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VIRTUALISATION LogMeIn revenue increase, adds customers in tough times
VIRTUALISATION LogMeIn revenue increase, adds customers in tough times | LogMeIn revenue increase, adds customers in tough times |
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| by Peter Dinham | |
| Monday, 10 August 2009 | |
  
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Michael Simon, President and CEO of LogMeIn, said non-GAAP net income for the second quarter of 2009 increased to $3.1 million, or $0.17 per diluted share, from a non-GAAP net loss of $2.1 million for the comparable period in 2008. Simon said the company was pleased to report successful financial results in its first earnings press release as a public company, adding that revenue, operating and net income growth in the second quarter and year to date “demonstrate continued effectiveness of our business and customer acquisition model.” “Despite the current economic environment, we continued our revenue growth and attracted more than 12,000 new, net premium customers in the second quarter, bringing our total premium customer count at the end of the second quarter to more than 200,000.” According to Simon the completion of LogMeIn’s initial public offering was an important milestone, and he said the company believed it was well positioned for continued growth and market leadership. “Our financial performance and balance sheet allow us to continue to invest in creating IT solutions for our customers to support their remote computing needs. For example, during the second quarter we released enhancements to our LogMeIn solutions that help global IT organizations and service providers more effectively respond to and support their increasingly mobile workforce.” Simon said that for the six months ended June 30, 2009, LogMeIn reported total revenue of $35.2 million, an increase of 65% over $21.3 million in revenue reported in the comparable period of 2008, while net income for the first six months of 2009 improved to $4.5 million from a net loss of $6.7 million in the comparable period of 2008. |
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