ROCKVILLE, Md., May 12,
2011 /PRNewswire/ -- EDGAR® Online, Inc. (NASDAQ: EDGR), a leading
global provider of XBRL (eXtensible Business Reporting Language)
data, software and services, today announced its results for the
first quarter of 2011.
Highlights include:
- XBRL filings revenues of $2.4
million, representing growth of 152 percent over the first
quarter of 2010
- Initial software revenues of $0.5
million from acquired UBmatrix business
- Extended RR Donnelly & Sons contract through
2013
- Expanded SAP relationship
Total revenues were $6.0 million
for the quarter ended March 31, 2011 compared to $4.4 million for the quarter ended March 31, 2010, net loss was ($3.1 million) for the quarter ended March 31, 2011 compared to ($1.0 million) for the quarter ended
March 31, 2010 and adjusted EBITDA was a loss of ($1.5 million) for the quarter ended March 31, 2011 compared to ($0.3 million) for the quarter ended March 31, 2010.
XBRL filings revenues were $2.4
million for the quarter ended March
31, 2011, a 152 percent increase from the same quarter last
year and a 36 percent increase from the prior quarter. Revenues
from data and solutions and subscriptions were $1.8 million and $1.2
million, respectively, for the quarter ended March 31, 2011, representing decreases of 6
percent and 17 percent, respectively, from the quarter ended
March 31, 2010.
"In the first quarter of 2011, EDGAR Online achieved record
total revenues as we gained momentum in the filings business and
recorded our first revenues from the software products acquired in
the UBmatrix transaction," said Robert J.
Farrell, EDGAR Online president and CEO. "Our investment in
infrastructure over the past few quarters positions us well to help
our clients as the final phase of the SEC XBRL mandate comes into
effect at the end of the second quarter. Additionally, the recent
extension of our agreement with RR Donnelly & Sons through 2013
connects our investment to expanded future filings revenues."
Operating loss was ($3.0 million)
for the quarter ended March 31, 2011
compared to ($0.9 million) for the
same quarter last year. This change was primarily attributable to
the continued expansion of infrastructure and software development
required to position the Company for future growth in the XBRL
filings and data markets.
Deferred revenues were $5.0
million at March 31, 2011
compared to $4.5 million at
December 31, 2010. Deferred revenues represent amounts billed
to customers that will be recognized as revenue in future quarters
as the Company's offerings are utilized. During the quarter ended
March 31, 2011, the Company
capitalized $0.5 million of costs for
the development of internal software related to the XBRL filings
business, which are included in property and equipment.
At March 31, 2011, cash, cash
equivalents and short-term investments totaled $6.3 million compared to $10.8 million at December 31, 2010.
KEY FINANCIAL
METRICS
(in thousands, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
March 31,
(unaudited)
|
|
|
|
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2010
|
|
2011
|
|
|
XBRL filings
|
|
$
|
950
|
|
$
|
2,392
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
XBRL software
|
|
|
—
|
|
|
538
|
|
|
Data and solutions
|
|
|
1,923
|
|
|
1,816
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions
|
|
|
1,493
|
|
|
1,238
|
|
|
Total Revenues
|
|
|
4,366
|
|
|
5,984
|
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|
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|
|
|
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|
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|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
(951)
|
|
|
(3,050)
|
|
|
Interest, net
|
|
|
72
|
|
|
67
|
|
|
Operating income
(loss)
|
|
|
(879)
|
|
|
(2,983)
|
|
|
Severance costs
|
|
|
227
|
|
|
—
|
|
|
Stock compensation
|
|
|
196
|
|
|
1,128
|
|
|
Capitalized software
development
|
|
|
(490)
|
|
|
(501)
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
664
|
|
|
877
|
|
|
Adjusted EBITDA
|
|
$
|
(282)
|
|
$
|
(1,479)
|
|
|
|
|
|
|
|
|
|
|
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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 and
includes capitalized software development costs incurred during the
period. As required by the SEC, 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 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.
Business Outlook
Based upon the dynamics and anticipated market growth for XBRL
related products and services, EDGAR Online continues to target
annual revenue growth in excess of 25 percent over the next 3
years.
