XBRL Filings Revenues Increase 141% NEW YORK, Aug. 4
/PRNewswire-FirstCall/ -- EDGAR Online, Inc. (NASDAQ: EDGR) today
announced that total revenues were $4.6 million and adjusted EBITDA
was $553,000 for the quarter ended June 30, 2009 compared to
revenues of $4.9 million and adjusted EBITDA of $210,000 for the
quarter ended June 30, 2008. Total revenues for the six months
ended June 30, 2009 were $8.8 million and adjusted EBITDA was
$585,000 compared to revenues of $9.9 million and adjusted EBITDA
of $385,000 in the same period prior year. EDGAR Online is a leader
in the creation of XBRL financial reports and the distribution of
company data and public filings for equities, mutual funds and a
variety of other publicly traded assets. XBRL filings revenues were
$768,000 for the quarter ended June 30, 2009, a 141% increase from
the same quarter last year. The increase in XBRL filings revenues
in 2009 was offset by decreases in subscriptions and data revenues
due to higher cancellation rates over the past 9 months. In
addition, the second quarter of 2008 included $170,000 of
non-recurring data solutions revenue. During the quarter ended June
30, 2009, the company was able to reduce its cash operating
expenses to offset the revenue shortfall. "Our team is pleased with
the overall results we are posting today. This quarter provides an
early indication that our investment in XBRL is producing
significant results for our business. While our subscription and
data business revenues are down based on continued cancellations,
we are very proud to deliver sequential quarterly growth of over
217% in our XBRL filings business. We expect to continue to see
growth in the revenues and the resources associated with that
business. However, we are also committed to aggressive management
of our costs and cash as we scale to meet this opportunity. Since
January 2008 we have created over 560 XBRL conversions for
companies totaling over $4.2 trillion in market capitalization. Our
results demonstrate the value that customers are seeing in our
solution," said Philip Moyer, EDGAR Online CEO and President.
Operating loss was ($292,000) for the quarter ended June 30, 2009
compared to ($551,000) for the same quarter last year. The decrease
in revenues in 2009 was more than offset by reduced operating
expenses. Net loss was ($383,000), or ($0.01) per share, for the
quarter ended June 30, 2009 compared to ($687,000), or ($0.03) per
share, for the same quarter last year. Operating loss was ($1.3
million) for the six months ended June 30, 2009 compared to ($1.2
million) for the same period last year. Net loss was ($1.5
million), or ($0.06) per share, for the six months ended June 30,
2009 compared to ($1.4 million), or ($0.05) per share, for the same
period last year. Deferred revenue was $4.2 million at both June
30, 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 products and services are utilized.
During the quarter ended June 30, 2009, the company capitalized
$343,000 of costs for the development of internal software related
to the XBRL filings business, which are included in property and
equipment. At June 30, 2009, cash, cash equivalents and short-term
investments totaled $1.4 million, compared to $2.3 million at
December 31, 2008. At June 30, 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 Six Months Ended June 30, June 30, (unaudited)
(unaudited) 2008 2009 2008 2009 ----- ----- ----- -----
Subscriptions $2,368 $1,751 $4,655 $3,629 Data and solutions 2,234
2,048 4,855 4,163 XBRL filings 319 768 402 1,010 ----- ----- -----
----- Total Revenues $4,921 $4,567 $9,912 $8,802 Net loss $(687)
$(383) $(1,392) $(1,480) Interest expense, net 136 91 226 201 -----
----- ----- ----- Operating loss (551) (292) (1,166) (1,279)
Severance costs - - 40 57 Stock compensation 298 312 581 777
Amortization and depreciation 463 533 930 1,030 ----- ----- -----
----- Adjusted EBITDA $210 $553 $385 $585 Net loss per share
$(0.03) $(0.01) $(0.05) $(0.06) Adjusted EBITDA per share $0.01
$0.02 $0.01 $0.02 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 June 30, 2009 today, Tuesday, August 4, 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 August 4, 2009 by calling (877) 660-6853 (domestic) or (201)
612-7415 (international). The account number is 286 and the
conference ID is 327538. 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 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 Six
Months Ended June 30, June 30, (unaudited) (unaudited) 2008 2009
2008 2009 ------- ------- ------- ------- Revenues: Subscriptions
$2,368 $1,751 $4,655 $3,629 Data and solutions 2,234 2,048 4,855
4,163 XBRL filings 319 768 402 1,010 ------- ------- -------
------- Total revenues 4,921 4,567 9,912 8,802 Total cost of sales
781 1,181 1,579 2,332 ------- ------- ------- ------- Gross profit
4,140 3,386 8,333 6,470 Sales and marketing 1,185 820 2,400 1,749
Product development 1,083 455 2,104 1,013 General and
administrative 1,960 1,870 4,025 3,900 Severance costs - - 40 57
Amortization and depreciation 463 533 930 1,030 ------- -------
------- ------- Total operating expenses 4,691 3,678 9,499 7,749
Operating loss (551) (292) (1,166) (1,279) Interest expense, net
(136) (91) (226) (201) ------- ------- ------- ------- Net loss
$(687) $(383) $(1,392) $(1,480) ======= ======= ======= =======
Weighted average shares outstanding - basic and diluted 26,363
26,759 26,321 26,709 Net loss per share - basic and diluted $(0.03)
$(0.01) $(0.05) $(0.06) EDGAR Online, Inc. Condensed Consolidated
Balance Sheets (in thousands) December 31, June 30, 2008* 2009
(unaudited) Assets Cash, cash equivalents and short-term
investments $2,282 $1,431 Accounts receivable, net 2,570 2,490
Other assets 254 210 -------- -------- Total current assets 5,106
4,131 Property and equipment, net 1,826 2,343 Goodwill 2,189 2,189
Intangible assets, net 2,952 2,329 Other assets 933 827 --------
-------- Total assets $13,006 $11,819 ======== ======== Liabilities
and Stockholders' Equity Accounts payable and accrued expenses
$2,407 $2,229 Deferred revenues 4,239 4,213 Current portion of
long-term debt 438 500 -------- -------- Total current liabilities
7,084 6,942 Long-term debt 1,885 1,647 Other long-term liabilities
333 206 -------- -------- Total liabilities 9,302 8,795
Stockholders' equity: Common stock 276 278 Treasury stock (1,828)
(1,777) Additional paid-in capital 73,092 73,839 Accumulated
deficit (67,836) (69,316) -------- -------- Total stockholders'
equity 3,704 3,024 Total liabilities and stockholders' equity
$13,006 $11,819 ======== ======== * 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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