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Tucows Reports Continuing Strong Financial Results for Third Quarter of 2012

- Company Achieves Tenth Consecutive Quarter of Record Revenue and Generates Strong Cash Flow From Operations -

TORONTO, Nov. 13, 2012 /PRNewswire/ - Tucows Inc. (NYSE AMEX:TCX, TSX:TC), a global provider of domain names and other Internet services, today reported its financial results for the third quarter ended September 30, 2012. All figures are in U.S. dollars. 

Summary Financial Results
(In Thousands of US Dollars, Except Per Share Data) 

  3 Months Ended
Sept. 30, 2012
(unaudited)
3 Months Ended
Sept. 30, 2011
(unaudited)
9 Months Ended
Sept. 30, 2012
(unaudited)
9 Months Ended
Sept. 30, 2011
(unaudited)
Net revenue 29,246 25,094 84,936 70,695
Income before provision for income taxes and change in fair value of forward exchange contracts  1,597  1,090 4,956 2,240
Net income for the period 1,635 (1,178) 3,995 115
Net earnings per common share 0.04 (0.02) $0.09 -
Net cash provided by operating activities 2,237 1,615 4,321 3,202

Summary of Revenues and Cost of Revenues
(In Thousands of US Dollars)

  Revenue Cost of Revenue
  3 Months Ended
Sept. 30, 2012
(unaudited)
3 Months Ended
Sept. 30, 2011
(unaudited)
3 Months Ended
Sept. 30, 2012
(unaudited)
3 Months Ended
Sept. 30, 2011
(unaudited)
Wholesale        
Domain Services 22,268 19,698 18,645 16,470
  Value-Added Services 2,603 2,609 532 515
Total Wholesale 24,871 22,307 19,177 16,985
         
Retail 2,965 1,358 2,064 495
Portfolio 1,410 1,429 205 179
         
Network, other costs - - 1,159 1,193
Network, depreciation and amortization costs - - 193 183
Total revenue/cost of revenue 29,246 25,094 22,798 19,035

NOTE: Beginning in the first quarter of 2012, Tucows reclassified its revenue streams into three distinct service offerings: Wholesale, Retail and Portfolio1. The realignment is intended to better reflect the manner in which these revenue streams are generated and assessed by management.

"Our third quarter results once again reflect the consistency and reliability of our business, the leverage inherent in our model, and our ability to deliver growth," said Elliot Noss, President and Chief Executive Officer, Tucows Inc.  "Revenue for the quarter grew 17% year-over-year to another record and we generated $2.2 million in cash flow from operations, a portion of which we used to repurchase an additional 1.3 million shares under our normal course issuer bid. In 2012, we have bought back 9.9 million shares and since we began buying back stock, we have now repurchased a total of 33.2 million shares, or almost 45% of outstanding shares. Our core businesses continue to perform well, allowing us to efficiently invest in new opportunities such as Ting.  As a result, we remain well positioned to continue to deliver growth while returning capital to shareholders over the long term."

Net revenue for the third quarter of 2012 increased 17% to a record $29.3 million from $25.1 million for the third quarter of 2011.

Net income for the third quarter of 2012 was $1.6 million, or $0.04 per share, compared with a net loss for the third quarter of 2011 of $1.2 million, or $0.02 per share.

Deferred revenue at the end of the third quarter of 2012 was $73.3 million, an increase of 6% from $68.9 million at the end of the third quarter of 2011 and a decrease of 2% from $74.5 million at the end of the second quarter of 2012.

Cash and cash equivalents at the end of the third quarter of 2012 were $5.0 million compared with $4.5 million at the end of the second quarter of 2012 and $4.7 million from the end of the third quarter of 2011.  During the third quarter of 2012, the Company generated cash flow from operations of $2.2 million compared with $1.6 million for the same quarter of 2011. During the quarter, the Company used $1.6 million for the repurchase of stock under its ongoing normal course issuer bid and invested $0.2 million in equipment purchases.

1Service Offerings:  Wholesale, primarily branded as OpenSRS, is composed of revenue generated by the OpenSRS Domain Service and Other Value-Added Services, including hosted email, SSL and other trust certificates, bulk sale of domain names and advertising from the OpenSRS Domain Expiry Stream, web publishing tools, mobile phone services, third-party marketing funds, and billing software for ISPs.  Retail is primarily composed of services to individuals and small businesses, including Hover, which generates revenue from the sale of domain name registration and email, and Ting, which generates revenue from mobile phone services. Portfolio includes revenue generated by the resale of names from the domain name portfolio and advertising revenue from the Company's domain name portfolio and two large advertising-supported websites.

