J2 Global Q1 Profit Down

(RTTNews) - j2 Global Inc. (JCOM) reported that its GAAP net income for the first-quarter decreased by 26.7% to $18.9 million from $25.8 million last year. The decrease over the prior comparable period was primarily attributed to fair value adjustments associated with investments and contingent consideration; and an increase in interest expense associated with the issuance of the $650 million 6.0% Senior Notes due in 2025.

GAAP earnings per share decreased 26.9% to $0.38 from $0.52 last year. The decrease over the prior comparable period is primarily attributed to (1) fair value adjustments associated with investments and contingent consideration; and (2) an increase in interest expense associated with the issuance of the $650 million 6.0% Senior Notes due in 2025.

Adjusted non-GAAP earnings per share for the quarter increased 2.5% to $1.22 compared to $1.19 in the prior year.

Quarterly revenues increased 10.2% to $280.6 million from $254.7 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.20 per share and revenues of $275.6 million for the quarter. Analysts' estimates typically exclude special items.