Web.com Reports Second Quarter 2009 Financial Results

August 4, 2009

JACKSONVILLE, Fla., Aug. 4, 2009 (GLOBE NEWSWIRE) -- Web.com Group, Inc. (Nasdaq:WWWW), a leading provider of online marketing for small businesses, today announced results for the second quarter ended June 30, 2009.

"During the second quarter, Web.com delivered revenue and profitability that was above the high-end of our guidance. In addition, the company's subscriber base expanded while customer churn came in at the lowest level in the company's history," said David Brown, Chairman and CEO of Web.com. "Based on the continued expansion of our distribution channels and partner programs, we expect Web.com's quarterly revenue run rate to stabilize and realize growth by the end of the year. While our focus remains on driving profitability and cash flow, we are also taking proactive measures by increasing our investment in programs designed to drive revenue growth and average revenue per user. Our goal is to ensure that Web.com capitalizes on its growing brand recognition as the partner of choice in the SMB segment of the online marketing sector, which we believe will experience increased growth over time."

SUMMARY OF SECOND QUARTER 2009 RESULTS:



 * Total revenue was $26.5 million for the second quarter of 2009,
   above the high-end of the company's guidance and compared to
   $31.0 million for the second quarter of 2008.
 
 * Operating income, calculated in accordance with U.S. generally
   accepted accounting principles (GAAP), was $290 thousand,
   representing an operating margin of 1% and compared to $1.1
   million for the second quarter of 2008.
 
 * GAAP net income from continuing operations was $307 thousand for
   the second quarter of 2009, compared to $1.8 million in the
   second quarter of 2008. GAAP net income from continuing
   operations was $0.01 per diluted share for the second quarter of
   2009, compared to $0.06 per diluted share for the second quarter
   of 2008.
 
 * During the second quarter, Web.com sold its Fusion product line,
   which was a non-strategic, website development tool, for
   approximately $4 million. As a result, $95 thousand of
   Fusion-related income from operations and a net gain of $822
   thousand from the sale of Fusion were categorized as discontinued
   operations during the second quarter of 2009. Including
   discontinued operations, GAAP net income was $1.2 million, or
   $0.05 per diluted share for the second quarter of 2009.
 
 * Non-GAAP operating income was $4.2 million for the second quarter
   of 2009, representing a non-GAAP operating margin of 16% and
   compared to $4.9 million for the second quarter of 2008.
 
 * Non-GAAP net income was $5.1 million for the second quarter of
   2009, compared to $5.4 million in the second quarter of 2008.
   Non-GAAP net income was $0.19 per diluted share for the second
   quarter of 2009, compared to $0.18 per diluted share for the
   second quarter of 2008.
 
 * Adjusted EBITDA, which excludes the impact of stock-based
   compensation and depreciation and amortization expenses, was $4.9
   million for the second quarter of 2009, compared to $5.5 million
   for the second quarter of 2008.
 
 * Cash flows from operations were $2.4 million for the second
   quarter of 2009, and $3.8 million excluding the pay down of
   accrued restructuring expenses and assumed liabilities from
   acquisitions. This compared to $5.0 million and $6.5 million,
   respectively, for the second quarter of 2008.

Other Highlights:



 * Web.com's total net subscribers were over 267,000 at the end of
   the second quarter, up approximately 2,000 compared to the end of
   the prior quarter.
 
 * Customer churn was at 3.7% in the second quarter, representing an
   all-time low and down from 3.9% in the first quarter of 2009.
 
 * The company repurchased approximately 200,000 shares during the
   second quarter of 2009, bringing the total number of shares
   repurchased to approximately 3,081,000 since the $20 million
   share repurchase program was authorized in the third quarter of
   2008.

Conference Call Information

Management will host a conference call to discuss Web.com's results and other matters related to the Company's business, including guidance related to future results, today, August 4, 2009, at 5:00 p.m. (Eastern Time). To access this call, dial 800-289-0518 (domestic) or 913-312-0691 (international). A replay of this conference call will be available for a limited time at 888-203-1112 (domestic) or 719-457-0820 (international). The replay passcode is 2949901. A webcast of this conference call will also be available for a limited time on the "Investor Relations" page of the Company's Web site, www.web.com.