Conference Call

Tucows management will host a conference call today, Tuesday, November 13, 2012 at 5:00 p.m. (ET) to discuss the Company's third quarter 2012 results. Participants can access the conference call via the Internet at www.tucowsinc.com/investors.

For those unable to participate in the conference call at the scheduled time, it will be archived for replay both by telephone and via the Internet beginning approximately one hour following completion of the call. To access the archived conference call by telephone, dial 416-849-0833 or 1-855-859-2056 and enter the pass code 54761695 followed by the pound key.  The telephone replay will be available until Tuesday, November 20, 2012 at midnight. To access the archived conference call as an MP3 via the Internet, go to http://tucowsinc.com/investors.

About Tucows

Tucows is a global Internet services company. OpenSRS (http://opensrs.com) manages over fourteen million domain names and millions of value-added services through a reseller network of over 13,000 web hosts and ISPs. Hover (http://hover.com) is the easiest way for individuals and small businesses to manage their domain names and email addresses. Ting.com (https://ting.com) is a mobile phone service provider dedicated to bringing clarity and control to US mobile phone users. YummyNames (http://yummynames.com) owns and operates premium domain names that generate revenue through advertising or resale. More information can be found on Tucows' corporate website (http://tucows.com).

This release includes forward-looking statements as that term is defined in the U.S. Private Securities Litigation Reform Act of 1995.  In particular, this release includes forward looking statements regarding our expectations as to our financial results and the impact of our consistent growth and leverage. These statements are based on management's current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements.  Information about potential factors that could affect Tucows' business, results of operations and financial condition is included in the Risk Factors sections of Tucows' filings with the Securities and Exchange Commission. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. All forward-looking statements are based on information available to Tucows as of the date they are made.  Tucows assumes no obligation to update any forward-looking statements, except as may be required by law.

Tucows, OpenSRS, Hover, Ting, and YummyNames are registered trademarks of Tucows Inc. or its subsidiaries.

Tucows  Inc.
Consolidated Balance Sheets
(Dollar amounts in U.S. dollars)
               
    September 30,     December 31,
    2012     2011
    (unaudited)     (unaudited)
               
Assets              
               
Current assets:              
  Cash and cash equivalents   $ 4,969,733     $ 6,408,209
  Accounts receivable     4,826,776       3,880,184
  Prepaid expenses and deposits     5,216,617       3,961,905
  Derivative instrument asset, current portion     468,675       -
  Prepaid domain name registry and ancillary services fees, current portion     46,467,392       43,209,033
  Income taxes recoverable     434,666       867,093
    Total current assets     62,383,859       58,326,424
               
Derivative instrument asset, long-term portion     -       87,023
Prepaid domain name registry and ancillary services fees, long-term portion     12,734,182       12,600,154
Property and equipment     1,413,952       1,437,564
Deferred financing charges     -       2,300
Deferred tax asset, long-term portion     6,674,517       6,880,377
Intangible assets     16,683,253       17,482,590
Goodwill     18,873,127       18,873,127
    Total assets   $ 118,762,890     $ 115,689,559
               
               
Liabilities and Stockholders' Equity              
               
Current liabilities:              
  Accounts payable   $ 1,716,725     $ 1,051,115
  Accrued liabilities     2,219,377       2,081,968
  Customer deposits     4,265,716       4,202,899
  Derivative instrument liability, current portion     13,011       781,027
  Loan payable, current portion     4,000,000       850,000
  Deferred revenue, current portion     56,780,763       52,683,546
  Accreditation fees payable, current portion     536,377       555,869
  Deferred tax liability, current portion     1,090,959       880,008
  Income taxes payable     192,716       158,258
    Total current liabilities     70,815,644       63,244,690
               
Derivative instrument liability, long-term portion     -       5,479
Deferred revenue, long-term portion     16,534,807       16,492,155
Accreditation fees payable, long-term portion     148,893       156,061
Deferred rent, long-term portion     47,945       26,487
Deferred tax liability, long-term portion     5,262,000       5,345,700
               
Stockholders' equity:              
  Preferred stock - no par value, 1,250,000 shares authorized; none issued and outstanding     -       -
  Common stock - no par value, 250,000,000 shares authorized; 44,249,184 shares issued
and outstanding as of September 30, 2012 and 53,497,584 shares issued and outstanding
as of December 31, 2011
    10,005,229       11,358,959
  Additional paid-in capital     33,887,740       40,994,013
  Deficit     (17,939,368)       (21,933,985)
    Total stockholders' equity     25,953,601       30,418,987
Total liabilities and stockholders' equity   $ 118,762,890     $ 115,689,559
               
