XBRL Filings Revenue Increases 192% NEW YORK, May 5
/PRNewswire-FirstCall/ -- EDGAR(R) Online, Inc. (NASDAQ: EDGR)
today announced that total revenues were $4.2 million and adjusted
EBITDA was $32,000 for the quarter ended March 31, 2009 compared to
revenues of $5.0 million and EBITDA of $175,000 for the quarter
ended March 31, 2008. EDGAR Online is a leader in the distribution
of company data and public filings for equities, mutual funds and a
variety of other publicly traded assets and a solution provider for
the creation, management, and translation of XBRL financial
reports. The increase in XBRL filings revenues in the first quarter
of 2009 was offset by decreases in subscriptions and data and
solutions revenues due to higher cancellation rates. In addition,
the first quarter of 2008 included non-recurring data solutions
revenues of approximately $380,000. During the first quarter of
2009, the company was able to reduce its cash operating expenses to
partially offset the revenue shortfall. "We are pleased with the
growth of our XBRL filings business and continue to be the top
choice for XBRL conversions in the market. We have created over 340
XBRL conversions for companies that, in the aggregate, represent
over $4 trillion of the US market cap. The number of companies
adopting XBRL technology is strong and growing and we are fully
prepared to scale our resources to meet market demand and help
companies comply with the SEC regulation which requires mandatory
XBRL filings beginning this summer," said Philip Moyer, EDGAR
Online President and CEO. "Like most other financial information
companies, we continue to be disappointed by the impact the
economic downturn is having on our subscriptions and data
businesses. Although our new sales have increased since the fourth
quarter of 2008, we are not yet back to the levels we were seeing
last year prior to the collapse of the financial markets. Many
companies are continuing to cut costs and employees and downsize
their businesses, which leads to cancelations and reductions in our
subscription base. We look forward to a marketplace where financial
institutions are again investing in and growing their businesses,"
continued Mr. Moyer. Operating loss was ($987,000), or ($0.04) per
share, for the three months ended March 31, 2009 compared to
($615,000), or ($0.02) per share, for the same quarter last year.
Lower operating expenses in 2009 were offset by a decrease in data
sales due to non-recurring data solutions revenues in the prior
year. Net loss was ($1.1 million), or ($0.04) per share, for the
three months ended March 31, 2009 compared to ($705,000), or
($0.03) per share, for the same quarter last year. Deferred revenue
was $4.2 million at both March 31, 2009 and December 31, 2008.
Deferred revenue represents amounts billed to customers that will
be recognized as revenue in future quarters as the company's
subscription and data products are utilized. During the three
months ended March 31, 2009, the company capitalized $425,000 of
costs for the development of internal software related to the XBRL
filings business, which are included in fixed assets. At March 31,
2009, cash, cash equivalents and short-term investments totaled
$2.0 million, compared to $2.3 million at December 31, 2008. At
March 31, 2009 the company has a $2.5 million revolving credit
facility, none of which has been drawn down. KEY FINANCIAL METRICS
(in thousands, except per share amounts) Three Months Ended March
31, (unaudited) 2008 2009 Subscriptions $ 2,287 $ 1,878 Data and
solutions 2,621 2,115 XBRL filings 83 242 Total Revenues $ 4,991 $
4,235 Net loss $ (705) $ (1,097) Interest expense 90 110 Operating
loss (615) (987) Severance costs 40 57 Stock compensation 283 465
Amortization and depreciation 467 497 Adjusted EBITDA $ 175 $ 32
Net loss per share $ (0.03) $ (0.04) Adjusted EBITDA per share $
0.01 $ 0.00 In addition to disclosing financial results prepared in
accordance with generally accepted accounting principles ("GAAP"),
the company discloses information regarding adjusted EBITDA.
Adjusted EBITDA is a non-GAAP financial measure defined as earnings
before interest, taxes, depreciation and amortization. Adjusted
EBITDA also excludes severance costs and the non-cash charge for
stock compensation expense. As required by the SEC, the company
provides the above reconciliation to net loss, which is the most
directly comparable GAAP measure. The company presents adjusted
EBITDA as it is a common alternative measure of performance that is
used by management as well as investors when analyzing the
financial position and operating performance of the company by
excluding certain non-cash expenses, such as stock compensation
expense, as well as non-operating items that are not indicative of
its core operating results. Furthermore, this non-GAAP financial
measure is one of the primary indicators management uses for
planning and forecasting future periods. As adjusted EBITDA is a
non-GAAP financial measure, it should not be considered in
isolation or as a substitute for net loss or any other GAAP
measure. Because not all companies calculate adjusted EBITDA in the
same manner, the company's definition of adjusted EBITDA might not
be consistent with that of other companies. EDGAR Online will hold
its quarterly conference call to review results for the quarter
ended March 31, 2009 today, Tuesday, May 5, 2009, at 5:00 p.m. EDT.