All per share numbers for non-GAAP net income per share are expressed on a weighted-average diluted per share basis. Non-GAAP net income excludes stock-based compensation expense, amortization expense related to acquisitions, restructuring charges, the deferred revenue adjustment due to purchase accounting, income tax expense, and includes an estimated cash tax rate to be paid during 2009. Non-GAAP operating income excludes stock-based compensation expense, amortization expense related to acquisitions, restructuring charges, and the deferred revenue adjustment related to purchase accounting. A reconciliation of GAAP financial measures to non-GAAP financial measures results has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Use of Non-GAAP Financial Measures."

About Web.com

Web.com Group, Inc. (Nasdaq:WWWW) is a leading provider of online marketing for small businesses. Web.com offers a full range of online services, including Internet marketing and advertising, local search, search engine marketing, search engine optimization, lead generation, home contractor specific leads, website design and publishing, logo and brand development and eCommerce solutions, meeting the needs of small businesses anywhere along their lifecycle. For more information on the company, please visit http://www.web.com or call 1-800-GETSITE.

Note to Editors: Web.com is a registered trademark of Web.com Group, Inc.

Use of Non-GAAP Financial Measures

Some of the measures in this press release are non-GAAP financial measures within the meaning of the SEC Regulation G. Web.com believes presenting non-GAAP net income attributable to common stockholders, non-GAAP net income per share attributable to common stockholders and non-GAAP operating income is useful to investors, because it describes the operating performance of the company and helps investors gauge the company's ability to generate cash flow, excluding some recurring charges that are included in the most directly comparable measures calculated and presented in accordance with GAAP. Company management uses these non-GAAP measures as important indicators of the company's past performance and in planning and forecasting performance in future periods. The non-GAAP financial information Web.com presents may not be comparable to similarly-titled financial measures used by other companies, and investors should not consider non-GAAP financial measures in isolation from, or in substitution for, financial information presented in compliance with GAAP. You are encouraged to review the reconciliation of non-GAAP financial measures to GAAP financial measures included elsewhere in this press release.

Relative to each of the non-GAAP measures the company presents above, management further sets forth its rationale as follows:



 * Non-GAAP Operating Income. The Company excludes from non-GAAP
   operating income amortization of intangibles, fair value
   adjustment to deferred revenue, restructuring charges and
   stock-based compensation charges. Management believes that
   excluding these non-cash charges assists investors in evaluating
   period-over-period changes in the Company's operating income
   without the impact of items that are not a result of the
   Company's day-to-day business and operations.
 
 * Non-GAAP Net Income and Non-GAAP Net Income Per Share. The
   Company excludes from non-GAAP net income and non-GAAP net income
   per share amortization of intangibles, income tax expense, fair
   value adjustment to deferred revenue, restructuring charges and
   stock-based compensation, and includes cash income tax expense,
   because management believes that excluding such measures helps
   investors better understand the Company's operating activities.
 
 * Adjusted EBITDA. The Company excludes from Adjusted EBITDA
   depreciation expense, amortization of intangibles, income tax,
   interest expense, interest income, and stock-based compensation,
   because management believes that excluding such items helps
   investors better understand the Company's operating activities.

In respect of the foregoing, Web.com provides the following supplemental information to provide additional context for the use and consideration of the non-GAAP financial measures used elsewhere in this press release:



 * Stock-based compensation. These expenses consist of expenses for
   employee stock options and employee stock purchases under SFAS
   123(R). The Company excludes stock-based compensation expenses
   from our non-GAAP measures primarily because they are non-cash
   expenses. Prior to the adoption of SFAS 123(R) in fiscal 2006,
   the Company did not include expenses related to employee stock
   options and employee stock purchases directly in its financial
   statements, but elected, as permitted by SFAS 123, to disclose
   such expenses in the footnotes to its financial statements. As
   the Company applies SFAS 123(R), it believes that it is useful to
   its investors to understand the impact of the application of SFAS
   123(R) to its operational performance, liquidity and its ability
   to invest in research and development and fund acquisitions and
   capital expenditures. While stock-based compensation expense
   calculated in accordance with SFAS 123(R) constitutes an ongoing
   and recurring expense, such expense is excluded from non-GAAP
   results because it is not an expense that typically requires or
   will require cash settlement by the Company and because such
   expense is not used by management to assess the core
   profitability of the Company's business operations. The Company
   further believes these measures are useful to investors in that
   they allow for greater transparency to certain line items in our
   financial statements. In addition, excluding this item from
   various non-GAAP measures facilitates comparisons to the
   Company's competitors' operating results.
 