               

Tucows  Inc.
Consolidated Statements of Operations
(Dollar amounts in U.S. dollars)
                           
          Three months ended September 30,       Nine months ended September 30,
          2012   2011       2012   2011
          (unaudited)       (unaudited)
                           
Net revenues       $ 29,246,069   25,094,056     $ 84,935,989 $ 70,695,186
                           
Cost of revenues:                          
  Cost of revenues         21,446,084   17,658,648       60,833,420   49,578,724
  Network expenses (*)         1,158,885   1,193,669       3,629,639   3,691,995
  Depreciation of property and equipment         157,203   159,191       460,259   608,961
  Amortization of intangible assets         35,910   23,960       107,730   49,680
     Total cost of revenues         22,798,082   19,035,468       65,031,048   53,929,360
                           
Gross profit         6,447,987   6,058,588       19,904,941   16,765,826
                           
Expenses:                          
  Sales and marketing (*)         2,037,338   1,867,085       6,287,702   5,663,759
  Technical operations and development (*)         1,010,949   1,220,953       3,229,669   3,651,782
  General and administrative (*) (note 1)         1,486,323   1,611,896       5,018,178   4,619,443
  Depreciation of property and equipment         46,981   48,874       139,918   140,556
  Amortization of intangible assets         219,030   201,180       657,090   785,920
  Loss (gain) on currency forward contracts (note 1)         (615,245)   1,845,550       (793,516)   1,374,177
     Total expenses         4,185,376   6,795,538       14,539,041   16,235,637
                           
Income (loss) from operations         2,262,611   (736,950)       5,365,900   530,189
                           
Other income (expenses):                          
  Interest (expense) income, net         (50,228)   (18,718)       (145,710)   (38,915)
  Other income         -   -       529,711   374,977
     Total other income (expenses)         (50,228)   (18,718)       384,001   336,062
                           
Income (loss) before provision for income taxes         2,212,383   (755,668)       5,749,901   866,251
                           
Provision for income taxes         577,383   422,592       1,755,284   750,906
Net income (loss)and comprehensive income for the period       $ 1,635,000 $ (1,178,260)     $ 3,994,617 $ 115,345
                           
                           
Basic earnings (loss) per common share       $ 0.04 $ (0.02)     $ 0.09 $ -
                           
Shares used in computing basic earnings (loss) per common share         45,094,678   53,452,205       46,362,261   53,444,959
                           
Diluted earnings (loss) per common share       $ 0.03 $ (0.02)     $ 0.08 $ -
                           
Shares used in computing diluted earnings (loss) per common share         48,411,429   53,452,205       49,603,870   55,748,777
                           
(Note 1) The Company accounts for the fair value of currency forward contracts within the consolidated Balance Sheet as a derivative financial asset or liability and the
corresponding change in fair value is recorded in the consolidated Statement of Operations.  In prior periods, the Company recorded the realized gain or loss upon
settlement of the currency forward contracts in "General and administrative expenses" and recorded the unrealized gain or loss in "Loss (gain) on change in fair value
of forward contracts".  The Company has determined that both of these amounts are more appropriately classified in expenses as "Loss (gain) on currency forward
contracts" and as a result a gain of $0.3 million for the three months ended September 30, 2011 and a gain of $1.1 million for the nine months ended September 30,
2011, has been reclassified from "General and administrative expense" to "Loss (gain) on currency forward contracts" respectively. As a result of this reclassification,
there was no change to previously reported net income (loss), income from operations, net revenues, gross profit, reported cash flows or the amounts recorded in the
consolidated Balance Sheets.        
                           
                           
(*) Stock-based compensation has been included in expenses as follows:                          
  Network expenses       $ 5,979 $ 5,808     $ 18,354 $ 17,170
  Sales and marketing       $ 24,116 $ 22,695     $ 67,047 $ 67,155
  Technical operations and development       $ 15,600 $ 13,020     $ 43,490 $ 40,122
  General and administrative       $ 120,676 $ 79,364     $ 163,041 $ 124,169
                             
                             

Tucows Inc.
Consolidated Statements of Cash Flows
(Dollar amounts in U.S. dollars)
                         
        Three months ended September 30,       Nine months ended September 30,
        2012   2011       2012   2011
Cash provided by:       (unaudited)       (unaudited)
Operating activities:                        
                         
