Achieves Record Quarterly Revenue
SEATTLE, Nov. 6 /PRNewswire-FirstCall/ -- RealNetworks(R), Inc.
(Nasdaq: RNWK), the leading creator of digital media services and software,
today announced results for the third quarter ended September 30, 2006.
Quarterly Highlights:
-- Record revenue of $93.7 million
-- Net income of $42.2 million
-- Earnings per diluted share of $0.24 and adjusted earnings per
diluted share of $0.05
-- Agreement to acquire WiderThan announced on September 12th;
successfully acquired approximately 95% of shares on October 31st
"This quarter has been both very successful financially and very
eventful strategically for Real," said Rob Glaser, chairman and CEO of
RealNetworks. "By joining forces with WiderThan, Real greatly accelerates
our efforts in mobile entertainment, and deepens our relationships with
Tier 1 mobile carriers. And by launching the world's first
Rhapsody-optimized MP3 players and home audio systems, we have put the
celestial jukebox into the palm of consumers' hands."
For the third quarter of 2006, revenue grew 14% to $93.7 million
compared to $82.2 million for the third quarter of 2005. For the third
quarter of 2006, revenue in the Consumer Products and Services segment was
as follows: Games revenue was $22.5 million, a 53% increase over the third
quarter of 2005; Music revenue was $30.4 million, a 16% increase over the
third quarter of 2005; and Media Software and Services revenue was $29.6
million, a decrease of 4% from the third quarter of 2005. In the Technology
Products and Solutions segment, revenue was $11.2 million, a 7% increase
over the third quarter of 2005. Foreign currency exchange rate fluctuations
positively impacted 2006 third quarter revenue by approximately $0.4
million compared to the third quarter of 2005.
Net income for the third quarter of 2006 was $42.2 million or $0.24 per
diluted share, compared to $11.2 million or $0.06 per diluted share in the
third quarter of 2005. Adjusted net income, which excludes the impact of
our agreements with Microsoft, equity investment gains, stock-based
compensation expenses and estimated income tax expense related to these
items, was $8.7 million or $0.05 per diluted share, compared to $6.3
million or $0.03 per diluted share in the third quarter of 2005. A
reconciliation of GAAP net income to adjusted net income is provided in the
financial tables that accompany this release.
Gross margin was 70% in the third quarter of both 2006 and 2005.
Operating expenses for the third quarter of 2006 were $8.1 million compared
to $57.7 million in the prior year's quarter. Third quarter 2006 operating
expenses include a benefit related to Microsoft's payment under the
settlement and commercial agreements signed in the fourth quarter of 2005.
Operating expenses also include non-cash stock-based compensation expense.
Excluding the impact from the Microsoft agreements and stock-based
compensation expense, adjusted operating expenses in the third quarter of
2006 were $62.2 million compared to $54.1 million in the third quarter of
2005. A reconciliation of GAAP operating expenses to adjusted operating
expenses is provided in the financial tables that accompany this release.
For the third quarter of 2006, Real's effective tax rate was approximately
38%.
As of September 30, 2006, Real had approximately $845 million in
unrestricted cash, cash equivalents and short-term investments which
include the proceeds from $100 million of convertible debt. Further, Real
expects to receive up to $122 million in additional payments related to the
Microsoft agreements over the next two quarters. Microsoft can earn credits
against its future payments as a result of delivering music users to Real
through its promotional efforts.
Under Real's stock repurchase program, approximately 200,000 shares
were repurchased for $1.9 million during the third quarter of 2006. As of
September 30, 2006, approximately $78.1 million remained available under
the existing stock repurchase program.
Acquisition of WiderThan
On October 31, 2006, Real acquired approximately 95% of WiderThan Co.,
Ltd. (Nasdaq: WTHN) through a cash tender offer. As a result of the tender
offer, WiderThan became a majority-owned subsidiary of Real, and the
financial results of WiderThan will be included in Real's consolidated
financial statements subsequent to the acquisition date. Real paid
approximately $320 million for its purchase of 95% of WiderThan shares.
The Real executive responsible for the WiderThan operations will be
John Giamatteo, who is being promoted to President, Technology Products and
Solutions and International Operations, RealNetworks. WiderThan executives
reporting to Mr. Giamatteo include DJ Lee, President and CEO of WiderThan
APAC, Vern Poyner, President and CEO of WiderThan Americas, and Dr. Jinsoo
Yoon, Head of Global Technology for WiderThan.
