day business and operations.
-- Non-GAAP Net Income from Continuing Operations and Non-GAAP Net Income
From Continuing Operations Per Diluted Share. The Company excludes from
non-GAAP net income and non-GAAP net income per diluted share
amortization of intangibles, income tax expense, fair value adjustment
to deferred revenue, restructuring charges, corporate development
expenses and stock-based compensation, and includes cash income tax
expense, because management believes that excluding such measures helps
investors better understand the Company's operating activities.
-- Adjusted EBITDA. The Company excludes from Adjusted EBITDA depreciation
expense, amortization of intangibles, income tax, interest expense,
interest income, stock-based compensation, corporate development
expenses, and restructuring charges, because management believes that
excluding such items helps investors better understand the Company's
operating activities.
-- In respect of the foregoing, Web.com provides the following supplemental
information to provide additional context for the use and consideration
of the non-GAAP financial measures used elsewhere in this press
release:Stock-based compensation. These expenses consist of expenses
for employee stock options and employee stock purchases under ASC
718-10. The Company excludes stock-based compensation expenses from our
non-GAAP measures primarily because they are non-cash expenses. Prior to
the adoption of ASC 718-10 in fiscal 2006, the Company did not include
expenses related to employee stock options and employee stock purchases
directly in its financial statements, but elected, as permitted, to
disclose such expenses in the footnotes to its financial statements. As
the Company applies ASC 718-10, it believes that it is useful to its
investors to understand the impact of the application of ASC 718-10 to
its operational performance, liquidity and its ability to invest in
research and development and fund acquisitions and capital expenditures.
While stock-based compensation expense calculated in accordance with ASC
718-10 constitutes an ongoing and recurring expense, such expense is
excluded from non-GAAP results because it is not an expense that
typically requires or will require cash settlement by the Company and
because such expense is not used by management to assess the core
profitability of the Company's business operations. The Company further
believes these measures are useful to investors in that they allow for
greater transparency to certain line items in our financial statements.
In addition, excluding this item from various non-GAAP measures
facilitates comparisons to the Company's competitors' operating results.
-- Amortization of intangibles. The Company incurs amortization of acquired
intangibles under ASC 805-10-65. Acquired intangibles primarily consist
of customer relationships, non-compete agreements, trade names, and
developed technology. The Company expects to amortize for accounting
purposes the fair value of the acquired intangibles based on the pattern
in which the economic benefits of the intangible assets will be consumed
as revenue is generated. Although the intangible assets generate revenue
for the Company, the item is excluded because this expense is non-cash
in nature and because the Company believes the non-GAAP financial
measures excluding this item provide meaningful supplemental information
regarding the Company's operational performance. In addition, excluding
this item from various non-GAAP measures facilitates management's
internal comparisons to the Company's historical operating results and
comparisons to the Company's competitors' operating results.
-- Depreciation expense. The Company incurs depreciation expense associated
with its fixed assets. Although the fixed assets generate revenue for
the Company, the item is excluded because this expense is non-cash in
nature and because the Company believes the non-GAAP financial measures
excluding this item provide meaningful supplemental information
regarding the Company's operational performance, liquidity and its
ability to invest in research and development and fund acquisitions and
capital expenditures. In addition, excluding this item from certain
non-GAAP measures facilitates management's internal comparisons to the
Company's historical operating results and comparisons to the Company's
competitors' operating results.
-- Interest expense. The Company incurs interest expense related to the
indebtedness of the Company. This item is excluded because the Company
believes the non-GAAP measures excluding this item provide meaningful
supplemental information regarding the Company's operational
performance. In addition, excluding this item from various non-GAAP
measures facilitates management's internal comparisons to the Company's
historical operating results and comparisons to the Company's
competitors' operating results.
-- Interest income. The Company earns interest income related to its cash
and cash equivalents. This item is excluded because the Company believes
the non-GAAP measures excluding this item provide meaningful
supplemental information regarding the Company's operational
performance. In addition, excluding this item from various non-GAAP
measures facilitates management's internal comparisons to the Company's
historical operating results and comparisons to the Company's
competitors' operating results.
-- Restructuring charges. The Company has recorded restructuring charges.
The Company excludes the impact of these expenses from its non-GAAP
measures, because such expense is not used by management to assess the
core profitability of the Company's business operations.
-- Income tax expense. Due to the magnitude of the Company's historical
net operating losses and related deferred tax asset, the Company
excludes income tax expense from its non-GAAP measures primarily because
they are not indicative of the cash tax paid by the Company and
therefore are not reflective of ongoing operating results. Further,
excluding this non-cash item from non-GAAP measures facilitates
management's internal comparisons to the Company's historical operating
results. The Company also excludes income tax expense altogether from
certain non-GAAP financial measures because the Company believes that
the non-GAAP measures excluding this item provide meaningful
supplemental information regarding the Company's operational performance
and facilitates management's internal comparisons to the Company's
historical operating results and comparisons to the Company's
competitors' operating results.
