EDGAR Online Announces Early Success in XBRL Filings Business
October 05 2009 - 9:26AM
PR Newswire (US)
Holds Top Market Position at Close of First SEC Mandated Filing
Period NEW YORK, Oct. 5 /PRNewswire-FirstCall/ -- EDGAR® Online,
Inc. (NASDAQ: EDGR) announced today that the company is again the
top provider of XBRL translation services in the U.S. market for
the most recent quarter ended September 30, 2009 - having created
and filed almost twice as many SEC validated XBRL filings as any
other provider. EDGAR Online also announced that it expects to
report approximately $1.5 million in revenues for the filings
segment of the business for the quarter ended September 30, 2009.
"The third quarter of 2009 marks a milestone in public disclosure
and a milestone for EDGAR Online," said Philip Moyer, CEO and
President of EDGAR Online. "EDGAR Online has created and filed XBRL
filings for companies totaling over $3 trillion of market cap - -
providing a level of validation and quality that is unsurpassed.
Because this was the very first mandated XBRL filing period, we
wanted to share our success with our shareholders. However, we will
not continue to provide the early release of our expected revenues
on a regular basis," added Moyer. EDGAR Online offers a
full-service solution that creates the XBRL filings mandated by the
SEC. The solution has been in place since 2006 and has created over
800 XBRL-tagged statements for U.S. public companies in support of
both the voluntary and mandatory SEC filing programs. The SEC
mandatory program just went into effect this past quarter. It
requires approximately 450 of the largest public companies to file
using XBRL in this first year, and approximately 1,500 of the
largest public companies in the US to file with XBRL starting in Q2
2010. Analysis of XBRL filings at http://www.sec.gov/ shows that
the EDGAR Online XBRL solution is leading the market. In
particular, EDGAR Online technology has created 35% of the mandated
XBRL filings, nearly double its closest competitor. EDGAR Online
CFO, John Ferrara, added, "We expect XBRL filings revenues for the
quarter ended September 30, 2009 to be approximately $1.5 million,
an increase from $768,000 for the quarter ended June 30, 2009 and
$464,000 for the quarter ended September 30, 2008. These revenues
include filings for the companies that filed with the SEC as well
as revenues from exclusivity fees and XBRL conversions that were
not filed with the SEC. We expect total revenues for the quarter
ended September 30, 2009 to be approximately $5.0 million, an
increase from $4.6 million for the quarter ended June 30, 2009 and
$4.7 million for the quarter ended September 30, 2008. This overall
increase reflects the increased filings revenues being partially
offset by decreases in our subscriptions and data revenues. These
results are not final and we will provide additional information in
our earnings release which is currently scheduled to be released on
or about November 3, 2009." 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/. Use of
Forward-Looking Statements This press release may contain
"forward-looking statements" as defined in the U.S. Private
Securities Litigation Reform Act of 1995. Readers are cautioned not
to place undue reliance on these forward-looking statements and any
such forward-looking statements are qualified in their entirety by
reference to the following cautionary statements. All
forward-looking statements speak only as of the date of this press
release and are based on current expectations and involve a number
of assumptions, risks and uncertainties that could cause the actual
results to differ materially from such forward-looking statements.
Readers are strongly encouraged to read the full cautionary
statements contained in EDGAR Online's filings with the SEC. EDGAR
Online disclaims any obligation to update or revise any
forward-looking statements. 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. DATASOURCE: EDGAR Online, Inc. CONTACT:
Sue Childs, EDGAR Online, Inc., +1-203-852-5669, Web Site:
http://www.edgar-online.com/
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