Business Outlook
The following forward looking statements reflect Real's expectations as
of November 6, 2006. The Company currently does not intend to update these
forward-looking statements until the next quarterly results announcement.
This guidance reflects the acquisition of approximately 95% of WiderThan
effective October 31, 2006. This guidance is also based on preliminary
purchase price adjustments resulting from the acquisition of WiderThan,
which are subject to change upon finalization of the purchase price
allocation. For the fourth quarter of 2006, Real expects revenue in the
range of $117 million to $123 million, including approximately $22 million
to $24 million related to two months of WiderThan results. For the fourth
quarter of 2006, GAAP net income per diluted share is expected to be $0.18
to $0.21 and adjusted net income per diluted share is expected to be $0.00
to $0.03. For the full year 2006, Real expects revenue in the range of $387
million to $393 million, including approximately $22 million to $24 million
related to WiderThan. Real expects full year GAAP net income per diluted
share of $0.77 to $0.80 and adjusted net income per diluted share of $0.09
to $0.12. The guidance for the fourth quarter and full year 2006 assumes an
effective tax rate of approximately 37%, which may vary due to fluctuations
in certain assets and liabilities, including unrealized gains on equity
investments and the valuation of our deferred tax assets. These rate
variations generally have no material impact on the amount paid for income
taxes. For both the fourth quarter and full year 2006, the impact of the
WiderThan acquisition is expected to be slightly dilutive to GAAP net
income per share and slightly accretive to adjusted net income per share.
Adjusted net income per diluted share for both the fourth quarter and
full year 2006 excludes approximately $2.7 million of WiderThan acquisition
related charges. The expected fourth quarter 2006 results of WiderThan
subsequent to the date of acquisition are not necessarily indicative of
results of WiderThan for the entire fourth quarter. A reconciliation of
expected GAAP net income per diluted share to expected adjusted net income
per diluted share is provided in the financial tables that accompany this
release.
About Non-GAAP Financial Measures
To supplement the Company's consolidated financial results presented in
accordance with GAAP, RealNetworks uses non-GAAP measures for certain
components of financial performance. These non-GAAP measures include
adjusted net income, adjusted net income per diluted share and adjusted
operating expenses. Adjusted net income excludes the impact related to
non-cash stock- based compensation expense, income and expenses including
charitable contributions, related to the Microsoft agreements, equity
investment gains and losses, amortization of intangible assets resulting
from the WiderThan acquisition and an estimate of the income taxes from the
aforementioned items. The presentation of these non-GAAP financial measures
is not intended to be considered as a substitute for, or superior to,
financial information prepared and presented in accordance with GAAP. These
non-GAAP measures are provided to enhance investors' overall understanding
of the Company's current and expected future financial performance. The
Company believes these non-GAAP measures provide useful information to
management and investors by excluding certain income, expenses and gains
and losses that may not be indicative of its core operating and financial
results. Management uses these measures on an ongoing basis to track and
assess the Company's financial performance. The accompanying financial
tables provide reconciliations to the nearest GAAP measure of all non-GAAP
measures provided in this press release.
The Company will host a webcast and conference call today at 5:00pm
(Eastern)/2:00pm (Pacific). The live webcast featuring slides and audio,
will be available at http://investor.realnetworks.com. Listeners will
require RealPlayer(R) to listen to the conference call, which can be
downloaded for free at http://www.real.com. The on-demand webcast will be
available approximately two hours following the conclusion of the live
webcast. Participants may access the conference call by dialing
800-857-5305 (773-681-5857 for international callers). The passcode is
"Third Quarter Earnings," and the leader is Rob Glaser. A telephonic replay
will be available until 8:00pm (Eastern) on November 15, 2006 and may be
accessed by dialing 888-568-0723 (203-369-3193 for international callers).
ABOUT REALNETWORKS
RealNetworks, Inc. is a leading creator of digital media services and
software including Rhapsody, RealPlayer(R) 10, and casual PC and mobile
games. Broadcasters, network operators, media companies and enterprises use
RealNetworks' products and services to create and deliver digital media to
PCs, mobile phones and consumer electronics devices. Consumers can access
and experience audio/video programming and download RealNetworks' consumer
software at http://www.real.com. RealNetworks' corporate information is
located at http://www.realnetworks.com/company.
