TechTarget Releases Preliminary Second Quarter 2008 Financial Results
July 24 2008 - 8:56AM
Business Wire
TechTarget, Inc. (NASDAQ: TTGT) today announced preliminary
financial results for the second quarter ended June 30, 2008. The
Company estimates total revenues for the second quarter to increase
by approximately 20%, to approximately $29.4 million, compared to
$24.6 million for the second quarter of 2007. The Company estimates
online revenues for the second quarter to increase by approximately
28%, to approximately $20.8 million, compared to $16.3 million for
the second quarter of 2007, and adjusted EBITDA (earnings before
interest, taxes, depreciation, and amortization, as further
adjusted for stock-based compensation) to decrease by approximately
1%, to approximately $7.5 million, compared to $7.6 million for the
second quarter of 2007. Greg Strakosch, CEO of TechTarget, stated,
"Our business remains fundamentally solid as evidenced by our
revenue growth and our long-term thesis is unchanged. As
advertisers continue to focus on ROI, we continue to see ad dollars
shift from broad media to targeted media, offline media to online
media and non-measurable media to measurable media. We believe that
we are the best-positioned media company in the IT market to
benefit from these trends. We believe that we are continuing to
gain market share, however, due to the�macroeconomic weakness in
the U.S. and its impact on advertising spending,�we believe it is
prudent to reduce our guidance to reflect the current market
conditions.� Financial guidance The Company now expects 2008 annual
revenue to be within the range of $108 and $112 million and
adjusted EBITDA to be within the range of $25 and $27 million. The
Company now expects its online revenue to grow between 24% - 30%.
The Company�s previous annual guidance for 2008 revenue was between
$118 and $122 million and, for 2008; adjusted EBITDA was between
$33 and $35 million. The information shown above is preliminary.
These estimated results are subject to the normal quarter-end
accounting review. Financial Results Call Scheduled for August 13th
TechTarget plans on providing second quarter 2008 financial results
after the market close on Wednesday, August 13, 2008. In
conjunction with the announcement, the Company's management team
plans to host a live conference call and webcast at 4:30 p.m.
Eastern Time on that day to discuss the Company's financial
results. Conference Call Dial-In Information: US callers: (888)
713-4199 International callers: (617) 213-4861 Participant passcode
(US and International): 44203165 Please access the call at least 10
minutes prior to the time the conference is set to begin.
Participants may pre-register for the call at:
https://www.theconferencingservice.com/
prereg/key.process?key=PJVWNDMGT Pre-registrants will be issued a
pin number to use when dialing into the live call, which will
provide quick access to the conference by bypassing the operator
upon connection. (Due to the length of the above URL, it may be
necessary to copy and paste it into your Internet browser's URL
address field. You may also need to remove an extra space in the
URL if one exists.) Conference Call Webcast Information: This
Webcast can be accessed at TechTarget's Web site at
http://investor.techtarget.com/ Conference Call Replay Information:
A replay of the conference call will be available via telephone
beginning August 13, 2008 at 6:30 p.m. ET through August 27, 2008
at 11:59 p.m. ET. For US callers to hear the replay, dial (888)
286-8010 and use the passcode 55515502. International callers dial
(617) 801-6888 and also use the passcode 55515502. A Web version
will also be available for replay on
http://investor.techtarget.com/ during the same period. Non-GAAP
Financial Measures This press release includes a discussion of
adjusted EBITDA which is a non-GAAP financial measure and is
provided as a complement to results provided in accordance with
accounting principles generally accepted in the United States of
America ("GAAP"). The term "adjusted EBITDA" refers to a financial
measure that we define as earnings before net interest, income
taxes, depreciation, and amortization, as further adjusted for
stock-based compensation. This non-GAAP measure should be
considered in addition to results prepared in accordance with GAAP,
but should not be considered a substitute for, or superior to, GAAP
results. In addition, our definition of adjusted EBITDA, may not be
comparable to the definition as reported by other companies. We
believe adjusted EBITDA, is relevant and useful information because
it provides us and investors with an additional measurement to
compare the Company's operating performance. This measure is part
of our internal management reporting and planning process and is a
primary measure used by our management to evaluate the operating
performance of our business, as well as potential acquisitions. The
components of adjusted EBITDA include the key revenue and expense
items for which our operating managers are responsible and upon
which we evaluate their performance. In the case of senior
management, adjusted EBITDA is used as the principal financial
metric in their annual incentive compensation program. Adjusted
EBITDA is also used for planning purposes and in presentations to
our board of directors. Furthermore, we intend to provide this
non-GAAP financial measure as part of our future earnings
discussions and, therefore, the inclusion of this non-GAAP
financial measure will provide consistency in our financial
reporting. Forward Looking Statements Certain matters included in
this press release may be considered to be "forward-looking
statements" within the meaning of the Securities Act of 1933 and
the Securities Exchange Act of 1934, as amended by the Private
Securities Litigation Reform Act of 1995. Those statements include
statements regarding the intent, belief or current expectations of
the company and members of our management team. All statements
contained in this press release, other than statements of
historical fact, are forward-looking statements, including those
regarding: guidance on our future financial results and other
projections or measures of our future performance; our expectations
concerning market opportunities and our ability to capitalize on
them; and the amount and timing of the benefits expected from
acquisitions, from new products or services and from other
potential sources of additional revenue. Investors and prospective
investors are cautioned that any such forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those contemplated by such forward-looking statements. These
statements speak only as of the date of this press release and are
based on our current plans and expectations, and they involve risks
and uncertainties that could cause actual future events or results
to be different than those described in or implied by such
forward-looking statements. These risks and uncertainties include,
but are not limited to, those relating to: market acceptance of our
products and services; relationships with customers, strategic
partners and our employees; difficulties in integrating acquired
businesses; and changes in economic or regulatory conditions or
other trends affecting the Internet, Internet advertising and
information technology industries. These and other important risk
factors are discussed or referenced in our Annual Report on Form
10-K filed with the Securities and Exchange Commission, under the
heading "Risk Factors" and elsewhere, and any subsequent periodic
or current reports filed by us with the SEC. Except as required by
applicable law or regulation, we do not undertake any obligation to
update our forward-looking statements to reflect future events or
circumstances. About TechTarget TechTarget, a leading online
Information Technology (IT) media company, provides IT companies
with ROI-focused marketing programs to generate leads, shorten
sales cycles, and grow revenues. With its network of over 50
technology-specific Web sites and over 6.6 million registered
members, TechTarget is a primary Web destination for IT
professionals researching which products to purchase. The company
is also a leading provider of independent, peer and vendor content,
a leading distributor of white papers, and a leading producer of
vendor-sponsored Webcasts and Podcasts for the IT market. Its Web
sites are complemented by numerous invitation-only events and two
magazines. TechTarget provides proven lead generation and branding
programs to over 1,100 advertisers including Cisco, Dell, EMC, HP,
IBM, Intel, Microsoft, SAP and Symantec. (C) 2008 TechTarget, Inc.
All rights reserved. TechTarget and the TechTarget logo are
registered trademarks of TechTarget, Inc. All other trademarks are
the property of their respective owners.
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