Constant Contact Announces Fourth Quarter and Full Year 2012 Financial Results

  Constant Contact Announces Fourth Quarter and Full Year 2012 Financial
  Results

       Q4 revenue of $66.3 million and adjusted EBITDA margin of 15.3%

  2012 revenue of $252.2 million represents approximately 18% revenue growth

Business Wire

WALTHAM, Mass. -- January 31, 2013

Constant Contact®, Inc. (Nasdaq: CTCT), which helps more than half a million
small organizations connect with their customers through a suite of online
engagement marketing tools, today announced its financial results for the
fourth quarter and full year ended December 31, 2012.

“We had a good finish to the year and are pleased with our fourth quarter
results. We delivered better than expected revenue and profitability in-line
with expectations. We also finished the year with positive momentum across our
core metrics, including new customer additions,” said Gail Goodman, chief
executive officer of Constant Contact. “2012 was an important year as we
expanded our product suite and began the transformation of Constant Contact
into a true multi-product company. We now have a robust suite of six online
marketing tools for our small business customers, and 2013 is the year that we
bring them all together for small businesses.”

“Looking forward, social media marketing and mobile marketing will require
small businesses to dramatically adapt their marketing efforts,” continued
Goodman. “More than ever they need a partner to help them navigate this
changing marketing landscape and to provide a single, integrated engagement
marketing platform to create, manage and measure all of their marketing
campaigns. Constant Contact will be that resource for small businesses and
build upon our role as the trusted marketing provider to more than half a
million small businesses. The opportunity is expansive, and we believe that we
have the right strategy, products and team to execute on our vision.”

Fourth Quarter 2012 Financial Metrics

  *Revenue was $66.3 million, an increase of 15.2% compared to revenue of
    $57.5 million for the comparable period in 2011.
  *Gross margin in the fourth quarter was 71.7%, compared to 72.4% for the
    comparable period in 2011.
  *GAAP net income was $6.4 million, compared to GAAP net income of $18.9
    million for the fourth quarter of 2011. GAAP net income per diluted share
    was $0.21, based on diluted weighted average shares outstanding of 30.9
    million, compared to GAAP net income of $0.62 per diluted share, based on
    diluted weighted average shares outstanding of 30.6 million, for the
    comparable period in 2011. GAAP net income and GAAP net income per share
    for the fourth quarter of 2012 included a $6.1 million non-cash benefit,
    or $0.20 per diluted share, from a change to the fair value of a
    contingent consideration liability associated with the acquisition of
    SinglePlatform. GAAP net income and GAAP net income per share for the
    fourth quarter of 2011 included a $13.8 million, or $0.45 per diluted
    share, tax benefit primarily associated with the release of the deferred
    tax asset valuation allowance.
  *Adjusted EBITDA was $10.2 million compared to adjusted EBITDA of $12.0
    million for the comparable period in 2011. Adjusted EBITDA margin was
    15.3%, compared to 20.9% for the comparable period in 2011. Adjusted
    EBITDA and adjusted EBITDA margin for the fourth quarter of 2012 excluded
    a $6.1 million non-cash benefit from a change to the fair value of a
    contingent consideration liability associated with the acquisition of
    SinglePlatform.
  *Non-GAAP net income was $5.1 million, compared to non-GAAP net income of
    $8.1 million for the fourth quarter of 2011. Non-GAAP net income per
    diluted share was $0.17, based on diluted weighted average shares
    outstanding of 30.9 million, compared to non-GAAP net income per diluted
    share of $0.27, based on diluted weighted average shares outstanding of
    30.6 million, for the comparable period in 2011. Non-GAAP net income and
    non-GAAP net income per share for the fourth quarter of 2012 excluded a
    $6.1 million non-cash benefit, or $0.20 per diluted share, from a change
    to the fair value of a contingent consideration liability associated with
    the acquisition of SinglePlatform. Non-GAAP net income and non-GAAP net
    income per share for the fourth quarter of 2011 excluded a $13.8 million,
    or $0.45 per diluted share, tax benefit primarily associated with the
    release of the deferred tax asset valuation allowance.
  *Cash flow from operations was $11.7 million, compared to $13.4 million for
    the fourth quarter of 2011.
  *Capital expenditures were $6.8 million, compared to $5.2 million for the
    fourth quarter of 2011.
  *Free cash flow was $4.8 million, compared to $8.2 million for the fourth
    quarter of 2011.
  *The company had $93.5 million in cash, cash equivalents and short-term
    marketable securities at December 31, 2012, compared to $88.2 million at
    September 30, 2012.

