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Tucows Reports Continuing Strong Financial Results for Fourth Quarter of 2012

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

TORONTO, Feb. 13, 2013 /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 fourth quarter ended December 31, 2012. All figures are in U.S. dollars.

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

  3 Months Ended
Dec. 31, 2012
(unaudited)
3 Months Ended
Dec. 31, 2011
(unaudited)
12 Months Ended
Dec. 31, 2012
(unaudited)
12 Months Ended
Dec. 31, 2011
(unaudited)
Net revenue 29,791 26,370 114,727 97,065
Income before provision for income taxes and change in fair value of forward exchange contracts  789 1,745 5,745 3,986
Net income and comprehensive income for the period 474 6,055 4,468 6,170
Net earnings per common share $0.01 $0.11 $0.10 $0.12
Net cash provided by operating activities 2,022 2,683 6,343 5,885

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

  Revenue Cost of Revenue
  3 Months Ended
Dec. 31, 2012
(unaudited)
3 Months Ended
Dec. 31, 2011
(unaudited)
3 Months Ended
Dec. 31, 2012
(unaudited)
3 Months Ended
Dec. 31, 2011
(unaudited)
Wholesale        
Domain Services 22,391 20,742 18,893 17,347
   Value-Added
   Services
2,705 2,186 456 435
Total Wholesale 25,096 22,928 19,349 17,782
         
Retail 3,628 1,432 2,454 549
Portfolio 1,067 2,010 201 179
         
Network, other
costs
- - 1,296 1,146
Network,
depreciation and
amortization costs
- - 187 177
Total revenue/cost
of revenue
29,791 26,370 23,487 19,833

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 performance in the fourth quarter and for the year underscores the consistency and reliability in our business, as well as our ability to deliver growth," said Elliot Noss, President and Chief Executive Officer, Tucows Inc.  "All facets of our operations continue to perform well, although our results for the quarter were dampened by the timing of Portfolio revenues and vendor marketing programs.  Moreover, our ability to generate cash enabled us to continue to deliver on our stated objective to return capital to shareholders, repurchasing an additional 14.1 million shares, or 26.3% of shares outstanding, since the beginning of 2012. In addition, our launch of Ting was a great example of our ability to introduce new services that have the opportunity generate meaningful growth with little capital expenditure or impact on ongoing costs."

"As we look ahead to 2013, our core businesses will continue to grow and Ting is on track to contribute to EBITDA in the coming years.  Despite a modest upfront investment and very little incremental ongoing expenses, we already consider Ting to be a success.  We continue to experience efficient customer acquisition costs and attractive gross margins. While we have kept our expectations modest, we've been pleasantly surprised by the reception and momentum Ting has experienced in the market."

"We continue to benefit from the efficiency in our business and remain well positioned to continue to deliver consistent, reliable performance, generate growth and build value for our shareholders."

Net revenue for the fourth quarter of 2012 increased 13% to a record $29.8 million from $26.4 million for the fourth quarter of 2011.

Net income and comprehensive income for the fourth quarter of 2012 was $0.5 million, or $0.01 per share, compared with $6.1 million, or $0.11 per share, for the fourth quarter of 2011, which included the recovery of $3.5 million in income taxes and the benefit of a gain on foreign exchange contracts of $0.8 million compared with a loss on foreign exchange contracts of $0.1 million in the fourth quarter of 2012.  In addition, net income for the fourth quarter of 2012 was impacted by the timing of both vendor marketing programs and domain sales from inventory, which dampened the contribution from the Portfolio component of business.

Deferred revenue at the end of the fourth quarter of 2012 was $71.0 million, an increase of 3% from $69.2 million at the end of the fourth quarter of 2011 and a decrease of 3% from $73.3 million at the end of the third quarter of 2012.

Cash and cash equivalents at the end of the fourth quarter of 2012 were $6.4 million compared with $5.0 million at the end of the third quarter of 2012 and $6.4 million from the end of the fourth quarter of 2011.  During the fourth quarter of 2012, the Company generated cash flow from operations of $2.0 million compared with $2.7 million for the same quarter of 2011. During the quarter, the Company used $0.3 million for principal repayments under its credit facility and invested $0.3 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.

As previously announced, subsequent to the end of the fourth quarter the Company completed the repurchase of 4.1 million of its shares at a purchase price of $1.50 per share for a total of $6.2 million under its modified "Dutch auction" tender announced on November 13, 2012. Since initiating its first share buyback program in February 2007, the Company has repurchased a total of 37.3 million shares through its buyback programs, representing 49% of the Company's total shares outstanding at the end of December 2006.

Conference Call

Tucows management will host a conference call today, Wednesday, February 13, 2013 at 5:00 p.m. (ET) to discuss the Company's fourth 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 95427084 followed by the pound key.  The telephone replay will be available until Wednesday, February 20, 2013 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).