Forward Looking Statements: This press release contains forward-looking
statements that involve risks and uncertainties, including statements
relating to: (a) Real's future revenue, GAAP and adjusted net income per
diluted share and GAAP and adjusted operating expenses; (b) Real's position
in the mobile music entertainment market, and the related growth and
profitability potential; (c) the impact of the WiderThan acquisition on
Real's earnings and Real's expectations regarding the timing of
consolidation of WiderThan's financial results into Real's financial
statements; (d) the effect of final purchase price accounting relating to
the WiderThan acquisition; and (e) expected future payments resulting from
the Microsoft agreements. Actual results may differ materially from the
results predicted. Factors that could cause actual results to differ from
the results predicted include: development and consumer acceptance of legal
online music distribution services generally and RealNetworks' content
services in particular because these are relatively new and unproven
business models and markets; risks associated with acquisitions generally,
and the acquisition of WiderThan in particular, including the risks of
integration, unknown liabilities and operations in new markets and
geographies, as well as risks specifically associated with WiderThan's
business; the potential that we will be unable to continue to enter into
commercially attractive agreements with third parties for the provision of
compelling content for our subscription service offerings; the risk that
the collaborative agreements we have with Microsoft will be less successful
than we expect; the emergence of new entrants and competition in the market
for digital media subscription offerings and online music sales; the impact
on our gross margins from content costs and from the mix of subscribers to
subscription offerings with higher content costs than others; competitive
risks, including competing technologies, products and services, and the
competitive activities of our larger competitors, some of which have strong
ties to streaming media users through other products; risks associated with
the introduction of new products and services; risks inherent in strategic
relationships, especially with competitors, and technology and service
integration efforts; and risks relating to the ability of Real's strategic
partners to generate subscribers for Real's digital content services. More
information about potential risk factors that could affect RealNetworks'
business and financial results is included in RealNetworks' annual report
on Form 10-K for the most recent year ended December 31, and its quarterly
reports on Form 10-Q and from time to time in other reports filed by
RealNetworks with the Securities and Exchange Commission. The preparation
of our financial statements and forward looking financial guidance requires
us to make estimates and assumptions that affect the reported amount of
assets and liabilities and the reported amounts of revenues and expenses
during the reported period. Actual results may differ materially from these
estimates under different assumptions or conditions. The Company assumes no
obligation to update any forward-looking statements or information, which
are in effect as of their respective dates.
NOTE: RealNetworks, Rhapsody and RealPlayer are trademarks or
registered trademarks of RealNetworks, Inc. All other companies or products
listed herein are trademarks or registered trademarks of their respective
owners.
RealNetworks, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
Quarters Ended Nine Months Ended
September 30, September 30,
2006 2005 2006 2005
(in thousands, except per share data)
Net revenue $93,676 $82,233 $269,687 $241,491
Cost of revenue 28,389 24,695 81,788 74,273
Gross profit 65,287 57,538 187,899 167,218
Operating expenses:
Research and development 18,344 16,354 55,127 45,381
Sales and marketing 37,560 30,745 111,604 93,809
General and administrative 14,043 7,037 41,586 21,120
Loss on excess
office facilities(A) - - 738 -
Subtotal operating expenses 69,947 54,136 209,055 160,310
Antitrust litigation expenses
(benefit) (B) (61,861) 3,531 (159,554) 11,925
Total operating expenses,
net 8,086 57,667 49,501 172,235
Operating income (loss) 57,201 (129) 138,398 (5,017)
Other income (expense), net:
Interest income, net 10,618 2,904 27,978 7,499
Equity in net loss of MusicNet - - - (1,068)
Gain on sales of equity
investments - 11,740 2,286 19,330
Other, net 242 124 432 (276)
Other income, net 10,860 14,768 30,696 25,485
Income before income taxes 68,061 14,639 169,094 20,468
Income tax provision (25,908) (3,457) (63,180) (3,763)
Net income $42,153 $11,182 $105,914 $16,705
Basic net income per share $0.26 $0.07 $0.66 $0.10
Diluted net income per share $0.24 $0.06 $0.59 $0.09
Shares used to compute basic net
income per share 160,578 170,797 160,467 170,761
Shares used to compute diluted net
income per share 178,913 184,180 178,551 184,276
(A) The loss on unoccupied excess office facilities represents an increase
in the estimate of the loss from building operating costs not expected to
be recovered.