Full Year 2012 Financial Metrics

  *Revenue was $252.2 million, an increase of 17.6% compared to $214.4
    million for 2011.
  *Gross margin was 70.8%, compared to 71.3% for 2011.
  *GAAP net income was $12.8 million for 2012, compared to GAAP net income of
    $23.7 million. GAAP net income per diluted share was $0.41, based on
    diluted weighted average shares outstanding of 31.0 million, compared to
    GAAP net income of $0.77 per diluted share for 2011, based on diluted
    weighted average shares outstanding of 30.7 million. GAAP net income and
    net income per share for 2012 included a $12.2 million, or $0.39 per
    diluted share, non-cash benefit from a change to the fair value of a
    contingent consideration liability associated with the acquisition of
    SinglePlatform. GAAP net income and GAAP net income per share for 2011
    included a $13.4 million, or $0.44 per diluted share, tax benefit
    primarily associated with the release of the deferred tax asset valuation
    allowance.
  *Adjusted EBITDA for 2012 was $36.6 million compared to adjusted EBITDA of
    $36.1 million for 2011. Adjusted EBITDA margin for 2012 was 14.5% compared
    to 16.8% for 2011. Adjusted EBITDA and adjusted EBITDA margin excluded a
    $12.2 million non-cash benefit from a change to the fair value of a
    contingent consideration liability associated with the acquisition of
    SinglePlatform.
  *Non-GAAP net income was $17.5 million for 2012, compared to $21.8 million
    for 2011. Non-GAAP net income per diluted share was $0.56, based on
    diluted weighted average shares outstanding of 31.0 million, compared to
    non-GAAP income of $0.71 per diluted share for 2011, based on diluted
    weighted average shares outstanding of 30.7 million. Non-GAAP net income
    and non-GAAP net income per share for 2012 excluded a $12.2 million, or
    $0.39 per diluted share, non-cash benefit from a change to the fair value
    of a contingent consideration liability associated with the acquisition of
    SinglePlatform. Non-GAAP net income and non-GAAP net income per share for
    2011 excluded a $13.6 million, or $0.44 per diluted share, tax benefit
    primarily associated with the release of the deferred tax asset valuation
    allowance.
  *Cash flow from operations was $38.7 million for the full year of 2012
    compared to $41.7 million in 2011.
  *Capital expenditures were $21.9 million for the full year of 2012 compared
    to $18.1 million in 2011.
  *Free cash flow was $16.8 million for the full year of 2012, compared to
    $23.5 million in 2011.

Operating Metrics

  *Added 45,000 gross new unique customers in the fourth quarter compared to
    35,000 in the third quarter of 2012. (*)
  *Ended the fourth quarter with 555,000 unique customers, an increase from
    540,000 unique customers at the end of the third quarter of 2012 and
    500,000 unique customers at the end of the fourth quarter of 2011. This
    includes the approximately 10,000 existing SinglePlatform customers at the
    time of the acquisition in June 2012. (*)
  *Average monthly revenue per unique customer (ARPU) for the fourth quarter
    was $41.12, up from $40.35 in the third quarter of 2012, and up from
    $38.94 in the comparable period in 2011. (**)
  *Monthly retention rate of unique paying customers remained in its
    historical range of 97.8%, plus or minus 0.5%, for each month during the
    fourth quarter.

    (*) Figures are rounded to nearest 5,000.
    (**) The ARPU calculation includes SinglePlatform revenue for the fourth
    quarter of 2012 and excludes the approximately 10,000 existing
    SinglePlatform customers at the time of the acquisition in June 2012.

Other Recent Highlights

  *Announced the addition of four major new publishers, including The
    Washington Post, WhitePages™, Infogroup^®, and Acxiom Corporation to the
    SinglePlatform publishing partner network. The publisher network continues
    to expand, extending the reach of SinglePlatform's small business
    customers, giving them an even greater opportunity to be found at the
    critical moment a consumer is making a purchase decision.
  *Launched the new Constant Contact Solution Provider Program with an
    accredited curriculum that delivers education and training on engagement
    marketing tools, marketing best practices and business development to help
    Constant Contact Solution Providers market and grow their own business.
    The program is focused on driving business results for solution provider
    partners by supplying them with the sales tools, marketing resources and
    KnowHow^® to accelerate demand generation.
  *Achieved growth across the portfolio of engagement marketing products,
    including reaching the following milestones during 2012:

