Registrar turns in solid numbers and plans to buy back more shares.
Tucows, the world’s third largest domain name registrar, released earnings today that show its business is weathering the economic downturn well. It also announced another offer to buy back shares in the company.
Tucows (AMEX: TCX) reported net income of $4.48M for the second quarter 2009, compared to $2.21M for the same quarter last year. It’s hard to compare the quarters thanks to extraordinary items. This year’s earnings were boosted by $2M related to the sale of Tucow’s stake in Afilias and $0.6 million related to patents that Tucows assigned to another company for commercialization. It also benefited $1.6M thanks to currency fluctuations. But last year’s numbers included $1.5M from the sale of the company’s hosting assets.
For the latest quarter, Tucows reported $14.737M in revenue from its OpenSRS reseller platform for domain registrations, which makes up the bulk of its revenue. The company also grossed $1.456M from domain name sales and leases in its YummyNames division and $1.259M from its retail domain registration business.
The company announced its third planned dutch auction tender to buy back up to 7.4% of the outstanding shares of the company.
Shares finished the day up three cents to 46 cents.