LogMeIn posts 2Q loss but raises outlook for year

LogMeIn posts 2Q loss but raises outlook for year; shares rise aftermarket

Associated Press

BOSTON (AP) -- LogMeIn Inc., which operates a service that lets people remotely access their computers, on Thursday posted a second-quarter loss, partly due to acquisition costs, but adjusted results topped Wall Street's view.

CEO Michael Simon said he had "an increasingly positive outlook for the year," and was upbeat about new products. The company raised its guidance for 2013. Shares rose 11 percent in aftermarket trading.

Its loss for the three months ended June 30 totaled $1.4 million, or 6 cents per share. That compares with net income of $576,000 or 2 cents per share, in the same period last year.

Excluding one-time items, the company said earnings per share fell 4 cents, to 13 cents. That topped analysts' prediction by a penny, according to FactSet. The one-time items included charges stemming from paying employees in stock and costs related to acquisitions.

Revenue rose 20 percent, to $40.7 million from $33.8 million. Analysts expected $39.3 million.

The company now expects net income, excluding one-time items, will be 49 cents to 52 cents per share, up from prior guidance of 46 cents to 50 cents per share.

It expects revenue of $162.7 million to $164.2 million, up from prior guidance of $157 million to $160 million.

Analysts expect net income of 49 cents per share on revenue of $159.2 million.

The Boston company's profit view for the current quarter is in line with analyst estimates, while its revenue outlook is higher than what Wall Street expects.

LogMeIn's stock dropped 33 cents to close at $28.32 Thursday before second-quarter results were released. The shares are up 26 percent this year.

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