(B) Consists of amounts received under the Settlement and Commercial
agreements with Microsoft, net of certain legal fees, personnel costs,
public relations and other professional service fees incurred
related to antitrust complaints against Microsoft, including
proceedings in the European Union.
RealNetworks, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
September 30, December 31,
2006 2005
(in thousands)
ASSETS
Current assets:
Cash and cash equivalents $693,057 $651,971
Short-term investments 151,745 129,356
Trade accounts receivable, net
of allowances for doubtful
accounts and sales returns 24,481 16,721
Deferred tax assets, net,
current portion 7,046 54,204
Prepaid expenses and other
current assets 11,488 11,933
Total current assets 887,817 864,185
Equipment, software and leasehold
improvements, at cost:
Equipment and software 65,551 56,402
Leasehold improvements 29,139 27,964
Total equipment, software and
leasehold improvements 94,690 84,366
Less accumulated depreciation
and amortization 60,235 51,228
Net equipment, software and
leasehold improvements 34,455 33,138
Restricted cash equivalents 17,300 17,300
Equity investments 26,269 46,163
Other assets 4,177 2,397
Deferred tax assets, net, non-current
portion 15,967 19,147
Goodwill 132,789 123,330
Other intangible assets, net 7,386 7,337
Total assets $1,126,160 $1,112,997
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $14,905 $11,397
Accrued and other liabilities 72,105 112,340
Deferred revenue, current
portion 25,469 25,021
Accrued loss on excess office
facilities, current portion 4,053 4,623
Total current liabilities 116,532 153,381
Deferred revenue, non-current portion 340 276
Accrued loss on excess office
facilities, non-current portion 11,323 13,393
Deferred rent 4,472 4,018
Convertible debt 100,000 100,000
Other long-term liabilities 1,679 196
Total liabilities 234,346 271,264
Total shareholders' equity 891,814 841,733
Total liabilities and
shareholders' equity $1,126,160 $1,112,997
RealNetworks, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended September 30,
2006 2005
(in thousands)
Cash flows from operating activities:
Net income $105,914 $16,705
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 12,480 11,869
Stock-based compensation 12,332 109
Equity in net losses of MusicNet - 1,068
Changes in accrued loss on excess
office facilities and content
agreement (2,640) (6,230)
Loss on disposal of equipment 76 250
Gain on sales of equity investments (2,286) (19,330)
Deferred income taxes 56,508 3,324
Other 73 48
Net change in certain operating
assets and liabilities, net of
balances from businesses
acquired during the year (48,496) 6,127
Net cash provided by operating
activities 133,961 13,940
Cash flows from investing activities:
Purchases of equipment, software and
leasehold improvements (9,316) (10,728)
Purchases of intangible assets - (1,000)
Purchases of short-term investments (177,868) (121,540)
Proceeds from sales and maturities of
short-term investments 156,006 127,790
Decrease in restricted cash
equivalents - 2,095
Proceeds from sales of equity
investments 2,286 19,530
Purchases of cost based investments (834) (647)
Payment of acquisition costs, net of
cash acquired (7,086) (14,705)
Net cash provided by (used in)
investing activities (36,812) 795
Cash flows from financing activities:
Net proceeds from sale of common
stock under employee purchase plan
and exercise of stock options 41,976 4,926
Repayment of long-term note payable - (648)
Repurchase of common stock (98,869) (29,275)
Net cash used in financing activities (56,893) (24,997)
Effect of exchange rate changes on
cash and cash equivalents 830 (492)
Net decrease in cash and cash
equivalents 41,086 (10,754)
Cash and cash equivalents at
beginning of period 651,971 219,426
Cash and cash equivalents at end of
period $693,057 $208,672
RealNetworks, Inc. and Subsidiaries
Supplemental Financial Information
(Unaudited)
2006
Q3 Q2 Q1
(in thousands)
Net Revenue by
Line of
Business: *
Consumer products and services(A) $82,497 $77,442 $74,811
Technology products and solutions(B) 11,179 11,967 11,791
