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ServiceSource Announces Preliminary Third Quarter 2011 Financial Results
Exceeds guidance on revenue, adjusted EBITDA and EPS
Anticipates record third quarter revenue of greater than $49 million, exceeding previous guidance of $45 to $46 million
Expects third quarter adjusted EBITDA to exceed $2.5 million, compared to previous guidance of $500,000 to $1 million
Announces new industry-leading customers across technology and technology-related markets and continued expansion of its technology platform
ServiceSource (Nasdaq:SREV), a global leader in Service Revenue Management, announced preliminary financial results for the quarter ended September 30, 2011.
Based on preliminary information and subject to the quarterly accounting close and review procedures, the Company currently expects to report third quarter revenue above $49 million and adjusted EBITDA above $2.5 million. The Company also expects to report third quarter net income and non-GAAP earnings per share above its prior guidance range. These preliminary results exceed the Company's previous guidance for the third quarter of revenue of $45 to $46 million, adjusted EBITDA of $0.5 to $1.0 million, net loss of $4.5 to $5.0 million, and non-GAAP earnings per diluted share of approximately breakeven to a loss of one cent per share as provided on July 25, 2011. The Company ended the quarter with over $100 million of cash and short-term securities.
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