 * Amortization of intangibles. The Company incurs amortization of
   acquired intangibles under SFAS 141. Acquired intangibles
   primarily consist of customer relationships, non-compete
   agreements, trade names, and developed technology. The Company
   expects to amortize for accounting purposes the fair value of the
   acquired intangibles based on the pattern in which the economic
   benefits of the intangible assets will be consumed as revenue is
   generated. Although the intangible assets generate revenue for
   the Company, the item is excluded because this expense is
   non-cash in nature and because the Company believes the non-GAAP
   financial measures excluding this item provide meaningful
   supplemental information regarding the Company's operational
   performance, liquidity and its ability to invest in research and
   development and fund acquisitions and capital expenditures. In
   addition, excluding this item from various non-GAAP measures
   facilitates management's internal comparisons to the Company's
   historical operating results and comparisons to the Company's
   competitors' operating results.
 
 * Depreciation expense. The Company incurs depreciation expense
   associated with its fixed assets. Although the fixed assets
   generate revenue for the Company, the item is excluded because
   this expense is non-cash in nature and because the Company
   believes the non-GAAP financial measures excluding this item
   provide meaningful supplemental information regarding the
   Company's operational performance, liquidity and its ability to
   invest in research and development and fund acquisitions and
   capital expenditures. In addition, excluding this item from
   certain non-GAAP measures facilitates management's internal
   comparisons to the Company's historical operating results and
   comparisons to the Company's competitors' operating results.
 
 * Interest expense. The Company incurs interest expense related to
   the indebtedness of the Company. This item is excluded because
   the Company believes the non-GAAP measures excluding this item
   provide meaningful supplemental information regarding the
   Company's operational performance. In addition, excluding this
   item from various non-GAAP measures facilitates management's
   internal comparisons to the Company's historical operating
   results and comparisons to the Company's competitors' operating
   results.
 
 * Interest income. The Company earns interest income related to its
   cash and cash equivalents. This item is excluded because the
   Company believes the non-GAAP measures excluding this item
   provide meaningful supplemental information regarding the
   Company's operational performance. In addition, excluding this
   item from various non-GAAP measures facilitates management's
   internal comparisons to the Company's historical operating
   results and comparisons to the Company's competitors' operating
   results.
 
 * Restructuring charges. The Company has recorded restructuring
   charges. The Company excludes the impact of these expenses from
   its non-GAAP measures, because such expense is not used by
   management to assess the core profitability of the Company's
   business operations.
 
 * Income tax expense. Due to the magnitude of the Company's
   historical net operating losses and related deferred tax asset,
   the Company excludes income tax expense from its non-GAAP
   measures primarily because they are not indicative of the cash
   tax paid by the Company and therefore are not reflective of
   ongoing operating results. Further, excluding this non-cash item
   from non-GAAP measures facilitates management's internal
   comparisons to the Company's historical operating results. The
   Company also excludes income tax expense altogether from certain
   non-GAAP financial measures because the Company believes that the
   non-GAAP measures excluding this item provide meaningful
   supplemental information regarding the Company's operational
   performance and facilitates management's internal comparisons to
   the Company's historical operating results and comparisons to the
   Company's competitors' operating results.
 
 * Fair value adjustment to deferred revenue. The Company has
   recorded a fair value adjustment to acquired deferred revenue in
   accordance with SFAS 141. The Company excludes the impact of this
   adjustment from its non-GAAP measures, because doing so results
   in non-GAAP revenue and non-GAAP net income which are reflective
   of ongoing operating results and more comparable to historical
   operating results, since the majority of the Company's revenue is
   recurring subscription revenue. Excluding the fair value
   adjustment to deferred revenue therefore facilitates management's
   internal comparisons to the Company's historical operating
   results.

Forward-Looking Statements

This press release includes certain "forward-looking statements" including, without limitation, statements regarding Web.com's expectations about its future financial performance and market position as well as expectations about the growth in markets, that are subject to risks, uncertainties and other factors that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this presentation that are not historical facts. These statements are sometimes identified by words such as "believe" or words of similar meaning. As a result of the ultimate outcome of such risks and uncertainties, Web.com's actual results could differ materially from those anticipated in these forward-looking statements. These statements are based on our current beliefs or expectations, and there are a number of important factors that could cause the actual results or outcomes to differ materially from those indicated by these forward-looking statements, including, without limitation, our ability to integrate Web.com businesses, our ability to maintain our sales efficiency, our ability to maintain our existing, and develop new, strategic relationships, the number of our net subscriber additions and our monthly customer turnover. These and other risk factors are set forth under the caption "Risk Factors" in Web.com's Quarterly Report on Form 10-Q for the quarter ended March 31, 2009, as filed with the Securities and Exchange Commission, which is available on a website maintained by the Securities and Exchange Commission at www.sec.gov. Web.com expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein as a result of new information, future events or otherwise.



