From the Wires
Akamai to Postpone Investor Summit
By: PR Newswire
Nov. 14, 2012 04:20 PM
CAMBRIDGE, Mass., Nov. 14, 2012 /PRNewswire/ --
Akamai Technologies, Inc. (NASDAQ: AKAM), the leading cloud platform for helping enterprises provide secure, high-performing user experiences on any device, anywhere, announced today that it will postpone its Investor Summit scheduled for December 12, 2012. The meeting will be rescheduled to an appropriate date after the Company has named and transitioned to a new Chief Executive Officer.
Earlier this year, the Company announced that its Board of Directors was conducting a search to name a new chief executive to succeed Paul Sagan, who is completing his eighth year as CEO and said at the time that he wanted to transition to a successor.
Akamai today also reaffirmed its previously-issued financial guidance for the fourth quarter of 2012. The Company expects fourth quarter revenue to be in the range of $373 million to $385 million and normalized net income* of $0.48 to $0.50 per diluted share.
Akamai defines "normalized net income" as net income before amortization of other intangible assets, stock-based compensation expense, amortization of capitalized stock-based compensation, restructuring charges and benefits, acquisition related costs and benefits, certain gains and losses on investments, loss on early extinguishment of debt and gains and losses on legal settlements. Akamai considers normalized net income to be another important indicator of the overall performance of the Company because it eliminates the effects of events that are either not part of the Company's core operations or are non-cash.
Akamai defines "normalized net income per share" as normalized net income, plus interest add-back for diluted share calculation, divided by the basic weighted average or diluted common shares outstanding used in GAAP net income per share calculations. Akamai considers normalized net income per share to be another important indicator of overall performance of the Company because it eliminates the effect of non-cash items. Adjusted EBITDA and normalized net income should be considered in addition to, not as a substitute for, the Company's operating income and net income, as well as other measures of financial performance reported in accordance with GAAP.
Akamai is unable to provide a reconciliation on a forward-looking basis of normalized net income per share to net income per share calculated in accordance with GAAP because the Company does not have and is currently unable to estimate the following items that are excluded from the calculation of net income per share: amortization of other intangible assets; stock-based compensation expense; amortization of capitalized stock-based compensation; acquisition related costs (benefits); and restructuring (benefits) charges.
Akamai Statement Under the Private Securities Litigation Reform Act
In addition, the statements in this press release represent Akamai's expectations and beliefs as of the date of this press release. Akamai anticipates that subsequent events and developments may cause these expectations and beliefs to change. However, while Akamai may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Akamai's expectations or beliefs as of any date subsequent to the date of this press release.
SOURCE Akamai Technologies, Inc.
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