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November 2, 2009

Digital River Q3 revenue increases to $99.4m

Posts net income of $11.04m, compared to $15.6m for same period last year

By CBR Staff Writer

E-commerce services provider Digital River has reported revenues of $99.4m for the third quarter of 2009, compared to $96.3m for the same period last year. It has exceeded the company’s guidance of $96.5 – $98.5m.

Joel Ronning, CEO of Digital River, said: “Our third quarter revenue and earnings results exceeded our expectations. Our performance was supported by accelerating top-line growth in software, consumer electronics and games markets where we continue to expand existing client relationships and close new business.

Income from operations for the quarter was $14.5m, compared to $17.5m for the third quarter of 2008. Depreciation and amortisation expenses increased to $5.1m from $4m for the same period last year.

The company has posted a net income of $11.04m or EPS of $0.30 for the third quarter of 2009, a decrease compared to $15.6m or EPS of $0.43 for the third quarter of 2008.

Mr Ronning, added: “While Symantec’s decision to move its e-commerce platform in-house was disappointing, we believe these third quarter results continue to demonstrate the strength of our overall business and value proposition. We remain confident in the future prospects for our business and in our ability to take the actions necessary to continue to drive growth and profitability.”

The company expects revenues for the fourth quarter and full year to be $94m-$98m and $393 – $397m, respectively. It expects GAAP diluted net income per share for fourth quarter to be $0.18 – $0.22, assuming a 25% tax rate and full year GAAP diluted net income per share to be $1.23 – $1.27, assuming a 25.5% tax rate.

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