-- Fair value adjustment to deferred revenue. The Company has recorded a
fair value adjustment to acquired deferred revenue in accordance with
ASC 805-10-65. The Company excludes the impact of this adjustment from
its non-GAAP measures, because doing so results in non-GAAP revenue and
non-GAAP net income which are reflective of ongoing operating results
and more comparable to historical operating results, since the majority
of the Company's revenue is recurring subscription revenue. Excluding
the fair value adjustment to deferred revenue therefore facilitates
management's internal comparisons to the Company's historical operating
results.
-- Corporate development expenses. The Company incurred professional fees
to assist us in performing due diligence procedures for the expected
acquisition of Register.com in July 2010. The Company excludes the
impact of these expenses from its non-GAAP measures, because such
expense is not used by management to assess the core profitability of
the Company's business operations.
Forward-Looking Statements
This press release includes certain "forward-looking statements" including, without limitation, statements regarding the anticipated reach, capabilities and opportunities for the combined company following the Register.com acquisition, expected benefits to merchants and other customers, market opportunities, and expected customer base, that are subject to risks, uncertainties and other factors that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this presentation that are not historical facts. These statements are sometimes identified by words such as "believe," "potential," "will," "expect," "opportunities," or words of similar meaning. As a result of the ultimate outcome of such risks and uncertainties, Web.com's actual results could differ materially from those anticipated in these forward-looking statements. These statements are based on Web.com's current beliefs or expectations, and there are a number of important factors that could cause the actual results or outcomes to differ materially from those indicated by these forward-looking statements, including, without limitation, Web.com's ability to integrate the Web.com and Register.com businesses, disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; risks related to the successful offering of the combined company's products and services; the risk that the anticipated benefits of the acquisition may not be realized; and other risks that may impact Web.com's and Register.com's businesses. Other risk factors are set forth under the caption, "Risk Factors," in Web.com's Quarterly Report on Form 10-Q for the quarter ended March 31, 2010, as filed with the Securities and Exchange Commission, which is available on a website maintained by the Securities and Exchange Commission at www.sec.gov. Web.com expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein as a result of new information, future events or otherwise.
Web.com Group, Inc.
Consolidated Statements of Operations
(in thousands except per share data)
Three Months Ended June Six Months Ended June
30, 30,
2010 2009 2010 2009
(unaudited) (unaudited) (unaudited) (unaudited)
----------- ----------- ----------- -----------
Revenue:
Subscription $ 23,957 $ 25,438 $ 48,438 $ 51,456
Professional services 820 1,037 1,468 1,590
Other revenue -- -- -- 1,000
----------- ----------- ----------- -----------
Total revenue 24,777 26,475 49,906 54,046
Cost of revenue (excluding
depreciation and amortization
shown separately below):
Subscription 9,652 9,413 19,686 18,721
Professional services 485 575 963 876
----------- ----------- ----------- -----------
Total cost of revenue 10,137 9,988 20,649 19,597
----------- ----------- ----------- -----------
Gross profit 14,640 16,487 29,257 34,449
Operating expenses:
Sales and marketing 5,185 5,881 10,731 11,645
Research and development 2,225 2,086 4,496 4,128
General and administrative 5,572 4,789 9,347 10,851
Depreciation and amortization 3,313 3,441 6,593 6,790
Restructuring charges (6) -- 54 --
----------- ----------- ----------- -----------
Total operating expenses 16,289 16,197 31,221 33,414
----------- ----------- ----------- -----------
(Loss) income from operations (1,649) 290 (1,964) 1,035
Other income:
Interest income, net 58 43 98 105
----------- ----------- ----------- -----------
(Loss) income before income
taxes from continuing
operations (1,591) 333 (1,866) 1,140
Income tax expense (217) (26) (687) (43)
----------- ----------- ----------- -----------
Net (loss) income from
continuing operations (1,808) 307 (2,553) 1,097
Discontinued operations:
Income (loss) from
discontinued operations, net
of tax -- 95 (9) 228
Gain on sale of discontinued
operations, net of tax 125 822 125 822
----------- ----------- ----------- -----------
Income from discontinued
operations, net of tax 125 917 116 1,050
----------- ----------- ----------- -----------
Net (loss) income $ (1,683) $ 1,224 $ (2,437) $ 2,147
=========== =========== =========== ===========
Basic earnings per share:
(Loss) income from continuing
operations
attributable per common share $ (0.07) $ 0.01 $ (0.10) $ 0.04
=========== =========== =========== ===========
Income from discontinuing
operations attributable
per common share $ -- $ 0.04 $ -- $ 0.04
=========== =========== =========== ===========
Net (loss) income per common
share $ (0.07) $ 0.05 $ (0.10) $ 0.08
=========== =========== =========== ===========
Diluted earnings per share:
(Loss) income from continuing
operations
attributable per common share $ (0.07) $ 0.01 $ (0.10) $ 0.04
=========== =========== =========== ===========
Income from discontinuing
operations attributable
per common share $ -- $ 0.04 $ -- $ 0.04
=========== =========== =========== ===========
Net (loss) income per common
share $ (0.07) $ 0.05 $ (0.10) $ 0.08
=========== =========== =========== ===========
Weighted-average number of
shares used in per
share amounts:
Basic 25,457 25,130 25,433 25,365
Diluted 25,457 26,903 25,433 26,603
Web.com Group, Inc.