Tucows  Inc.
Consolidated Balance Sheets
(Dollar amounts in U.S. dollars)

    December 31,   December 31,
    2012   2011
    (unaudited)   (unaudited)
           
Assets        
         
Current assets:        
  Cash and cash equivalents   6,415,679   6,408,209
  Accounts receivable   4,413,265   3,880,184
  Inventory   587,104   205,597
  Prepaid expenses and deposits   5,081,408   3,756,308
  Derivative instrument asset, current portion   412,944   -
  Prepaid domain name registry and ancillary services fees, current portion   45,170,167   43,209,033
  Income taxes recoverable   1,730,631   867,093
    Total current assets   63,811,198   58,326,424
         
Derivative instrument asset, long-term portion   31,838   87,023
Prepaid domain name registry and ancillary services fees, long-term portion   12,318,723   12,600,154
Property and equipment   1,352,144   1,437,564
Deferred financing charges   -   2,300
Deferred tax asset, long-term portion   5,970,462   6,880,377
Intangible assets   16,415,651   17,482,590
Goodwill   18,873,127   18,873,127
    Total assets   118,773,143   115,689,559
           
         
Liabilities and Stockholders' Equity        
         
Current liabilities:        
  Accounts payable   1,928,459   1,051,115
  Accrued liabilities   2,522,229   2,081,968
  Customer deposits   4,955,671   4,202,899
  Derivative instrument liability, current portion   -   781,027
  Loan payable, current portion   3,700,000   850,000
  Deferred revenue, current portion   54,997,887   52,683,546
  Accreditation fees payable, current portion   512,847   555,869
  Deferred tax liability, current portion   914,429   880,008
  Income taxes payable   1,255,108   158,258
    Total current liabilities   70,786,630   63,244,690
         
Derivative instrument liability, long-term portion   -   5,479
Deferred revenue, long-term portion   16,002,464   16,492,155
Accreditation fees payable, long-term portion   145,592   156,061
Deferred rent, long-term portion   54,150   26,487
Deferred tax liability, long-term portion   5,234,100   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;
44,322,159 shares issued and outstanding as of December 31,
2012 and 53,497,584 shares issued and outstanding as of
December 31, 2011
  10,084,417   11,358,959
  Additional paid-in capital   33,931,529   40,994,013
  Deficit   (17,509,843)   (21,933,985)
  Accumulated other comprehensive income   44,104   -
    Total stockholders' equity   26,550,207   30,418,987
Total liabilities and stockholders' equity   118,773,143   115,689,559

 
 
 
 
 
   
   Tucows  Inc.
   
 
   Tucows  Inc.
 
    Consolidated Statements of Operations
and Comprehensive Income
     (Dollar amounts in U.S. dollars)
  Consolidated Statements of Operations
and Comprehensive Income
(Dollar amounts in U.S. dollars)  
                     
    Three months ended December 31,         Year ended December 31, 
    2012   2011   2012   2011
      (unaudited)       (unaudited)  
                 
Net revenues $ 29,790,912 $ 26,369,781 $ 114,726,901 $ 97,064,967
                 
Cost of revenues:                
  Cost of revenues (*)   22,003,975   18,509,663   82,837,395   68,088,387
  Network expenses   1,295,419   1,145,655   4,925,058   4,837,650
  Depreciation of property and equipment   151,381   141,494   611,640   750,455
  Amortization of intangible assets   35,910   35,910   143,640   85,590
    Total cost of revenues   23,486,685   19,832,722   88,517,733   73,762,082
                 
Gross profit   6,304,227   6,537,059   26,209,168   23,302,885
                 
Expenses:                
  Sales and marketing (*)   2,413,744   1,778,922   8,701,446   7,442,681
  Technical operations and development (*)   1,073,151   1,216,446   4,302,820   4,868,228
  General and administrative (*) (note 1)   1,592,641   1,477,153   6,610,819   6,096,596
  Depreciation of property and equipment   50,502   46,449   190,420   187,005
  Loss on disposition of property and equipment   118,944   42,165   118,944   42,165
  Amortization of intangible assets   219,030   219,030   876,120   1,004,950
  Loss (gain) on currency forward contracts (note 1)   110,665   (838,954)   (682,851)   535,223
    Total expenses   5,578,677   3,941,211   20,117,718   20,176,848
                 
Income from operations   725,550   2,595,848   6,091,450   3,126,037
                 
Other income (expenses):                
  Interest (expense) income, net   (47,153)   (11,489)   (192,863)   (50,404)
  Other income   -   -   529,711   374,977
    Total other income (expenses)   (47,153)   (11,489)   336,848   324,573
                 
Income before provision for income taxes   678,397   2,584,359   6,428,298   3,450,610
                 
Provision for (recovery of) income taxes   248,872   (3,470,527)   2,004,156   (2,719,621)
Net income before comprehensive income for the period   429,525   6,054,886   4,424,142   6,170,231
                 
Comprehensive income   44,104   -   44,104   -
Net income and comprehensive income for the period $ 473,629 $ 6,054,886 $ 4,468,246 $ 6,170,231
                 
                 
Basic earnings per common share $ 0.01 $ 0.11 $ 0.10 $ 0.12
                 
Shares used in computing basic earnings per common share   44,256,179   53,483,508   45,832,862   53,454,675
                 
