Boston, MA 02/19/2014 (wallstreetpr) – On Feb 19, AVG Technologies NV (NYSE:AVG) reported results for the fourth quarter and fiscal year ended Dec 31, 2013.
Gary Kovacs, the Chief Executive Officer of AVG, the online security company with as many as 177 million active users, said that in 2013 AVG Technologies NV (NYSE:AVG) saw strong growth and that the year was that of transformation for the company. He believes to position the company as the online security company which would provide software and services to protect data, devices and people with the renewed vision it has entered in 2014 with.
Fourth quarter 2013
Revenue for the fourth quarter of 2013 increased 7% up to $101.9 million, as compared to the $95.2 million in the fourth quarter of 2012. Subscription revenue also increased from $53.6 million in the same period of the 2012 to $67.3 million in 2013. This means an increase of 25%.
Non-GAAP adjusted net income for the fourth quarter of 2013 was $28.2 million as compared to the prior year’s $17.3 million. That compares $0.52 for every diluted ordinary share for the fourth quarter of 2013with $0.32 per diluted ordinary share for the same period of the previous year.
Net income in accordance with GAAP for the fourth quarter of 2013 increased to as much as $12.8 million from the previous $4.9 million. Net income for the fourth quarter of 2013 was $0.23 per diluted ordinary share whereas it was $0.09 per diluted ordinary share in the same time the previous year.
Fiscal year 2013
AVG Technologies NV (NYSE:AVG)’s revenue for the fiscal year 2013 was $407.1 million as compared to the $356.0 million the previous year. This accounts for an increase of 14%. Subscription revenue also increased 27% which means it went up to $250.8 million in 2013 from $196.9 million in 2012.
For 2013, non-GAAP adjusted net income was $118.2 million or $2.16 per diluted ordinary share. Non-GAAP adjusted net income for fiscal year 2012 was $76.2 million or $1.40 per diluted ordinary share.
In accordance with GAAP, net income for fiscal year 2013 of AVG Technologies NV (NYSE:AVG) was $63.7 million or $1.16 for every diluted ordinary share, according to 54.7 million weighted average dilute ordinary shares outstanding. For the fiscal 2012, on the other hand, net income was $45.8 million, or $0.84 for every diluted ordinary share according to 54.3 million weighted average diluted ordinary shares outstanding.