       *Sent out more than 45 billion emails on behalf of more than 500,000
         email marketing customers
       *Managed more than 315,000 events via EventSpot for more than 5
         million event registrants
       *SinglePlatform’s digital storefronts had more than 100 million
         consumer views, with monthly views surpassing 20 million in December
       *Social Campaigns generated more than 120,000 users since its launch
         in February
       *SaveLocal launched more than 9,500 deals in 2012, with more than 20%
         of the deals purchased by new consumers

“We took steps to refocus the organization on operating discipline and reverse
the trends that contributed to our weak performance in the third quarter,”
said Harpreet Grewal, chief financial officer of Constant Contact. “We have
made good progress and are pleased with the fourth quarter results. For 2013,
our guidance remains largely unchanged. We expect to deliver approximately 13%
– 15% annual revenue growth and approximately 100 basis points of annual
adjusted EBITDA margin improvement,” continued Grewal. “Our 2013 priorities
focus on accelerating customer growth and transforming Constant Contact into a
true multi-product company. We expect to continue making investments in
product integration, branding and positioning, pricing and packaging, and will
maintain our renewed focus on operational discipline and analytical rigor to
drive the desired results.”

Business Outlook

Based on information available as of January 31, 2013, Constant Contact is
issuing guidance for the first quarter and full year 2013 as follows:

First Quarter 2013:                         
                                            
                                            Current Guidance (1/31/2013)
Total revenue                                $67.9 m - $68.2 m
Adjusted EBITDA margin                       5.9% - 6.6%
Adjusted EBITDA                              $4.0 m - $4.5 m
Stock-based compensation expense             $3.8 m
GAAP net income (loss)                       ($2.7 m - $3.0 m)
GAAP net income (loss) per share             ($0.09 - $0.10)
Non-GAAP net income (loss) per share*        ($0.03 - $0.04)
Diluted weighted average shares              31.2 m
outstanding
                                                  

Full Year 2013:                                    
                                                  
                        Prior Guidance             Current Guidance
                              (10/25/2012)                    (1/31/2013)
Total revenue            Approximately 13% -        $284.0 m -
                              15% revenue growth              $289.0 m
                              ~100 basis points of
Adjusted EBITDA          annual Adjusted            15.1% - 15.6%
margin                        EBITDA margin
                              expansion
Adjusted EBITDA          —                          $43.0 m - $45.0
                                                              m
Stock-based
compensation             —                          $15.3 m
expense
GAAP net income          —                          $3.1 m - $4.3 m
GAAP net income per      —                          $0.10 - $0.13
share
Non-GAAP net income      —                          $0.62 - $0.69
per share*
Diluted weighted
average shares           —                          31.6 m
outstanding
Estimated effective      —                          ~40%
tax rate
Estimated cash tax       —                          ~10%
rate
* non-GAAP net income per share calculated using an estimated cash tax rate

Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures:
Adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP net
income per share, estimated cash tax rate and free cash flow.

Adjusted EBITDA is calculated by taking GAAP net income, adding depreciation
and amortization, stock-based compensation, adjusting for taxes and contingent
consideration adjustment, then subtracting interest and other income, net.
Adjusted EBITDA margin is equal to adjusted EBITDA divided by revenue.

Non-GAAP net income is calculated by taking GAAP net income adding back
stock-based compensation expense and then adjusting for the non-cash portion
of income taxes and contingent consideration adjustment. Non-GAAP net income
per share is calculated by dividing Non-GAAP net income by the diluted
weighted average shares outstanding.

Estimated cash tax rate is calculated by dividing estimated taxes to-be-paid
by estimated full year income before taxes.

Free cash flow is calculated by subtracting cash paid for the acquisition of
property and equipment from net cash provided by operating activities.

Constant Contact believes that these non-GAAP measures of financial results
provide useful information to management and investors regarding certain
financial and business trends relating to Constant Contact’s financial
condition and results of operations. The company’s management uses these
non-GAAP measures to compare the company’s performance to that of prior
periods for trend analyses, for purposes of determining executive and senior
management incentive compensation and for budgeting and planning purposes.
These measures are used in monthly financial reports prepared for management
and in monthly and quarterly financial reports presented to the company’s
board of directors. The company believes that the use of these non-GAAP
financial measures provides an additional tool for investors to use in
evaluating ongoing operating results and trends and in comparing the company’s
financial measures with other software-as-a-service companies, many of which
present similar non-GAAP financial measures to investors.

