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'Solid' Growth for Keynote
Internet and mobile monitoring specialist Keynote Systems has announced results for its third quarter, ending June 30th, with revenue up 14% to $30.3m and particularly strong growth in mobile services.
Revenue in the mobile division was up 20% to $15.7m, while its other 'Internet' revenue grew by a more modest 9% to $14.6m. The firm's mobile testing and monitoring business, DeviceAnywhere solution contributed $4.6m to this, but incurred $6.3m in expenses, including $1.6m in amortization.
Chairman and CEO Umang Gupta commented: 'Our solid results for the third quarter demonstrate the strength of the business in light of a number of challenging headwinds including European foreign exchange rates, the 2011 change in revenue accounting and global economic pressures. This quarter, we focused on what we can best control in this uncertain environment, and in particular, we are pleased with the Keynote DeviceAnywhere business, which posted its second consecutive quarter of improved orders as well as increased revenue and approximately breakeven operations.'
Total costs and expenses for the quarter were $30.3m, compared to $22.1m in the same quarter a year ago, leaving just $27,000 in net income, down from $4.2m in Q3 the previous year. On a non-GAAP basis, net income was down from $5.6m to $3.3m, while adjusted EBITDA was down from $7.0m (26% of revenue) to $4.6m (15%) - which the company puts down to 'the revenue accounting headwind'.
Revenue for the nine months ended June 30, 2012 was $93.9m, up from $75.5m last year; while adjusted EBITDA for this period was down slightly from $18.7m (25% of revenue) to $17.2m (18%).
Keynote expects Q4 revenue of between $29.0m and $31.0m.
Web site: www.keynote.com .
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