XBRL Filings Revenues Increase NEW YORK, Feb. 10
/PRNewswire-FirstCall/ -- EDGAR® Online, Inc. (NASDAQ: EDGR) today
announced that total revenues were $5.1 million for the quarter
ended December 31, 2009 compared to $4.9 million for the quarter
ended December 31, 2008, net income was $170,000 for the quarter
ended December 31, 2009 compared to a net loss of ($517,000) for
the quarter ended December 31, 2008 and adjusted EBITDA was $1.1
million for the quarter ended December 31, 2009 compared to
$374,000 for the quarter ended December 31, 2008. Total revenues
were $19.2 million for the year ended December 31, 2009 compared to
$19.5 million for 2008, net loss was ($950,000) for the year ended
December 31, 2009 compared to ($2.7 million) for 2008 and adjusted
EBITDA was $3.0 million for the year ended December 31, 2009
compared to $914,000 for 2008. 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 $1.7
million for the quarter ended December 31, 2009, a 227% increase
from the same quarter last year. XBRL filings revenues were $4.2
million for the year ended December 31, 2009, a 202% increase from
2008. The increases in XBRL filings revenues in 2009 were partially
offset by decreases in data and solutions and subscriptions
revenues for these periods. "While there is no doubt that 2009 was
a challenging year, we are proud of our performance," said Philip
Moyer, EDGAR Online President and CEO. "Our significant investment
in our XBRL filings offering is beginning to pay off. We believe we
are the leader in quality, timeliness and ability to scale in the
XBRL filings space. Since the start of the XBRL mandate, we have
submitted more error-free filings to the SEC than any other
provider. We hope to continue to keep the costs of XBRL filing down
while driving up the bar for quality versus our competitors." "We
ended this year with a strong fourth quarter in both revenue and
adjusted EBITDA. We remained agile in 2009 by streamlining our
costs and focusing our resources in the face of a deep and
difficult recession. Overall, we grew our filings business, but
were down in data and subscriptions. However we remain optimistic
about our future and the further implementation of the SEC XBRL
mandate," added Mr. Moyer. Key 2009 accomplishments include: --
Achieved 35% market share for XBRL mandated tagging; -- Highest SEC
validation rate in the XBRL industry; -- Reached the milestone of
creating over 1,000 XBRL translations for clients since the launch
of the Xcelerate XBRL Filing Solution; -- Launched new versions of
the I-Metrix Xcelerate platform including the functionality to
handle detailed footnote tagging and mutual fund tagging; --
Launched XBRL rendering components and partnerships that allow
companies to display XBRL-tagged financial information on their
corporate websites; -- Launched a streamlined delivery method for
our XBRL-tagged fundamental data which significantly improved speed
and flexibility; and -- Celebrated our ten-year anniversary as a
publicly traded company. Operating income was $253,000 for the
quarter ended December 31, 2009 compared to an operating loss of
($408,000) for the same quarter last year. Operating loss was
($575,000) for the year ended December 31, 2009 compared to ($2.2
million) for the year ended December 31, 2008. The improved
financial results were primarily due to an increase in XBRL filings
revenue and lower operating costs. Deferred revenue was $3.4
million at December 31, 2009 compared to $4.2 million at 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 December 31, 2009, the company capitalized $450,000 of costs
for the development of internal software related to the XBRL
filings business, which are included in property and equipment. At
December 31, 2009, cash, cash equivalents and short-term
investments totaled $2.3 million, the same amount as reported at
December 31, 2008. At December 31, 2009, the company has a $2.5
million revolving credit facility, none of which had been drawn
down. KEY FINANCIAL METRICS (in thousands, except per share
amounts) Three Months Ended Year Ended December 31, December 31,
2008 2009 2008 2009 ---- ---- ---- ---- Subscriptions $2,092 $1,493
$8,755 $6,614 Data and solutions 2,250 1,974 9,334 8,409 XBRL
filings 508 1,663 1,374 4,151 --- ----- ----- ----- Total Revenues
$4,850 $5,130 $19,463 $19,174 Net income (loss) $(517) $170
$(2,659) $(950) Interest expense, net 109 83 456 375 --- -- --- ---
Operating income (loss) (408) 253 (2,203) (575) Severance costs - -
40 57 Stock compensation 306 283 1,207 1,333 Amortization and
depreciation 476 597 1,870 2,195 --- --- ----- ----- Adjusted
EBITDA $374 $1,133 $914 $3,010 Net income (loss) per share $(0.02)
$0.01 $(0.10) $(0.04) Adjusted EBITDA per share $0.01 $0.04 $0.03
$0.11 In addition to disclosing financial results prepared in
accordance with GAAP, the company discloses information regarding
adjusted EBITDA. EBITDA is a non-GAAP financial measure defined as
earnings before interest, taxes, depreciation and amortization. As
the company defines it, adjusted EBITDA also excludes severance
costs and the non-cash charge for stock compensation expense. As
required by the Securities and Exchange Commission, the company
provides the above reconciliation to net income (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 income (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 December 31, 2009 today,
Wednesday, February 10, 2010, at 5:00 p.m. EST. 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.