                         Web.com Group, Inc.
                 Consolidated Statements of Operations
                 (in thousands except per share data)
                              (unaudited)

                                      Three Months       Six Months
                                      Ended June 30,    Ended June 30,
                                      2009     2008     2009     2008
                                    -------  -------  -------  -------
 Revenue:
   Subscription                     $25,438  $30,269  $51,456  $60,000
   Professional services              1,037      589    1,590    1,271
   Other                                 --      100    1,000      100
                                    -------  -------  -------  -------
 Total revenue                       26,475   30,958   54,046   61,371

 Cost of revenue (excluding
  depreciation and amortization
  shown separately below):
   Subscription (a)                   9,413   11,038   18,721   21,941
   Professional services                575      292      876      667
                                    -------  -------  -------  -------
 Total cost of revenue                9,988   11,330   19,597   22,608
                                    -------  -------  -------  -------

 Gross profit                        16,487   19,628   34,449   38,763

 Operating expenses:
   Sales and marketing (a)            5,881    7,547   11,645   14,953
   Research and development (a)       2,086    2,384    4,128    4,666
   General and administrative (a)     4,789    5,398   10,851   10,499
   Depreciation and amortization      3,441    3,232    6,790    6,582
                                    -------  -------  -------  -------
 Total operating expenses            16,197   18,561   33,414   36,700
                                    -------  -------  -------  -------
 Income from operations                 290    1,067    1,035    2,063

 Other income:
   Interest, net                         43      192      105      448
                                    -------  -------  -------  -------
 Income before income taxes             333    1,259    1,140    2,511
   Income tax (expense) benefit         (26)     578      (43)     (66)
                                    -------  -------  -------  -------
 Net income from continuing
  operations                            307    1,837    1,097    2,445

 Discontinued operations:
   Income from discontinued
    operations                           95      360      228      302
   Gain on sale of discontinued
    operations                          822       --      822       --
                                    -------  -------  -------  -------
 Income from discontinued
  operations, net                       917      360    1,050      302
                                    -------  -------  -------  -------

 Net income                         $ 1,224  $ 2,197  $ 2,147  $ 2,747
                                    =======  =======  =======  =======

 Basic earnings per share:
   Income from continuing operations
    attributable per common share   $  0.01  $  0.07  $  0.04  $  0.09
                                    =======  =======  =======  =======
   Income from discontinuing
    operations attributable per
    common share                    $  0.04  $  0.01  $  0.04  $  0.01
                                    =======  =======  =======  =======
   Net Income per common share      $  0.05  $  0.08  $  0.08  $  0.10
                                    =======  =======  =======  =======

 Diluted earnings per share:
   Income from continuing operations
    attributable per common share   $  0.01  $  0.06  $  0.04  $  0.08
                                    =======  =======  =======  =======
   Income from discontinuing
    operations attributable per
    common share                    $  0.04  $  0.01  $  0.04  $  0.01
                                    =======  =======  =======  =======
   Net Income per common share      $  0.05  $  0.07  $  0.08  $  0.09
                                    =======  =======  =======  =======

 Weighted-average number of shares
  used in per share amounts:
   Basic                             25,130   27,806   25,365   27,678
   Diluted                           26,903   30,546   26,603   30,562

 (a)Stock based compensation
     included above:
    Subscription (cost of revenue)  $   105  $    83  $   209  $   163
    Sales and marketing                 210      229      435      440
    Research and development            124      114      249      216
    General and administration          757      812    1,626    1,350
                                    -------  -------  -------  -------
 Total                              $ 1,196  $ 1,238  $ 2,519  $ 2,169
                                    =======  =======  =======  =======

                            Web.com Group, Inc.
                       Consolidated Balance Sheets
                    (in thousands except per share data)

                                                 June 30,    Dec. 31,
                                                  2009         2008
                                               ----------   ----------
                                               (unaudited)   (audited)
 Assets
 Current assets:
   Cash and cash equivalents                   $  35,554    $  34,127
   Accounts receivable, net of allowance $493
    and $645, respectively                         4,690        5,019
   Inventories, net of reserves of $0 and $78,
    respectively                                      --           39
   Prepaid expenses                                1,635        1,430
   Prepaid marketing fees                            621          665
   Deferred taxes                                  1,094        1,093
   Other current assets                              131          134
                                               ----------   ----------
 Total current assets                             43,725       42,507

