Key Developments: WageWorks Inc (WAGE.N)
30.02USD
22 May 2013
$-1.15 (-3.69%)
$31.17
$31.18
$31.78
$29.95
47,704
53,547
$32.28
$10.12
Latest Key Developments (Source: Significant Developments)
WageWorks Inc Issues Q2 2013 Guidance In Line With Analysts' Estimates; Raises FY 2013 Guidance-Conference Call
WageWorks Inc announced that for the second quarter of 2013, it expects total revenue to be in the range of $51.8 million to $52.8 million, GAAP net income per diluted share of $0.07 to $0.09, non-GAAP net income per diluted share of $0.15 to $0.17 and Non-GAAP adjusted EBITDA to be in the range of $12.7 million to $13.2 million. For fiscal 2013, it is raising guidance and expects total revenue in the range of $212 million to $214 million. GAAP net income attributable to common stockholders per diluted share to be in the range of $0.32 to $0.40. GAAP EPS range now including additional stock-based compensation expense that was not contemplated in prior guidance. This is primarily due to the acceleration of certain prior performance grants. Non-GAAP net income per diluted share is expected to be in the range of $0.61 to $0.69 and Non-GAAP adjusted EBITDA to be in the range of $50 million to $53 million. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $51.9 million, EPS of $0.16 and EBITDA of $12.9 million for the second quarter of 2013; and revenue of $209.5 million, EPS of $0.64 and EBITDA of $50.4 million for fiscal 2013. Full Article
WageWorks Inc Announces Pricing Of Follow-On Public Offering
WageWorks Inc announced the pricing of its follow-on public offering of 5,631,115 shares of its common stock at a price to the public of $24.00 per share. WageWorks is selling 500,000 shares of common stock in this offering, and selling stockholders are selling 5,131,115 shares of common stock in this offering. The underwriters have an option to purchase a maximum of 844,667 additional shares from the selling stockholders identified in the prospectus for this offering to cover overallotments, if any. WageWorks will not receive any proceeds from the sale of shares to be offered by the selling stockholders. The principal purposes of this offering are to facilitate an orderly distribution of shares for the selling stockholders, to increase the public float and to raise additional capital. The proceeds of the primary portion of the offering will be used to provide additional working capital for WageWorks and general corporate purposes, including further expansion of sales and marketing efforts, continued investments in technology and development and for capital expenditures. William Blair & Company, L.L.C. and Stifel, Nicolaus & Company, Incorporated are serving as joint book-running managers for the offering, with JMP Securities LLC and Needham & Company, LLC, acting as co-managers. Full Article
Faruqi & Faruqi, LLP Launches Investigation Against WageWorks Inc For Potential Breaches Of Fiduciary Duties By Board Of Director
Faruqi & Faruqi, LLP, national securities firm headquartered in New York City, announced that it is investigating the Board of Directors of WageWorks Inc (WageWorks or the Company) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders` approval for amending and restating the 2010 Equity Incentive Plan. Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on March 1, 2013, the Board of Directors recommends that WageWorks` shareholders vote to amend and restate the 2010 Equity Incentive Plan to add 1,000,000 shares reserved thereunder. The Proxy Statement also recommends that shareholders vote to approve the Company`s Executive Bonus Plan. Full Article
WageWorks Inc Issues Q1 2013 Guidance Above Analysts' Estimates; Issues FY 2013 EPS Guidance; Revenue And EBITDA Guidance Above Analysts' Estimates-Conference Call
WageWorks Inc announced that for the first quarter of 2013, it expects total revenue to be in the range of $54.2 million to $54.8 million; GAAP net income per diluted share of $0.10 to $0.11; non-GAAP net income per diluted share of $0.15 to $0.17 and Non-GAAP adjusted EBITDA to be in the range of $12.6 million to $13.1 million. For fiscal 2013, it expects total revenue to be in the range of $206 million to $209 million; GAAP net income attribute able to common stockholders per diluted share to be in the range of $0.35 to $0.42; non-GAAP net income per diluted share to be in the range of $0.57 to $0.65 and Non-GAAP adjusted EBITDA to be in the range of $49 million to $52 million. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $51.9 million, EPS of $0.14 and EBITDA of $11.1 million for the first quarter of 2013; and revenue of $196.5 million, EPS of $0.61 and EBITDA of $47.2 million for fiscal 2013. Full Article
WageWorks Inc Acquires Benefit Concepts, Inc