Consolidated Balance Sheets
(in thousands except per share data)
June 30, December
2010 31, 2009
(unaudited) (audited)
----------- -----------
Assets
Current assets:
Cash and cash equivalents $ 42,809 $ 39,427
Restricted investments 546 545
Accounts receivable, net of
allowance $344 and $428,
respectively 3,435 4,561
Prepaid expenses 1,490 1,780
Prepaid marketing fees 487 535
Deferred taxes 961 1,482
Other current assets 90 95
----------- -----------
Total current assets 49,818 48,425
Restricted investments 928 927
Property and equipment, net 6,895 7,388
Goodwill 12,881 12,895
Intangible assets, net 49,262 53,059
Other assets 110 191
----------- -----------
Total assets $ 119,894 $ 122,885
=========== ===========
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable $ 1,182 $ 1,306
Accrued expenses 5,714 6,931
Accrued restructuring costs
and other reserves 271 1,064
Deferred revenue 5,762 6,172
Accrued marketing fees 243 259
Capital lease obligations 160 223
Other current liabilities 192 299
----------- -----------
Total current liabilities 13,524 16,254
Accrued rent expense 758 676
Deferred revenue 139 159
Capital lease obligations 133 198
Deferred tax liabilities 1,429 1,429
Other liabilities 408 473
----------- -----------
Total liabilities 16,391 19,189
Stockholders' equity
Common stock, $0.001 par value; 150,000,000
shares authorized; 27,758,690 and
27,796,824 shares issued and 26,621,105
and 26,176,967 shares outstanding at June
30, 2010 and December 31, 2009,
respectively. 27 26
Additional paid-in capital 261,557 260,552
Treasury Stock, at cost, 1,137,585 and
1,619,857 shares at June 30, 2010 and
December 31, 2009, respectively. (4,239) (5,477)
Accumulated deficit (153,842) (151,405)
----------- -----------
Total stockholders' equity 103,503 103,696
----------- -----------
Total liabilities and
stockholders' equity $ 119,894 $ 122,885
=========== ===========
Web.com Group, Inc.
Reconciliation of GAAP to Non-GAAP Results
(in thousands except per share data)
(unaudited)
Three Months Ended June Six Months Ended June
30, 30,
2010 2009 2010 2009
----------- ----------- ----------- -----------
Reconciliation of GAAP net
(loss) income to
non-GAAP net income
GAAP net (loss) income $ (1,683) $ 1,224 $ (2,437) $ 2,147
Amortization of intangibles 2,664 2,687 5,283 5,301
Stock based compensation 1,200 1,196 2,205 2,519
Income tax expense 217 26 687 43
Restructuring charges (6) -- 54 --
Corporate development 909 -- 909 --
Cash income tax expense (44) (91) (109) (183)
Fair value adjustment to
deferred revenue 5 17 16 50
----------- ----------- ----------- -----------
Non-GAAP net income $ 3,262 $ 5,059 $ 6,608 $ 9,877
=========== =========== =========== ===========
Reconciliation of GAAP basic
net (loss) income
per share to non-GAAP basic
net income per share
Basic GAAP net (loss) income
per share $ (0.07) $ 0.05 $ (0.10) $ 0.08
Amortization of intangibles
per share 0.10 0.11 0.20 0.21
Stock based compensation per
share 0.05 0.04 0.09 0.11
Income tax expense per share 0.01 -- 0.03 --
Restructuring charges per
share -- -- -- --
Corporate development per
share 0.04 -- 0.04 --
Cash income tax expense per
share -- -- -- (0.01)
Fair value adjustment to
deferred revenue per share -- -- -- --
----------- ----------- ----------- -----------
Basic Non-GAAP net income per
share $ 0.13 $ 0.20 $ 0.26 $ 0.39
=========== =========== =========== ===========
Reconciliation of GAAP diluted
net (loss) income
per share to non-GAAP net
income per share
Fully diluted shares:
Common stock 25,457 25,130 25,433 25,365
Diluted stock options 1,091 1,450 1,259 1,190
Diluted restricted stock 258 321 316 45
Warrants -- 2 -- 3
----------- ----------- ----------- -----------
Total 26,806 26,903 27,008 26,603
=========== =========== =========== ===========
Diluted GAAP net (loss) income
per share $ (0.07) $ 0.05 $ (0.10) $ 0.08
Amortization of intangibles