Diluted earnings per common share $ 0.01 $ 0.11 $ 0.09 $ 0.11
                 
Shares used in computing diluted earnings per common share   47,723,766   55,780,131   49,134,944   55,749,433
                 
                 
                 
(*) Stock-based compensation has been included in expenses as follows:                
    Network expenses $ 6,126 $ 5,802 $ 24,480 $ 22,972
    Sales and marketing $ 25,121 $ 24,088 $ 92,168 $ 91,244
    Technical operations and development $ 15,651 $ 11,862 $ 59,141 $ 51,984
    General and administrative $ 21,869 $ 20,588 $ 184,910 $ 144,757



    Tucows  Inc.        Tucows  Inc.  
        Consolidated Statements of Cash Flows       Consolidated Statements of Cash Flows  
   
(Dollar amounts in U.S. dollars)    
    (Dollar amounts in U.S. dollars)  
                 
    Three months ended December 31,           Year ended December 31,
    2012   2011   2012   2011
Cash provided by (used in):     (unaudited)       (unaudited)  
Operating activities:                
  Net income and comprehensive income for the period $ 429,525 $ 6,054,886 $ 4,424,142 $ 6,170,231
  Items not involving cash:                
    Depreciation of property and equipment   201,883   187,943   802,060   937,460
    Loss on write off of property and equipment   118,944   42,165   118,944   42,165
    Amortization of deferred financing charges   -   2,200   2,300   13,300
    Amortization of intangible assets   254,940   254,940   1,019,760   1,090,540
    Deferred income taxes (recovery)   499,625   (3,028,269)   832,736   (3,046,669)
    Deferred rent   6,205   7,213   27,663   26,487
    Acquisition of domain names   -   -   (3,664)   -
    Disposal of domain names   12,662   4,164   50,843   34,071
    Gain on disposition of intangible assets with no book value   -   -   (508,800)   -
    (Gain) loss on change in fair value of forward exchange contracts   54,986   (924,661)   (1,100,161)   1,533,443
    Stock-based compensation   68,767   62,339   360,699   310,956
  Changes in non-cash operating working capital:                
    Accounts receivable   413,511   409,278   (533,081)   (270,594)
    Inventory   (173,894)   (205,597)   (381,507)   (205,597)
    Prepaid expenses and deposits   (278,001)   67   (1,325,100)   (923,909)
    Prepaid fees for domain name registry and ancillary services fees   1,712,684   (109,892)   (1,679,703)   (4,855,039)
    Income taxes recoverable   (233,573)   (579,682)   233,312   (261,215)
    Accounts payable   283,217   (276,156)   931,467   (611,532)
    Accrued liabilities   302,852   254,361   547,590   515,931
    Customer deposits   689,955   299,335   752,772   209,984
    Deferred revenue   (2,315,219)   238,245   1,824,650   5,179,716
    Accreditation fees payable   (26,831)   (10,058)   (53,491)   (4,460)
  Net cash provided by operating activities   2,022,238   2,682,821   6,343,431   5,885,269
                 
Financing activities:                
  Proceeds received on exercise of stock options   54,210   17,201   418,108   31,346
  Repurchase of common stock   -   (18,442)   (9,115,833)   (18,442)
  Proceeds received on Short Swing Sale   -   3,659   4,000,000   3,659
  Repayment of loan payable   (300,000)   (709,722)   (1,150,000)   (455,883)
  Net cash used in financing activities   (245,790)   (707,304)   (5,847,725)   (439,320)
                 
Investing activities:                
  Additions to property and equipment   (330,502)   (221,073)   (997,036)   (851,008)
  Acquisition of EPAG Domainservices GMBH, net of cash acquired   -   -   -   (2,392,461)
  Proceeds  on disposition of intangible asset with no book value   -   -   508,800   -
  Net cash used in investing activities   (330,502)   (221,073)   (488,236)   (3,243,469)
                 
Increase (decrease) in cash and cash equivalents   1,445,946   1,754,444   7,470   2,202,480
                 
Cash and cash equivalents, beginning of period   4,969,733   4,653,765   6,408,209   4,205,729
Cash and cash equivalents, end of period $ 6,415,679 $ 6,408,209 $ 6,415,679 $ 6,408,209
                 
Supplemental cash flow information:                
  Interest paid $ 49,167 $ 13,969 $ 195,509 $ 53,166
                 
Supplementary disclosure of non-cash investing activity:                
  Property and equipment acquired during the period not yet paid for $ 96,515 $ 257,967 $ 96,515 $ 257,967

 

This release includes forward-looking statements as that term is defined in the U.S. Private Securities Litigation Reform Act of 1995 including statements regarding our expectations regarding our future financial results and, in particular, our expectations for Ting and its impact on our financial performance. 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, including the acceptance of Ting in the market.  Information about other 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 is a registered trademark of Tucows Inc. or its subsidiaries. All other trademarks and service marks are the properties of their respective owners.

 

SOURCE Tucows Inc.

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