Earnings: J2 Global, Marcus & Millichap, Apollo MedicalThursday, May 8, 2014
J2 Global Inc. on Thursday reported a 26 percent rise in first-quarter net income as the Hollywood provider of media services saw increasing strength in its cloud data backup services business.
Before the markets closed, J2 Global reported net income of nearly $28.8 million (60 cents a share), compared with $22.92 million (49 cents) in the same period a year earlier. Revenues rose 18 percent to $134 million.
Adjusted earnings were 76 cents a share. Analysts surveyed by Thomson Reuters on average expected the company to earn an adjusted 72 cents share on revenue of $132 million.
“Our cloud backup business has surpassed the $50 million annual revenue run-rate milestone faster than anticipated,” Chief Executive Hemi Zucker said in a statement.
Shares closed down 97 cents, or 2 percent, to $43.67 on the Nasdaq.
Marcus & Millichap
Marcus & Millichap Inc. reported soaring revenue in the first quarter on Thursday, citing the continued recovery of the commercial real estate market.
The Calabasas commercial real estate brokerage reported net income of $6.8 million (17 cents a share), compared with $1.6 million the same period a year earlier before it went public.
Revenue rose 65 percent to more than $114 million, with revenue from real estate brokerage commissions up more than 71 percent to $105 million.
“Our performance during the quarter reflects ongoing strength in our core apartment and retail property types within the private client segment of the market,” Chief Executive John Kerin said in a statement.
The company went public in an Oct. 31 IPO that raised $72 million, less than the $104 million the company had hoped. The company dropped its IPO price to $12 a share from its first announcement of $14 to $16 a share.
Shares gained 2 cents, or less than 1 percent, to close at $15.75 on the New York Stock Exchange.
Apollo Medical Holdings
Apollo Medical Holdings Inc. reported on Thursday a narrower loss and higher revenue in its last fiscal year, crediting a string of recent acquisitions and expansions.
The Glendale company, which operates doctor groups and clinics, reported a loss of $4.6 million (-12 cents a share) for the year ended Jan. 31, compared with a net loss of $32.5 million (-27 cents) the previous year. Revenue rose 35 percent to $10.5 million.
“Our revenue growth reflects solid execution on our strategy to build a robust, integrated health care delivery system,” Chief Executive Dr. Warren Hosseinion said in a statement. “In the current year, we expect continued revenue growth."
Shares closed at 44 cents on the over-the-counter market.