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Market Recap 11-12-14 Tucows Down 2.19% but reports earnings after the close that see revenue up 9%

November 12, 2014 by Raymond Hackney

Market Recap 11-12-14

Tucows was done 2.19% on the day but after the close reported strong earnings.

Net revenue for the third quarter of 2014 increased 9% to $38.9 million from $35.6 million for the third quarter of 2013.

Net income for the third quarter of 2014 was $2.7 million, or $0.24 per share, compared with $2.6 million, or $0.24 per share, for the third quarter of 2013.  Net income for both the third quarters of 2013 and 2014 included the contribution of confidential arrangements related to the Company’s withdrawal of certain of its applications under the ICANN New gTLD Program.

Cash and cash equivalents at the end of the third quarter of 2014 were $13.6 million, compared with $14.2 million at the end of the second quarter of 2014 and $11.5 million at the end of the third quarter of 2013.  During the third quarter of 2014, the Company generated cash flow from operating activities of $5.0 million, as well as $1.1 million from the proceeds of stock options. This was partially offset by the use of $5.4 million for the repayment in full of the Company’s bank loan and $1.1 million for the repurchase of shares under the Company’s ongoing share buyback program.

They also announced a Dutch  Auction

it expects to commence within 30 days of this announcement a “modified Dutch auction” tender offer (the “Tender Offer”) to repurchase a number of shares of its common stock not to exceed an aggregate purchase price of $8.0 million. In accordance with rules of the Securities and Exchange Commission (“SEC”), Tucows may increase the number of shares accepted for payment in the offer by no more than 2 percent of the outstanding shares without amending or extending the tender offer. Tucows also announced that it has suspended its normal course issuer bid, which commenced in March 2014 and pursuant to which Tucows has repurchased 79,392 shares of common stock.

The Tender Offer will allow shareholders to indicate how many shares and at what price within the Company’s specified range they wish to tender. Tucows will select the lowest single per-share purchase price that will allow it to buy up to $8.0 million of its outstanding common stock at completion of the Tender Offer. The specified range is yet to be determined but is expected to be in the range of $16.00 to $18.00 per share. All shares purchased by the Company in the Tender Offer will be purchased at the same price and will be cancelled. The Company will not purchase stock below a shareholder’s indicated price, and in some cases, the Company may purchase shares at a price that is above a shareholder’s indicated price under the terms of the Tender Offer.

 

Minds + Machines  down 3.21% MMX London  Close 9.80p
Marchex  up 0.80% MCHX Nasdaq  Close $3.80
Google  down 0.54% GOOG Nasdaq  Close $547.31
Web.com  up 0.82% WWWW Nasdaq  Close $16.01
Rightside  up 0.90% Name Nasdaq  Close $10.06
CentralNic  down 6.52% CNIC London  Close 43.00p
Tucows  down 2.19% TCX Nasdaq  Close $15.62
Verisign  up 0.72% VRSN Nasdaq  Close $60.36
Neustar  up 0.48% NSR NYSE  Close $27.11
United Internet  up 0.32% UTDI German XETRA  Close 32.67 €

Disclaimer – Any stock price and market data provided on our website is for informational purposes only, and should not be relied upon for trading purposes. Historical and current stock price performance data is not necessarily indicative of future performance.

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Filed Under: Market Recap

About Raymond Hackney

Raymond Hackney has been involved with domain names since 1997. One of the most prolific writers in the domain industry and founder of TLDinvestors.com and 3Character.com

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