per share 0.10 0.10 0.20 0.20
Stock based compensation per
share 0.04 0.04 0.08 0.10
Income tax expense per share 0.01 -- 0.03 --
Restructuring charges per
share -- -- -- --
Corporate development 0.04 -- 0.03 --
Cash income tax expense per
share -- -- -- (0.01)
Fair value adjustment to
deferred revenue per share -- -- -- --
----------- ----------- ----------- -----------
Diluted Non-GAAP net income
per share $ 0.12 $ 0.19 $ 0.24 $ 0.37
=========== =========== =========== ===========
Reconciliation of GAAP
operating (loss) income to
non-GAAP operating income
GAAP operating (loss) income $ (1,649) $ 290 $ (1,964) $ 1,035
Amortization of intangibles 2,664 2,687 5,283 5,301
Stock based compensation 1,200 1,196 2,205 2,519
Restructuring charges (6) -- 54 --
Corporate development 909 -- 909 --
Fair value adjustment to
deferred revenue 5 17 16 50
----------- ----------- ----------- -----------
Non-GAAP operating income $ 3,123 $ 4,190 $ 6,503 $ 8,905
=========== =========== =========== ===========
Reconciliation of GAAP
operating margin to non-GAAP
operating margin
GAAP operating margin -7% 1% -4% 2%
Amortization of intangibles 11% 10% 11% 10%
Restructuring charges 0% 0% 0% 0%
Corporate development 4% 0% 2% 0%
Fair value adjustment to
deferred revenue 0% 0% 0% 0%
Stock based compensation 5% 5% 4% 4%
----------- ----------- ----------- -----------
Non-GAAP operating margin 13% 16% 13% 16%
=========== =========== =========== ===========
Reconciliation of GAAP
operating (loss) income
to adjusted EBITDA
GAAP operating (loss) income $ (1,649) $ 290 $ (1,964) $ 1,035
Depreciation and amortization 3,313 3,441 6,593 6,790
Stock based compensation 1,200 1,196 2,205 2,519
Restructuring charges (6) -- 54 --
Corporate development 909 -- 909 --
----------- ----------- ----------- -----------
Adjusted EBITDA $ 3,767 $ 4,927 $ 7,797 $ 10,344
----------- ----------- ----------- -----------
Web.com Group, Inc.
Consolidated Statement of Cash Flows
(in thousands)
Six Months Ended June
30,
2010 2009
(unaudited) (unaudited)
----------- -----------
Cash flows from operating
activities
Net (loss) income $ (2,437) $ 2,147
Adjustments to reconcile net
(loss) income to net
cash provided by operating
activities:
Gain on sale of discontinued
operations, net of tax (125) (822)
Depreciation and amortization 6,593 6,790
Stock-based compensation
expense 2,205 2,519
Deferred income taxes 521 36
Restructuring charges 54 --
Changes in operating assets
and liabilities:
Accounts receivable 1,121 565
Prepaid expenses and other
assets 425 (259)
Accounts payable, accrued
expenses and other
liabilities (2,326) (1,976)
Deferred revenue (511) (900)
----------- -----------
Net cash provided by operating
activities 5,520 8,100
Cash flows from investing
activities
Business acquisitions -- (3,490)
Proceeds from gain on sale of
discontinued operations 125 822
Net change in restricted cash (1) --
Purchase of property and
equipment (777) (510)
Investment in intangible
assets (1,396) (3)
----------- -----------
Net cash used in investing
activities (2,049) (3,181)
Cash flows from financing
activities
Stock issuance costs (7) (8)
Stock repurchased (53) (3,534)
Payment of debt obligations (128) (165)
Proceeds from exercise of
stock options 99 215
----------- -----------
Net cash used in financing
activities (89) (3,492)
----------- -----------
Net increase in cash and cash
equivalents 3,382 1,427
Cash and cash equivalents,
beginning of period 39,427 34,127
----------- -----------
Cash and cash equivalents, end
of period $ 42,809 $ 35,554
=========== ===========
Supplemental cash flow
information:
Interest paid $ 18 $ 13
=========== ===========
Income tax paid $ 98 $ 226
=========== ===========
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Web.com
CONTACT: ICR Kori Doherty 617-956-6730 This email address is being protected from spambots. You need JavaScript enabled to view it.
