ServiceSource International Inc. (NASDAQ: SREV) director Barry Reynolds this week bought 356,496 shares of SREV common stock.
SREV shares are currently trading 1.20% lower at $9.05 on volume of 956,179. The stock touched an intra-day low of $8.99 in trading. Year-to-date, SREV shares have fallen more than 42%, underperforming the S&P 500.
Based in San Francisco, California, ServiceSource International is a service revenue management company, managing the service contract renewals process for renewals of maintenance, support and subscription agreements on behalf of its customers.
SREV reported its second-quarter financial results late last month. For the second quarter ended June 30, 2012, SREV reported revenue of $59.7 million, up 23% over the same period in the previous year. The company’s adjusted EBITDA for the quarter was $4.5 million, compared to $2.8 million reported in the second quarter of 2011.
On a non-GAAP basis, SREV reported net income of $1.5 million, or $0.02 per share, compared to $0.6 million, or $0.01 per share reported for the same period in the previous year.
On a GAAP basis, the company reported a net loss of $36.8 million, or $0.50 per share for the second quarter, compared to a net loss of $1.1 million, or $0.02 per share reported for the same period in the previous year.
Looking ahead to the third quarter, SREV expects revenue to be between $57.5 million and $59.5 million. Adjusted EBITDA for the third quarter is expected to be between $0.5 million and $1.5 million. The company expects to report GAAP net loss of $7.5 million to $8.5 million for the second quarter.
For the full year, revenue is expected to be between $246 million and $249 million. Adjusted EBITDA for the full year is expected to be between $16 million and $18 million.
Mike Smerklo, Chairman and CEO of ServiceSource, said last month that SREV has made tremendous progress advancing its Avalon platform, which is the company’s next-generation, cloud application suite for managing recurring revenue. Smerklo also said that the company recently launched its first beta customer and is on track for a fall delivery of Avalon.
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