WageWorks Inc announced that it has acquired Benefit Concepts, Inc., a leading provider of outsourced benefit solutions, based in East Providence, RI. This transaction further strengthens WageWorks' position in the Consumer-Directed Benefits market. Benefit Concepts serves the needs of hundreds of mid-sized and large employers by providing their employees and families with a range of Consumer-Directed Benefits, including health care, such as Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs), COBRA benefits continuation, and active benefits enrollment, designed to make access to healthcare easier and more affordable. Full Article
WageWorks Inc Announces Pricing Of Follow-On Offering
WageWorks Inc announced that the pricing of its follow-on public offering of 6,000,000 shares of its common stock at a price to the public of $17.50 per share. The underwriters have an option to purchase a maximum of 900,000 additional shares, including 31,313 shares of common stock which will be issued upon the exercise of outstanding warrants, from the selling stockholders identified in the prospectus for this offering to cover overallotments, if any. WageWorks will not receive any proceeds from the sale of shares to be offered by the selling stockholders other than $1,550,633 representing the exercise price of certain warrants to be exercised in connection with the follow-on offering. The principal purposes of this offering are to facilitate an orderly distribution of shares for the selling stockholders, to increase the public float and to raise additional capital. The proceeds of the primary portion of the offering will be used to provide additional working capital for WageWorks and general corporate purposes, including further expansion of sales and marketing efforts, continued investments in technology and development and for capital expenditures. William Blair & Company, L.L.C. and Stifel Nicolaus & Company, Incorporated are serving as joint book-running managers for the offering, with JMP Securities LLC and Needham & Company, LLC acting as co-managers. Full Article
WageWorks Inc Files Registration Statement for Proposed Follow-On Offering
WageWorks Inc announced that it has filed a registration statement with the U.S. Securities and Exchange Commission (the SEC) for a proposed follow-on offering of shares of its common stock. WageWorks and certain of its existing stockholders are proposing to sell an aggregate of approximately $100 million of WageWorks shares, including any shares to be purchased by the underwriters to cover overallotments. WageWorks will not receive any proceeds from the sale of the shares by selling stockholders. It is currently anticipated that approximately 80% of the WageWorks shares to be sold in the offering would be sold by certain of its existing stockholders and approximately 20% would consist of newly issued shares. The principal purposes of this offering are to raise capital for the Company, facilitate an orderly distribution of shares by selling stockholders and increase the Company's public float. The proceeds of the primary portion of the offering will be used to provide additional working capital for WageWorks and general corporate purposes, including further expansion of sales and marketing efforts, continued investments in technology and development and for capital expenditures. William Blair and Stifel Nicolaus Weisel are serving as joint book-running managers for the proposed offering, with JMP Securities LLC and Needham & Company, LLC, acting as co-managers. Full Article
Wageworks Inc Issues Q3 2012 Guidance In Line With Analysts' Estimates; Issues FY 2012 Guidance; Earnings Guidance Above Analysts' Estimates-Conference Call
Wageworks Inc announced that for the third quarter of 2012, it expects total revenue to be in the range of $42 million to $42.6 million, GAAP net income per diluted share of $0.06 to $0.07, non-GAAP net income per diluted share of $0.11 to $0.12 and Non-GAAP adjusted EBIDTA to be in the range of $8.8 million to $9.3 million. For fiscal 2012, the Company expects total revenue to be in the range of $173.6 million to $174.8 million, GAAP net income per diluted shares to be in the range of $0.31 to $0.34, non-GAAP income per diluted share (EPS) to be in the range of $0.51 to $0.53 and Non-GAAP adjusted EBIDTA to be in the range of $37.8 million to $38.8 million. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $42 million, EPS of $0.11 and EBITDA of $9.0 million for the third quarter of 2012; and revenue of $174.1 million, EPS of $0.48 and EBITDA of $36.9 million for fiscal 2012. Full Article
Wageworks Inc Announces Pricing Of Initial Public Offering
Wageworks Inc announced the commencement of its initial public offering of 6,500,000 shares of its common stock at a price to the public of $9.00 per share. The shares will begin trading on May 10, 2012, on the New York Stock Exchange under the ticker symbol WAGE. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 975,000 shares of common stock to cover over-allotments, if any. William Blair and Stifel Nicolaus Weisel are serving as joint book-running managers for the offering, with JMP Securities LLC and Needham & Company, LLC, acting as co-managers. Full Article
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