Boston, MA 02/14/2014 (wallstreetpr) – Limelight network, Inc. (NASDAQ:LLNW) reported not so good news with its fourth quarter results as losses continue to hit the global distributor of high performance computing platform. Despite the bad results its Chief Executive officer exudes confidence that the company turnaround efforts should see it scaling the market in terms of profits in the coming quarters. Limelight network saw its revenue for the quarter come in at $42.2 million that fall short of $46.5 million that was recorded in 2012.
Limelight Q4 in Numbers
Limelight network, Inc. (NASDAQ:LLNW) on the GAAP basis recorded a net losses amounting to $5.1 million or $0.05 a share that was a slight improvement considering the company reported a net loss of $12.2 million or $0.02 a share for 2012 fiscal year fourth quarter. This represented a $3.8 million gain or $0.04 per basic share as a result of the sale of the company’s WCM business.
The company recorded a net loss of $5.1 million on a non-GAAP basis that was a slight improvement when compared to a net loss of $5.6 million recorded for the same quarter in F2012. The net revenue for the quarter slightly dropped from $180.2 million recorded for the same quarter in 2012 to $173.4 million.
Full year financial result saw the company record net losses of $35.4 million that was slightly up when compared to anet loss of $32.9 million loss recorded in F2012 on a GAAP basis. On a non GAAP basis the company registered net losses amounting to $23 million or $0.24 a share that was slightly up compared to a net loss of $22 million in 2012.
Limelight network, Inc. (NASDAQ:LLNW) is currently engaging in turnaround strategies that the management team expect to reap benefits in the current fiscal year. Chief executive officer Bob Lento was quoted as saying “We are one year into our turnaround efforts to strengthen operations and improve our financial performance. The sale of WCM helps us focus our resources on our core capabilities”.
Limelight Network board authorizes a $15 million stock repurchase program
Limelight network, Inc. (NASDAQ:LLNW) board of directors has given an approval for a $15 million stock repurchase program with the stock expected to be repurchased either periodically in open market or through private negotiations in accordance with securities rules. This comes at the back of a repurchase of shares worth $5.5 million in 2013.