Management of the company does not consider these non-GAAP measures in
isolation or as an alternative to financial measures determined in accordance
with GAAP. The principal limitation of these non-GAAP financial measures is
that they exclude significant expenses and income that are required by GAAP to
be recorded in the company’s financial statements. In addition, they are
subject to inherent limitations as they reflect the exercise of judgments by
management about which expenses and income are excluded or included in
determining these non-GAAP financial measures. In order to compensate for
these limitations, management presents non-GAAP financial measures in
connection with GAAP results. Constant Contact urges investors to review the
reconciliation of its non-GAAP financial measures to the comparable GAAP
financial measures, which it includes in press releases announcing quarterly
financial results, including this press release, and not to rely on any single
financial measure to evaluate the company’s business.

Reconciliation tables of the most comparable GAAP financial measures to the
non-GAAP financial measures used in this press release are included with the
financial tables at the end of this release.

Conference Call Information

What:           Constant Contact fourth quarter and full year 2012
                     financial results conference call
When:                Thursday, January 31, 2013
Time:                5:00 p.m. ET
Live Call:           (877) 334-1974, domestic
                     (760) 666-3590, international
Replay:              (855) 859-2056, domestic
                     (404) 537-3406, international
Webcast:             http://investor.constantcontact.com/ (live and replay)
                     

Live and replay conference ID code: 85688346

The webcast will be archived on Constant Contact’s website for a period of
three months.

About Constant Contact, Inc.

Constant Contact wrote the book on Engagement Marketing™ – the new marketing
success formula that helps small organizations create and grow customer
relationships in today’s socially connected world. More than half a million
small businesses, nonprofits and associations worldwide use the company’s
online marketing tools to generate new customers, repeat business, and
referrals through email marketing, social media marketing, event marketing,
local deals, digital storefronts, and online surveys. Only Constant Contact
offers the proven combination of affordable tools and free KnowHow^®,
including local seminars, personal coaching and award-winning product support.
The company further supports small organizations through its extensive network
of consultants/resellers, technology providers, franchises and national
associations.

Constant Contact and the Constant Contact Logo are registered trademarks of
Constant Contact, Inc. All Constant Contact product names and other brand
names mentioned herein are trademarks or registered trademarks of Constant
Contact, Inc. All other company and product names may be trademarks or service
marks of their respective owners.

Cautionary Language Concerning Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of
the “safe harbor” provisions of the Private Securities Litigation Reform Act
of 1995, including but not limited to, statements regarding the recent
positive momentum related to Constant Contact’s core operating metrics, the
company’s transformation to a multi-product company, the company’s future
opportunity, management’s ability to execute on the company’s strategy,
revenue growth and expanding profitability, management’s focus on operational
discipline and analytical rigor and the financial guidance for the first
quarter of 2013 and full year 2013. These forward-looking statements are made
as of the date they were first issued and were based on current expectations,
estimates, forecasts and projections as well as the beliefs and assumptions of
management. Words such as "expect," "anticipate," "should," "believe," "hope,"
"target," "project," "goals," "estimate," "potential," "predict," "may,"
"will," "might," "could," "intend," variations of these terms or the negative
of these terms and similar expressions are intended to identify these
forward-looking statements. Forward-looking statements are subject to a number
of risks and uncertainties, many of which involve factors or circumstances
that are beyond Constant Contact’s control. Constant Contact’s actual results
could differ materially from those stated or implied in forward-looking
statements due to a number of factors, including but not limited to, the
company’s ability to attract new customers and retain existing customers, the
company’s dependence on the market for email marketing services for small
organizations, adverse economic conditions in general and adverse economic
conditions specifically affecting the markets in which the company operates,
the company’s ability to successfully develop and introduce new products and
add-ons or enhancements to existing products, including the Social Campaigns
and SaveLocal products, the successful integration of SinglePlatform, adverse
regulatory or legal developments, litigation risk and expense, the company’s
ability to continue to promote and maintain its brand in a cost-effective
manner, changes in the competitive environment, the company’s ability to
compete effectively, the company’s ability to attract and retain key
personnel, the company’s ability to protect its intellectual property and
other proprietary rights, and other risks detailed in Constant Contact’s most
recent Quarterly Report on Form 10-Q filed with the Securities and Exchange
Commission as well as other documents that may be filed by the company from
time to time with the Securities and Exchange Commission. Past performance is
not necessarily indicative of future results. The forward-looking statements
included in this press release represent Constant Contact’s views as of the
date of this press release. The company anticipates that subsequent events and
developments will cause its views to change. Constant Contact undertakes no
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. These
forward-looking statements should not be relied upon as representing Constant
Contact’s views as of any date subsequent to the date of this press release.