Philip Moyer, CEO and President, and John Ferrara, CFO, will host
the call. To participate, please call (877) 407-8031 (toll-free for
domestic callers), or (201) 689-8031 (international callers). The
call will also be broadcast simultaneously over the Internet at:
http://www.edgar-online.com/investor/. The teleconference replay
will be available for approximately one week beginning at 7:00 p.m.
EDT on May 5, 2009 by calling (877) 660-6853 (domestic) or (201)
612-7415 (international), passcode 321584. About EDGAR Online, Inc.
EDGAR Online, Inc. (NASDAQ:EDGR) is a leader in the distribution of
company data and public filings for equities, mutual funds and a
variety of other publicly traded assets. We deliver our information
products directly to end users via online subscriptions and data
licenses, and to redistributors who embed our content in their own
and their clients' Web sites. Our proprietary automated systems
allow for the rapid conversion of data and we are a pioneer and
leader in the global financial reporting standard--eXtensible
Business Reporting Language, otherwise known as XBRL. We use our
automated processing platform and our expertise in XBRL to produce
both datasets and tools and to assist organizations with the
creation, management and distribution of XBRL financial reports.
For more detailed information on all of our businesses or to
contact us please visit our Web site at
http://www.edgar-online.com/. "Forward-looking statements" as
defined in the Private Securities Litigation Reform Act of 1995 may
be included in this news release. These statements relate to future
events and/or our future financial performance. These statements
are only predictions and may differ materially from actual future
events or results. EDGAR Online, Inc. disclaims any intention or
obligation to revise any forward-looking statements whether as a
result of new information, future developments or otherwise. Please
refer to the documents filed by EDGAR Online, Inc. with the
Securities and Exchange Commission, which identify important risk
factors that could cause actual results to differ from those
contained in forward-looking statements, including, but not limited
to risks associated with our ability to (i) increase revenues, (ii)
obtain profitability, (iii) obtain additional financing, (iv)
changes in general economic and business conditions (including in
the online business and financial information industry), (v)
actions of our competitors, (vi) the extent to which we are able to
develop new services and markets for our services, (vii) the time
and expense involved in such development activities, (viii) risks
in connection with acquisitions, (ix) the level of demand and
market acceptance of our services, and (x) changes in our business
strategies. EDGAR(R) is a federally registered trademark of the
U.S. Securities and Exchange Commission. EDGAR Online is not
affiliated with or approved by the U.S. Securities and Exchange
Commission. FINANCIAL TABLES FOLLOW EDGAR Online, Inc. Condensed
Consolidated Statements of Operations (in thousands, except per
share amounts) Three Months Ended March 31, (unaudited) 2008 2009
Revenues: Subscriptions $2,287 $1,878 Data and solutions 2,621
2,115 XBRL filings 83 242 Total revenues 4,991 4,235 Total cost of
sales 798 1,151 Gross profit 4,193 3,084 Sales and marketing 1,215
929 Product development 1,021 558 General and administrative 2,065
2,030 Severance costs 40 57 Amortization and depreciation 467 497
Total operating expenses 4,808 4,071 Operating loss (615) (987)
Interest expense, net (90) (110) Net loss $(705) $(1,097) Weighted
average shares outstanding - basic and diluted 26,279 26,659 Net
loss per share - basic and diluted $(0.03) $(0.04) EDGAR Online,
Inc. Condensed Consolidated Balance Sheets (in thousands) December
31, March 31, 2008* 2009 (unaudited) Assets Cash, cash equivalents
and short-term investments $2,282 $1,953 Accounts receivable, net
2,570 2,185 Other assets 254 165 Total current assets 5,106 4,303
Property and equipment, net 1,826 2,205 Goodwill 2,189 2,189
Intangible assets, net 2,952 2,640 Other assets 933 855 Total
assets $13,006 $12,192 Liabilities and Stockholders' Equity
Accounts payable and accrued expenses $2,407 $2,334 Deferred
revenues 4,239 4,240 Current portion of long-term debt 438 500
Total current liabilities 7,084 7,074 Long-term debt 1,885 1,766
Other long-term liabilities 333 264 Total liabilities 9,302 9,104
Stockholders' equity: Common stock 276 278 Treasury stock (1,828)
(1,819) Additional paid-in capital 73,092 73,562 Accumulated
deficit (67,836) (68,933) Total stockholders' equity 3,704 3,088
Total liabilities and stockholders' equity $13,006 $12,192 *
Derived from the company's audited December 31, 2008 financial
statements. DATASOURCE: EDGAR Online, Inc. CONTACT: John C.
Ferrara, Chief Financial Officer, +1-212-457-8200, Web Site:
http://www.edgar-online.com/
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