  Net income (loss) for the period     $ 1,635,000 $ (1,178,260)     $ 3,994,617 $ 115,345
  Items not involving cash:                        
    Depreciation of property and equipment       204,184   208,065       600,177   749,517
    Amortization of deferred financing charges       100   3,000       2,300   11,100
    Amortization of intangible assets       254,940   225,140       764,820   835,600
    Deferred income taxes       228,169   (18,400)       333,111   (18,400)
    Deferred rent       8,258   5,310       21,458   19,274
    Acquisition of domain names               (3,664)  
    Disposal of domain names       15,142   8,816       38,181   29,907
    Gain on disposition of intangible assets               (508,800)  
    (Gain) loss on currency forward contracts       (698,781)   2,152,243       (1,155,147)   2,458,104
    Stock-based compensation       166,371   120,887       291,932   248,617
  Changes in non-cash operating working capital:                        
    Accounts receivable       90,239   448,692       (946,592)   (679,872)
    Prepaid expenses and deposits       636,756   299,673       (1,254,712)   (923,976)
    Prepaid fees for domain name registry and ancillary services fees       905,807   (995,565)       (3,392,387)   (4,745,147)
    Income taxes recoverable/payable       226,304   158,467       466,885   318,467
    Accounts payable       43,173   (539,199)       648,250   (335,376)
    Accrued liabilities       (279,427)   (119,997)       244,738   261,570
    Customer deposits       (2,781)   168,352       62,817   (89,351)
    Deferred revenue       (1,144,779)   684,204       4,139,869   4,941,471
    Accreditation fees payable       (51,839)   (16,194)       (26,660)   5,598
  Net cash provided by operating activities       2,236,836   1,615,234       4,321,193   3,202,448
                         
Financing activities:                        
  Proceeds received on exercise of stock options       14,186   10,685       363,898   14,145
  Repurchase of common stock       (1,630,643)         (9,115,833)  
  Proceeds received on loan payable               4,000,000  
  Repayment of loan payable         1,210,960       (850,000)   253,839
  Net cash used in financing activities       (1,616,457)   1,221,645       (5,601,935)   267,984
                         
Investing activities:                        
  Additions to property and equipment       (162,207)   (138,909)       (666,534)   (629,935)
  Acquisition of EPAG Domainservices Inc., net of cash acquired         (2,392,461)         (2,392,461)
  Proceeds on disposition of intangible assets with no book value               508,800  
  Net cash provided by (used in) investing activities       (162,207)   (2,531,370)       (157,734)   (3,022,396)
                         
(Decrease) increase in cash and cash equivalents       458,172   305,509       (1,438,476)   448,036
                         
Cash and cash equivalents, beginning of period       4,511,561   4,348,256       6,408,209   4,205,729
Cash and cash equivalents, end of period     $ 4,969,733 $ 4,653,765     $ 4,969,733 $ 4,653,765
                        -
Supplemental cash flow information:                        
  Interest paid     $ 50,511 $ 18,890     $ 146,342 $ 39,197
                         
Supplementary disclosure of non-cash investing activity:                        
  Property and equipment acquired during the period not yet paid for     $ 167,998 $ 124,979     $ 167,998 $ 124,979

 

 

 

 

SOURCE Tucows Inc.

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The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
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The world is at a tipping point where the technology, the device and global adoption are converging to such a point that we will see an explosion of a world where smartphone devices not only allow us to talk to each other, but allow for communication between everything – serving as a central hub from which we control our world – MediaTek is at the heart of both driving this and allowing the markets to drive this reality forward themselves. The next wave of consumer gadgets is here – smart, connected, and small. If your ambitions are big, so are ours. In his session at @ThingsExpo, Jack Hu, D...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
SYS-CON Events announced today that DragonGlass, an enterprise search platform, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. After eleven years of designing and building custom applications, OpenCrowd has launched DragonGlass, a cloud-based platform that enables the development of search-based applications. These are a new breed of applications that utilize a search index as their backbone for data retrieval. They can easily adapt to new data sets and provide access to both structured and unstruc...
We’re entering a new era of computing technology that many are calling the Internet of Things (IoT). Machine to machine, machine to infrastructure, machine to environment, the Internet of Everything, the Internet of Intelligent Things, intelligent systems – call it what you want, but it’s happening, and its potential is huge. IoT is comprised of smart machines interacting and communicating with other machines, objects, environments and infrastructures. As a result, huge volumes of data are being generated, and that data is being processed into useful actions that can “command and control” thi...
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...