 Restricted investments                              316          316
 Property and equipment, net                       8,783        8,204
 Goodwill                                         11,881        9,000
 Intangible assets, net                           59,001       62,085
 Other assets                                        293          383
                                               ----------   ----------
 Total assets                                  $ 123,999    $ 122,495
                                               ==========   ==========

 Liabilities and stockholders' equity
 Current liabilities:
   Accounts payable                            $   1,091    $   1,406
   Accrued expenses                                6,758        6,230
   Accrued restructuring costs and other
    reserves                                       2,315        2,619
   Deferred revenue                                7,364        7,831
   Accrued marketing fees                            195          263
   Notes payable                                      --           59
   Capital lease obligations                         391           --
   Other current liabilities                         136          128
                                               ----------   ----------
 Total current liabilities                        18,250       18,536

 Accrued rent expense                                601          535
 Deferred revenue                                    160          180
 Accrued restructuring costs and other
  reserves                                           599        1,214
 Capital lease obligations                           512           --
 Deferred tax liabilities                          2,748        2,712
 Other liabilities                                   498           25
                                               ----------   ----------
 Total liabilities                                23,368       23,202


 Stockholders' equity
 Common stock, $0.001 par value; 150,000,000
  shares authorized; 28,093,759 and 28,093,759
  shares issued and 26,289,277 and 26,633,436
  shares outstanding at June 30, 2009 and
  December 31, 2008, respectively                     26           27
 Additional paid-in capital                      257,846      256,763
 Treasury Stock, at cost, 1,804,482 and
  1,460,323 shares at June 30, 2009 and
  December 31, 2008, respectively                 (5,374)      (3,483)

 Accumulated deficit                            (151,867)    (154,014)
                                               ----------   ----------
 Total stockholders' equity                      100,631       99,293
                                               ----------   ----------

 Total liabilities and stockholders' equity    $ 123,999    $ 122,495
                                               ==========   ==========

                         Web.com Group, Inc.
              Reconciliation of GAAP to Non-GAAP Results
                 (in thousands except per share data)
                              (unaudited)

                                      Three Months       Six Months
                                     Ended June 30,    Ended June 30,
                                      2009     2008     2009     2008
                                    -------  -------  -------  -------
 Reconciliation of GAAP net income
  to non-GAAP net income

 GAAP net income                    $ 1,224  $ 2,197  $ 2,147  $ 2,747
   Amortization of intangibles        2,687    2,495    5,301    5,113
   Income tax expense                    26     (578)      43       66
   Cash income tax expense              (91)     (26)    (183)     (85)
   Fair value adjustment to deferred
    revenue                              17       85       50      224
   Stock based compensation           1,196    1,238    2,519    2,169
                                    -------  -------  -------  -------
 Non-GAAP net income                $ 5,059  $ 5,411  $ 9,877  $10,234
                                    =======  =======  =======  =======

 Reconciliation of GAAP basic net
  income per share to non-GAAP basic
  net income per share

 Basic GAAP net income per share    $  0.05  $  0.08  $  0.08  $  0.10
   Amortization of intangibles per
    share                              0.11     0.09     0.22     0.18
   Income tax expense per share          --    (0.02)      --       --
   Cash income tax expense per share     --       --    (0.01)      --
   Fair value adjustment to deferred
    revenue per share                    --     0.00       --     0.01
   Stock based compensation per
    share                              0.04     0.04     0.10     0.08
                                    -------  -------  -------  -------
 Basic Non-GAAP net income per
  share                             $  0.20  $  0.19  $  0.39  $  0.37
                                    =======  =======  =======  =======

 Reconciliation of GAAP diluted net
  income per share to non-GAAP net
  income per share

 Fully diluted shares:
   Common stock                      25,130   27,806   25,365   27,678
   Diluted stock options              1,059    2,412    1,005    2,550
   Diluted restricted stock             391       --      185       --
   Warrants                             321      189       45      195
 Escrow shares                            2      139        3      139
                                    -------  -------  -------  -------
     Total                           26,903   30,546   26,603   30,562
                                    =======  =======  =======  =======