Total net revenue $93,676 $89,409 $86,602
Consumer Products and Services: *
Subscriptions (C) $50,878 $47,452 $47,832
Media properties (D) 13,883 11,546 9,484
E-commerce and other (E) 17,736 18,444 17,495
Total consumer products and
services revenue $82,497 $77,442 $74,811
Consumer Products and Services: *
Music (F) $30,375 $30,118 $28,918
Media software and services (G) 29,586 26,127 27,277
Games (H) 22,536 21,197 18,616
Total consumer products and
services revenue $82,497 $77,442 $74,811
Net Revenue by Geography:
United States $69,433 $66,542 $65,700
Rest of world 24,243 22,867 20,902
Total net revenue $93,676 $89,409 $86,602
Gross Margin by Line of Business:
Consumer products and services 68% 68% 67%
Technology products and solutions 81% 81% 83%
Total gross margin 70% 70% 69%
Subscribers (presented as greater
than) **
Total 2,450 2,400 2,400
Music 1,650 1,625 1,575
RealNetworks, Inc. and Subsidiaries
Supplemental Financial Information
(Unaudited)
2005
Q4 Q3 Q2 Q1
(in thousands)
Net Revenue by
Line of
Business: *
Consumer products and services(A) $73,415 $71,750 $70,593 $64,206
Technology products
and solutions(B) 10,153 10,483 12,093 12,366
Total net revenue $83,568 $82,233 $82,686 $76,572
Consumer Products and Services: *
Subscriptions (C) $47,508 $47,347 $47,821 $44,400
Media properties (D) 10,224 9,606 8,986 6,033
E-commerce and other (E) 15,683 14,797 13,786 13,773
Total consumer products and
services revenue $73,415 $71,750 $70,593 $64,206
Consumer Products and Services: *
Music (F) $27,760 $26,193 $24,933 $22,883
Media software and services (G) 29,914 30,858 32,012 29,134
Games (H) 15,741 14,699 13,648 12,189
Total consumer products and
services revenue $73,415 $71,750 $70,593 $64,206
Net Revenue by Geography:
United States $65,177 $63,478 $63,443 $57,757
Rest of world 18,391 18,755 19,243 18,815
Total net revenue $83,568 $82,233 $82,686 $76,572
Gross Margin by Line of Business:
Consumer products and services 70% 68% 68% 65%
Technology products and solutions 81% 82% 83% 82%
Total gross margin 71% 70% 70% 68%
Subscribers (presented as
greater than) **
Total 2,250 2,200 2,000 1,850
Music 1,425 1,300 1,150 975
*Reclassifications were made to the presentation of 2005 data
to conform to the presentation for 2006
**Beginning the quarter ended March 31, 2005, total and music
subscribers reflect the inclusion of subscribers that
registered for the Comcast Rhapsody Radio Plus service
(A) Revenue is derived from consumer digital media subscription
services, RealPlayer Plus and related products, sales and distribution of
third party software products, content such as games and music, and
advertising
(B) Revenue is derived from media delivery system software, support and
maintenance services, broadcast hosting services and consulting services
(C) Revenue is derived from consumer digital media subscription services
including: SuperPass, RadioPass, Rhapsody, GamePass and stand-alone
subscriptions
(D) Revenue is derived from all advertising and through the distribution
of third party products
(E) Revenue is derived from RealPlayer Plus and related products, sales
of third party software products, and content such as games
and music
(F) Revenue is derived from Rhapsody and RadioPass subscription services
and sales of music content, advertising generated from our music and
music related websites and the distribution of third party products
(G) Revenue is derived from SuperPass subscriptions, RealPlayer Plus and
related products, stand-alone subscription services, sales and
distribution of third party software products and advertising related to
our non-game and non-music related web properties
(H) Revenue is derived from the GamePass subscription service, sales of
games, advertising generated from our games and game-related websites
and the distribution of third party products
RealNetworks, Inc. and Subsidiaries
Supplemental Financial Information
(Unaudited)
A reconciliation of net income in accordance with GAAP to total adjusted
net income (loss) is as follows:
Quarters Ended
September 30, June 30, March 31,
2006 2006 2006
(in thousands, except per share data)