(CTCT-F)

                                                            
                                                                   
Constant Contact, Inc.

Consolidated Condensed Statements of Operations (unaudited)

(In thousands, except per share data)
                                                                   
                           Three Months Ended        Year Ended
                           December 31,              December 31,
                           2012        2011         2012          2011
                                                                   
Revenue                    $ 66,298     $ 57,532     $ 252,154     $ 214,420
Cost of revenue             18,792     15,896     73,547     $ 61,491  
Gross profit                47,506     41,636     178,607     152,929 
                                                                   
Operating
expenses:
Research and                 9,736        7,153        38,787        29,478
development
Sales and                    28,092       23,007       104,527       89,211
marketing
General and                  7,931        6,356        31,132        23,979
administrative
Acquisition costs
and other related           (6,058 )    -          (11,355 )    264     
charges
Total operating             39,701     36,516     163,091     142,932 
expenses
                                                                   
Income from                  7,805        5,120        15,516        9,997
operations
                                                                   
Interest income              35           82           224           346
and other income
Other (expense)             (5     )    (84    )    7           (84     )
income
                                                                   
Income before                7,835        5,118        15,747        10,259
income taxes
                                                                   
Income tax                  (1,456 )    13,777     (2,991  )    13,420  
(expense) benefit
                                                                   
Net income                 $ 6,379     $ 18,895    $ 12,756     $ 23,679  
                                                                   
Net income per
share:
Basic                      $ 0.21       $ 0.63       $ 0.42        $ 0.80
Diluted                    $ 0.21       $ 0.62       $ 0.41        $ 0.77
                                                                   
Weighted average
shares outstanding
used in computing
per share amounts:
Basic                        30,526       29,819       30,386        29,566
Diluted                      30,886       30,646       31,003        30,671
                                                                             
                                                                             

Constant Contact, Inc.

Calculation of Adjusted EBITDA and Adjusted EBITDA Margin (unaudited)

(In thousands)
                                                            
                          Three Months Ended         Year Ended
                          December 31,               December 31,
                          2012        2011          2012          2011
                                                                   
Net income                $ 6,379      $ 18,895      $ 12,756      $ 23,679
                                                                   
Subtract:
Contingent
consideration               6,058        -             12,152        -
adjustment
Interest and                35           82            224           346
other income
                                                                   
Add back:
Depreciation and            4,990        3,842         19,003        14,409
amortization
Stock-based
compensation                3,427        3,065         14,274        11,708
expense
Income tax                  1,456        (13,777 )     2,991         (13,420 )
expense (benefit)
Other expense              5          84          (7      )    84      
(income)
                                                                   
Adjusted EBITDA           $ 10,164    $ 12,027     $ 36,641     $ 36,114  
                                                                   
Divide by:
Revenue                   $ 66,298     $ 57,532      $ 252,154     $ 214,420
                                                                   
Adjusted EBITDA             15.3   %     20.9    %     14.5    %     16.8    %
margin
                                                                             
                                                                             

Constant Contact, Inc.

Calculation of Non-GAAP Net Income and Non-GAAP Net Income per Share
(unaudited)

(In thousands, except per share data)
                                                 
                           Three Months Ended         Year Ended
                           December 31,               December 31,
                           2012        2011          2012         2011
                                                                   
Net income                 $ 6,379      $ 18,895      $ 12,756     $ 23,679
                                                                   
Adjust:
Non-cash portion
of income tax                1,365        (13,818 )     2,577        (13,597 )
expense (benefit)
Contingent
consideration                (6,058 )     -             (12,152 )    -
adjustment
                                                                   
Add back:
Stock-based
compensation                3,427      3,065       14,274     11,708  
expense
                                                                   
Non-GAAP net               $ 5,113     $ 8,142      $ 17,455    $ 21,790  
income
                                                                   
Non-GAAP net
income per share:          $ 0.17       $ 0.27        $ 0.56       $ 0.71
diluted
                                                                   
Weighted average
shares outstanding           30,886       30,646        31,003       30,671
used in computing
per share amounts
                                                                             
                                                                             

Constant Contact, Inc.

Calculation of Free Cash Flow (unaudited)

(In thousands)
                                                       
                                      Three Months Ended    Year Ended
                                      December 31,          December 31,
                                      2012      2011       2012      2011
                                                                      
Net cash provided by                  $ 11,673   $ 13,408   $ 38,697  $ 41,654
operating activities
                                                                      
Subtract:
Acquisition of property and            6,846     5,185     21,922   18,106
equipment
                                                                      
Free cash flow                        $ 4,827    $ 8,223    $ 16,775  $ 23,548
                                                                        
                                                                        

Constant Contact, Inc.

