Our core portfolio is comprised of stocks that we buy with a longer-term horizon.
We have added a new stock to our core this week. It is Carbonite, Inc (CARB). CARB is a cloud-based backup and recovery system for small to mid-sized businesses. CARB provides backup and recovery service for small to mid-sized businesses loaded with high-growth potential and stamina.
Some highlights from their recent earnings are:
- Non-GAAP revenue of $48.7 million increased 47% year over year.
- Bookings of $52.3 million increased 42% year over year.
- SMB bookings grew 124% year over year.
- Non-GAAP net income (loss) per share was $0.15 compared with ($0.05) year over year.
Laste week news released also that the company said it received an unsolicited acquisition offer from J2 Global (JCOM) that values Carbonite at $15 a share. Carbonite said its board would review the offer, but would have nothing more to say about the matter until a decision is made.
Due to strong growth in the SB bookings along with the unsolicited buyout offer of $15 we see CARB as a solid addition to our core portfolio.