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January 27, 2010

Digital River Q4 revenue increases to $104.9m

Posts net income of $13.6m, compared to $16.5m for same period last year

By CBR Staff Writer

E-commerce services provider Digital River has reported revenues of $104.9m for the fourth quarter of 2009, compared to $95.9m for the same period last year, exceeding its guidance of $94m to $98m.

The company posted an operating income of $13.07m for the fourth quarter 2009, compared to $19.21m for the same period in 2008.

For the quarter ended December 31, 2009, the company posted a net income of $13.6m or EPS of $0.36, a decrease compared to $16.5m or EPS of $0.41 for the fourth quarter of 2008. The results exceeded the company’s fourth quarter earnings guidance of $0.18 to $0.22 per diluted share.

For the full year 2009, Digital River reported revenue of $403.8m, compared to $394.2m in 2008. Net income was $53m, or $1.41 per diluted share, compared to net income of $63.6m, or $1.55 per diluted share, during the same period in 2008.

Joel Ronning, CEO of Digital River, said: “In the fourth quarter, we reported record revenue and our results exceeded expectations. For the first time since the recession hit, we are seeing top-line, year-over-year growth rates in line with 2007 and 2008 organic growth rates. As part of our 2010 operating plan, we expect returns on our recent investments in sales and new products, while we focus on improving our scalability and efficiency.”

The company anticipates total revenue to be between $95m and $99m in the first quarter of 2010. Diluted net income per share is expected to be $0.05 to $0.10, assuming a 27% tax rate.

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