Consolidated Condensed Statements of Cash Flows (unaudited)

(In thousands)
                                                 
                                                     Year Ended
                                                     December 31,
                                                     2012         2011
                                                                  
Cash flows from operating activities
Net income                                           $ 12,756     $ 23,679
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization                          19,003       14,409
Amortization of premiums on investments                539          660
Stock-based compensation expense                       14,274       11,708
Provision for bad debts                                11           3
Loss on sale of equipment                              -            79
Gain on sales of marketable securities                 -            (13      )
Deferred income taxes                                  2,465        (13,827  )
Contingent consideration adjustment                    (12,152 )    -
Taxes paid related to net share settlement             (598    )    (319     )
of restricted stock units
Change in operating assets & liabilities,
net of effects from acquisitions:
Accounts receivable                                    3            (17      )
Prepaid expenses and other current assets              1,770        (2,462   )
Other assets                                           (254    )    (1,149   )
Accounts payable                                       (787    )    1,462
Accrued expenses                                       (1,398  )    3,791
Deferred revenue                                       3,107        3,880
Other long-term liabilities                           (42     )   (230     )
Net cash provided by operating activities             38,697     41,654   
                                                                  
Cash flows from investing activities
Purchases of marketable securities                     (40,254 )    (130,702 )
Proceeds from maturities of marketable                 59,867       46,313
securities
Proceeds from sales of marketable securities           44,600       84,727
Acquisition of businesses, net of cash                 (68,296 )    (15,600  )
acquired
Proceeds from sale of equipment                        -            81
Purchases of intangible assets                         -            (685     )
Acquisition of property and equipment                 (21,922 )   (18,106  )
Net cash used in investing activities                 (26,005 )   (33,972  )
                                                                  
Cash flows from financing activities
Proceeds from issuance of common stock                 4,356        7,926
pursuant to exercise of stock options
Income tax benefit from the exercise of                84           229
stock options
Proceeds from issuance of common stock                1,053      859      
pursuant to employee stock purchase plan
Net cash provided by financing activities             5,493      9,014    
Effects of exchange rates on cash                      1            1
Net increase in cash and cash equivalents              18,186       16,697
Cash and cash equivalents, beginning of               49,589     32,892   
period
Cash and cash equivalents, end of period             $ 67,775    $ 49,589   
                                                                  
Supplemental disclosure of non-cash
investing and financing activities
Capitalization of stock-based compensation             785          670
Fair value of contingent consideration in
connection with acquisition included in                12,152       -
accrued expenses and other long-term
liabilities
                                                                             
                                                                             

Constant Contact, Inc.

Consolidated Condensed Balance Sheets (unaudited)

(In thousands)
                                                            
                                                   December 31,   December 31,
                                                   2012           2011
                                                                  
Assets
Current assets
Cash and cash equivalents                          $  67,775      $  49,589
Marketable securities                                 25,732         90,523
Accounts receivable, net                              92             58
Prepaid expenses and other current assets            6,912        8,891   
Total current assets                                  100,511        149,061
                                                                  
Property and equipment, net                           39,653         34,263
Restricted cash                                       750            750
Goodwill                                              95,505         18,935
Acquired intangible assets, net                       6,758          3,046
Deferred tax assets                                   11,377         12,960
Other assets                                         2,708        2,363   
Total assets                                       $  257,262    $  221,378 
                                                                  
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable                                   $  8,167       $  8,906
Accrued expenses                                      10,803         10,515
Deferred revenue                                     32,700       28,983  
Total current liabilities                             51,670         48,404
                                                                  
Other long-term liabilities                          2,010        2,052   
                                                                  
Total liabilities                                    53,680       50,456  
                                                                  
Common stock                                          307            301
Additional paid-in capital                            209,987        190,039
Accumulated other comprehensive income                11             61
Accumulated deficit                                  (6,723  )     (19,479 )
Total stockholders' equity                           203,582      170,922 
Total liabilities and stockholders' equity         $  257,262    $  221,378 

Contact:

Media Contact:
Constant Contact
Erika Tower, 781-482-7039
pr@constantcontact.com
or
Investor Contact:
Constant Contact
Jeremiah Sisitsky, 339-222-5740
ir@constantcontact.com
 
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