Net income in accordance with GAAP $42,153 $38,878 $24,883
Stock based compensation 5,021 3,673 3,638
Loss (gain) on equity
investments - (2,286) -
Expenses (benefit) related to
antitrust litigation:
Income (62,000) (58,000) (40,000)
Expenses 1,000 997 971
Charitable contributions 1,889 1,805 1,225
Tax impact of proforma items 20,587 19,732 12,717
Total adjusted net income
(loss) $8,650 $4,799 $3,434
GAAP basic net income per share $0.26 $0.24 $0.15
GAAP diluted net income per share $0.24 $0.22 $0.14
Adjusted basic net income (loss) per
share $0.05 $0.03 $0.02
Adjusted diluted net income per share $0.05 $0.03 $0.02
Shares used to compute basic net
income (loss) per share 160,578 159,938 160,887
Shares used to compute diluted net
income per share 178,913 177,337 176,923
RealNetworks, Inc. and Subsidiaries
Supplemental Financial Information
(Unaudited)
A reconciliation of net income in accordance with GAAP to total adjusted
net income (loss) is as follows:
Quarters Ended
December September June March
31, 30, 30, 31,
2005 2005 2005 2005
(in thousands, except per share data)
Net income in accordance with GAAP $295,640 $11,182 $4,709 $814
Stock based compensation 19 25 48 36
Loss (gain) on equity
investments 266 (11,740) (7,590) -
Expenses (benefit) related to
antitrust litigation:
Income (478,571) - - -
Expenses 50,850 3,531 4,650 3,744
Charitable contributions 14,786 - - -
Tax impact of proforma items 113,325 3,324 - -
Total adjusted net income
(loss) $(3,685) $6,322 $1,817 $4,594
GAAP basic net income per share $1.76 $0.07 $0.03 $0.00
GAAP diluted net income per share $1.61 $0.06 $0.03 $0.00
Adjusted basic net income (loss) per
share $(0.02) $0.04 $0.01 $0.03
Adjusted diluted net income per share n/a $0.03 $0.01 $0.02
Shares used to compute basic net
income (loss) per share 167,573 170,797 171,393 170,947
Shares used to compute diluted net
income per share 183,728 184,180 184,816 184,686
A reconciliation of GAAP cost of revenue and operating expenses for the
quarters ended September 30, 2006 and 2005 to
adjusted cost of revenue and operating expenses is as follows:
Quarter ended September 30, 2006
Stock- Antitrust
As Based Litigation
Reported Compensation Related Adjusted
(in thousands)
Expenses in accordance with GAAP
Cost of revenue $28,389 $(57) $- $28,332
Operating expenses:
Research and development $18,344 $(1,878) $- $16,466
Sales and marketing 37,560 (1,920) - 35,640
General and adminstrative 14,043 (1,166) (2,750) 10,127
Antitrust litigation benefit (61,861) - 61,861 -
Total adjusted operating
expenses, net $8,086 $(4,964) $59,111 $62,233
Quarter ended September 30, 2005
Stock- Antitrust
As Based Litigation
Reported Compensation Related Adjusted
(in thousands)
Expenses in accordance with GAAP
Cost of revenue $24,695 $- $- $24,695
Operating expenses:
Research and development $16,354 $(20) $- $16,334
Sales and marketing 30,745 - - 30,745
General and adminstrative 7,037 (5) - 7,032
Antitrust litigation expenses 3,531 - (3,531) -
Total adjusted operating
expenses, net $57,667 $(25) $(3,531) $54,111
Forward Looking Guidance
A reconciliation of GAAP net income per diluted share guidance for the
quarter and the full year ending December 31, 2006
to adjusted net income per diluted share guidance is as follows:
Quarter Ending Year Ending
December 31, 2006 December 31, 2006
Low High Low High
Net Income per diluted share in
accordance with GAAP $0.18 $0.21 $0.77 $0.80
Intangible amortization related
to WiderThan acquisition 0.01 0.01 0.01 0.01
Antitrust litigation related
benefit, net (0.33) (0.33) (1.18) (1.18)
Stock-based compensation 0.03 0.03 0.10 0.10
Gains on sales of equity
investments - - (0.01) (0.01)
Tax effect of above proforma
items 0.11 0.11 0.40 0.40
Total adjusted net income
per diluted share $0.00 $0.03 $0.09 $0.12
SOURCE RealNetworks, Inc.
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Related links:
http://www.realnetworks.com/
CONTACT:
Bill Hankes, +1-206-892-6614, or
bhankes@real.com, or Financial, Roy Goodman, +1-206-674-2330, or
rgoodman@real.com
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