TechTarget Financial Update
June 23 2009 - 4:01PM
Business Wire
TechTarget, Inc. (NASDAQ: TTGT) is today announcing that it
intends to file its 2008 Annual Report on Form 10-K by July 15,
2009 and its Quarterly Report on Form 10-Q for the three months
ended March 31, 2009 during the first week in August.
Preliminary revenues for the first quarter of 2009 are expected
to be in the upper end of the revenue guidance previously provided
by the Company. Preliminary adjusted EBITDA (earnings before
interest, taxes, depreciation, and amortization, as further
adjusted for stock-based compensation) for the first quarter is
expected to exceed the upper end of the guidance range.
On February 12, 2009, the Company provided financial guidance
for the first quarter of 2009 of total revenues within the range of
$17 million to $18 million and adjusted EBITDA to be in the range
of negative $700,000 to positive $200,000. The change in accounting
method for recognizing revenues is not expected to have a material
impact on first quarter results.
For the second quarter of 2009, the Company expects total
revenues to increase sequentially over the first quarter by
approximately 20%. Furthermore, the Company expects the adjusted
EBITDA margin for the second quarter to be in the range of 15% -
20% of total revenues.
�We are pleased that the preliminary revenues and adjusted
EBITDA demonstrate that our business is strong,� said Greg
Strakosch, Chairman and CEO of TechTarget. �Our primary focus
continues to be to take advantage of the downturn by investing and
growing market share, while maintaining healthy profitability�.
Use of Preliminary Results
It is important to note that the amounts set forth above with
respect to the first quarter of 2009 and projected results of the
second quarter of 2009 are estimated results and may change as the
Company completes its review.
Non-GAAP Financial Measures
This press release includes a discussion of adjusted EBITDA
which is a non-GAAP financial measure 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 these non-GAAP
financial measures 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 technology media company, gives
technology providers ROI-focused marketing programs to generate
leads, shorten sales cycles, and grow revenues. With its network of
more than 60 technology-specific websites and more than 7.5 million
registered members, TechTarget is a primary Web destination for
technology professionals researching 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 webcasts, podcasts, videos and virtual trade shows for
the technology market. Its websites are complemented by numerous
invitation-only events. TechTarget provides proven lead generation
and branding programs to top advertisers including Cisco, Dell,
EMC, HP, IBM, Intel, Microsoft, SAP and Symantec.
(C) 2009 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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