Synchronoss Technologies, Inc. Announces Third Quarter 2010 Financial Results: EPS of $0.20

Synchronoss Technologies, Inc.

, the leading global provider of on-demand transaction management software platforms, today announced financial results for the third quarter of 2010. “Synchronoss' business momentum continued in the third quarter, contributing to non-GAAP revenue and profitability that were greater than our expectations.” said Stephen G. Waldis, President and Chief Executive Officer of Synchronoss. “During the third quarter, we continued to expand our connected device customer base with more high profile logos. In addition, our global expansion is gaining more traction with our first ConvergenceNow® platform deployment with a major Tier One European carrier.” Synchronoss reported non-GAAP net revenues, which adds back the purchase accounting adjustment to FusionOne's revenues, of $46.8 million, an increase of 41% compared to the third quarter of 2009. Non-GAAP gross profit for the third quarter of 2010 was $24.8 million, representing a non-GAAP gross margin of 53%. Non-GAAP income from operations was $9.6 million in the third quarter of 2010, representing a year-over-year increase of 30% and a non-GAAP operating margin of 21%. Non-GAAP net income, which takes into account adjustments to non-GAAP income from operations, was $6.4 million in the third quarter of 2010, leading to non-GAAP diluted earnings per share of $0.20, an increase of 43% compared to $0.14 in the third quarter of 2009.