 Diluted GAAP net income per share  $  0.05  $  0.07  $  0.08  $  0.09
   Amortization of intangibles per
    share                              0.10     0.08     0.20     0.16
   Income tax expense per share          --    (0.02)      --       --
   Cash income tax expense per share     --       --    (0.01)      --
   Fair value adjustment to deferred
    revenue per share                    --       --       --     0.01
   Stock based compensation per
    share                              0.04     0.05     0.10     0.07
                                    -------  -------  -------  -------
 Diluted Non-GAAP net income per
  share                             $  0.19  $  0.18  $  0.37  $  0.33
                                    =======  =======  =======  =======

 Reconciliation of GAAP operating
  income to non-GAAP operating
  income
 GAAP operating income              $   290  $ 1,067  $ 1,035  $ 2,063
   Amortization of intangibles        2,687    2,495    5,301    5,113
   Fair value adjustment to
   deferred revenue                      17       85       50      224
 Stock based compensation             1,196    1,238    2,519    2,169
                                    -------  -------  -------  -------
 Non-GAAP operating income          $ 4,190  $ 4,885  $ 8,905  $ 9,569
                                    =======  =======  =======  =======

 Reconciliation of GAAP operating
  margin to non-GAAP operating
  margin

 GAAP operating margin                    1%       3%       2%       3%
   Amortization of intangibles           10%       8%      10%       8%
   Fair value adjustment to deferred
    revenue                               0%       1%       0%       1%
   Stock based compensation               5%       4%       4%       4%
                                    -------  -------  -------  -------
 Non-GAAP operating margin               16%      16%      16%      16%
                                    =======  =======  =======  =======

 Reconciliation of GAAP operating
  income to adjusted EBITDA

 GAAP operating income              $   290  $ 1,067  $ 1,035  $ 2,063
   Depreciation and amortization      3,441    3,232    6,790    6,582
   Stock based compensation           1,196    1,238    2,519    2,169
                                    -------  -------  -------  -------
 Adjusted EBITDA                    $ 4,927  $ 5,537  $10,344  $10,814
                                    =======  =======  =======  =======

                           Web.com Group, Inc.
                  Consolidated Statement of Cash Flows
                             (in thousands)

                                                   Six Months Ended
                                                       June 30,
                                                  2009         2008
                                               ----------   ----------
                                                     (unaudited)
 Cash flows from operating activities

 Net income                                    $   2,147    $   2,747


 Adjustments to reconcile net income to net
  cash provided by operating activities:
 Gain on sale of discontinued operations            (822)          --
 Depreciation and amortization                     6,790        6,582
 Gain on disposal of assets                           --           (1)
 Stock-based compensation expense                  2,519        2,169
 Deferred income tax                                  36          (95)
 Changes in operating assets and liabilities:
   Accounts receivable                               565       (1,007)
   Inventories                                        39          (49)
   Prepaid expenses and other assets                (298)       3,350
   Accounts payable, accrued expenses and
    other liabilities                             (1,976)      (9,757)
   Deferred revenue                                 (900)          51
                                               ----------   ----------
 Net cash provided by operating activities         8,100        3,990

 Cash flows from investing activities

 Business acquisition, net of cash received       (3,490)      (4,578)
 Proceeds from sale of investment                     --        7,000
 Gain from sale of discontinued operations           822           --
 Purchase of investment                               --       (2,494)
 Change in restricted investments                     --        1,228
 Purchase of property and equipment                 (510)      (3,247)
 Investment in intangible assets                      (3)          (2)
                                               ----------   ----------
 Net cash (used in) investing activities           (3,181)      (2,093)

 Cash flows from financing activities

 Stock issuance costs                                 (8)         (10)
 Common stock repurchased                         (3,534)          --
 Payment of debt obligations                        (165)      (1,130)
 Proceeds from exercise of stock options             215          780
                                               ----------   ----------
 Net cash (used in) financing activities          (3,492)        (360)
                                               ----------   ----------

 Net increase in cash and cash equivalents         1,427        1,537
 Cash and cash equivalents, beginning of
  period                                          34,127       29,746
                                               ----------   ----------
 Cash and cash equivalents, end of period      $  35,554    $  31,283
                                               ==========   ==========

 Supplemental cash flow information:

   Interest paid                               $      13    $      22
                                               ==========   ==========
   Income tax paid                             $     226    $     123
                                               ==========   ==========
CONTACT:  ICR
          Kori Doherty
          617-956-6730
          kori.doherty@icrinc.com

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