Web.com Group Q3 Loss Narrows; To Repurchase Up To $100 Mln Of Shares

(RTTNews) - Web.com Group, Inc. (WWWW), a provider of Internet services and online marketing solutions for small businesses, reported that its GAAP net loss for the third quarter ended September 30, 2014 narrowed to $3.4 million or $0.07 per share, from $6.0 million or $0.12 per share, for the third quarter of 2013.

Non-GAAP net income was $33.9 million or $0.63 per share, up from $29.3 million, or $0.55 per share last year.

Total revenue was $137.4 million for the third quarter of 2014, compared to $125.2 million for the third quarter of 2013. Non-GAAP revenue was $143.8 million for the third quarter of 2014, up 7% on a year-over-year basis.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.61 per share and revenues of $143.72 million for the quarter. Analysts' estimates typically exclude special items.

Web.com Group also announced that its Board has authorized the repurchase of up to $100 million of the Company's outstanding common shares. The repurchase program is authorized through December 31, 2016.