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AVG Technologies Q3 Profit Soars; Lifts FY12 Outlook

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10/31/2012 7:12 PM ET

AVG Technologies N.V. (AVG: Quote) reported that net income available to ordinary shareholders for the third quarter of 2012 was $18.96 million, or $0.35 per share, compared to net income of $3.64 million, or $0.09 per share in the previous year quarter.

Non-GAAP adjusted net income for the third quarter of 2012 was $23.4 million, or $0.43 per share, compared to non-GAAP adjusted net income of $10.5 million, or $0.20 per share in the comparable quarter last year.

Revenue for the third quarter was $95.25 million, up 34% from $71.17 million in the year-ago quarter.

For the fourth quarter of 2012, revenue is expected to be in the range of $94.0 million to $98.0 million. Net income is expected to be in the range of $9.0 million to $10.0 million or $0.16 to $0.18 per share.

Non-GAAP net income is expected to be in the range of $14.0 million to $15.0 million or $0.25 to $0.27 per share.

AVG increased its financial outlook for fiscal year 2012. Revenue is expected to be in the range of $354.0 million to $358.0 million, up from the previous outlook of $336.0 million to $344.0 million.

For fiscal 2012, net income is expected to be in the range of $50.0 million to $51.0 million, or $0.91per share to $0.93 per share.

Non-GAAP adjusted net earnings is expected to be in the range of $1.34 to $1.36 per share, up from $1.15 to $1.20 per share provided earlier.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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Stocks have moved mostly higher in early trading on Wednesday, adding to the gains posted in the two previous sessions. The major averages have all moved to the upside, although buying interest has waned since the open. Industrial production in the U.S. rose by more than expected in the month of March, the Federal Reserve revealed in a report on Wednesday, with the report also showing a notable upward revision to the pace of production growth in the previous month. The report said industrial production increased by 0.7 percent in March after surging up by an upwardly revised 1.2 percent in February. Housing starts in the U.S. showed a notable increase in the month of March, according to a report released by the Commerce Department on Wednesday, although starts still came in well below economist estimates. The report showed that housing starts climbed 2.8 percent to an annual rate of 946,000 in March from the revised February estimate of 920,000.
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