EST on February 10, 2010 by calling (877) 660-6853 (domestic) or
(201) 612-7415 (international). The account number is 286 and the
conference ID is 343815. 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 and include, without limitation, statements
regarding our future growth prospects, future demand for our XBRL
business and future innovations in our data and solutions and
subscriptions business. 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. EDGAR Online, Inc.
Condensed Consolidated Statements of Operations (in thousands,
except per share amounts) Three Months Ended Year Ended December
31, December 31, (unaudited) (unaudited) 2008 2009 2008 2009 ----
---- ---- ---- Revenues: Subscriptions $2,092 $1,493 $8,755 $6,614
Data and solutions 2,250 1,974 9,334 8,409 XBRL filings 508 1,663
1,374 4,151 --- ----- ----- ----- Total revenues 4,850 5,130 19,463
19,174 Total cost of sales 916 1,174 3,140 4,653 --- ----- -----
----- Gross profit 3,934 3,956 16,323 14,521 Sales and marketing
1,064 667 4,545 3,117 Product development 747 387 3,894 1,878
General and administrative 2,055 2,052 8,177 7,849 Severance costs
- - 40 57 Amortization and depreciation 476 597 1,870 2,195 --- ---
----- ----- Total operating expenses 4,342 3,703 18,526 15,096
Operating income (loss) (408) 253 (2,203) (575) Interest expense,
net (109) (83) (456) (375) ---- --- ---- ---- Net income (loss)
$(517) $170 $(2,659) $(950) ===== ==== ======= ===== Weighted
average shares outstanding - basic 26,499 26,848 26,387 26,760
Weighted average shares outstanding - diluted 26,499 27,264 26,387
26,760 Net income (loss) per share - basic and diluted $(0.02)
$0.01 $(0.10) $(0.04) EDGAR Online, Inc. Condensed Consolidated
Balance Sheets (in thousands) December 31, December 31, 2008* 2009
----- ---- (unaudited) Assets Cash, cash equivalents and short-term
investments $2,282 $2,323 Accounts receivable, net 2,570 2,360
Other assets 254 248 --- --- Total current assets 5,106 4,931
Property and equipment, net 1,825 2,726 Goodwill 2,189 2,189
Intangible assets, net 2,952 1,706 Other assets 934 631 --- ---
Total assets $13,006 $12,183 ======= ======= Liabilities and
Stockholders' Equity Accounts payable and accrued expenses $2,407
$2,546 Deferred revenues 4,239 3,370 Current portion of long-term
debt 438 500 --- --- Total current liabilities 7,084 6,416
Long-term debt 1,885 1,408 Other long-term liabilities 333 250 ---
--- Total liabilities 9,302 8,074 Stockholders' equity: Common
stock 276 278 Treasury stock (1,828) (1,731) Additional paid-in
capital 73,092 74,348 Accumulated deficit (67,836) (68,786) -------
------- Total stockholders' equity 3,704 4,109 ----- ----- Total
liabilities and stockholders' equity $13,006 $12,183 =======
======= * 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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