Conference Call
EDGAR Online will hold its quarterly conference call to review
results for the quarter ended March 31,
2011, Thursday, May 12, 2011,
at 8:00 a.m. EDT. Robert Farrell, president and CEO, and
David Price, 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 12, 2011 by calling
(877) 660-6853 (domestic) or (201) 612-7415
(international). The account number is 286 and the conference ID is
372172.
About EDGAR Online
EDGAR Online (NASDAQ: EDGR) is a leading global provider of XBRL
data, software and services solutions that improve the flow of
business information. The Company's integrated portfolio of
products and services for global enterprises help them create,
deliver, analyze and use quality information. Thousands use the
Company's solutions, including U.S. public companies, mutual funds,
leading financial analysts and institutional investors, as well as
global regulators such as the FDIC, Banque de France, and the U.S. Securities and Exchange
Commission. The Company delivers its solutions, including UBmatrix®
XBRL software solutions, through an extensive network of partners,
including LexisNexis®, NASDAQ OMX, Oracle, PR Newswire, RR
Donnelley and SAP. To learn more about EDGAR Online, visit
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, (x) changes in our business
strategies, (xi) success of our strategic partnership agreements
and (xi) success in integrating the business of UBmatrix, Inc. into
the Company.
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
March 31,
(unaudited)
|
|
|
|
|
2010
|
|
|
2011
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
XBRL filings
|
|
$
|
950
|
|
|
$
|
2,392
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
XBRL software
|
|
|
—
|
|
|
|
538
|
|
|
Data and
solutions
|
|
|
1,923
|
|
|
|
1,816
|
|
|
Subscriptions
|
|
|
1,493
|
|
|
|
1,238
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
4,366
|
|
|
|
5,984
|
|
|
|
|
|
|
Cost of revenues
|
|
|
1, 430
|
|
|
|
2,820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
2,936
|
|
|
|
3,164
|
|
|
|
|
|
|
Sales and marketing
|
|
|
704
|
|
|
|
1,000
|
|
|
Product development
|
|
|
409
|
|
|
|
1,017
|
|
|
General and
administrative
|
|
|
1,811
|
|
|
|
3,253
|
|
|
Severance costs
|
|
|
227
|
|
|
|
—
|
|
|
Depreciation and
amortization
|
|
|
664
|
|
|
|
877
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
|
3,815
|
|
|
|
6,147
|
|
|
|
|
|
|
Loss from operations
|
|
|
(879)
|
|
|
|
(2,983)
|
|
|
|
|
|
|
Interest, net
|
|
|
(72)
|
|
|
|
(67)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(951)
|
|
|
|
(3,050)
|
|
|
Dividend on preferred
stock
|
|
|
(236)
|
|
|
|
(626)
|
|
|
Accretion on preferred
stock
|
|
|
(2)
|
|
|
|
(12)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss to
common stockholders
|
|
$
|
(1,189)
|
|
|
$
|
(3,688)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding – basic
|
|
|
26,874
|
|
|
|
29,057
|
|
|
|
|
|
|
Weighted
average shares outstanding – diluted
|
|
|
26,874
|
|
|
|
29,057
|
|
|
|
|
|
|
Net loss to common stockholders
per share - basic and diluted
|
|
$
|
(0.04)
|
|
|
$
|
(0.13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EDGAR
Online, Inc.
Condensed
Consolidated Balance Sheets
(in
thousands)
|
|
|
|
|
|
December 31,
2010*
|
|
|
March 31,
2011
(unaudited)
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and
short-term investments
|
|
$
|
10,991
|
|
|
$
|
6,487
|
|
|
Accounts receivable,
net
|
|
|
3,988
|
|
|
|
6,194
|
|
|
Other assets
|
|
|
218
|
|
|
|
463
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
15,197
|
|
|
|
13,144
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
3,863
|
|
|
|
3,924
|
|
|
Goodwill
|
|
|
7,665
|
|
|
|
7,387
|
|
|
Intangible assets,
net
|
|
|
3,066
|
|
|
|
3,007
|
|
|
Other assets
|
|
|
458
|
|
|
|
589
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
30,249
|
|
|
$
|
28,051
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued
expenses
|
|
$
|
3,879
|
|
|
$
|
3,210
|
|
|
Deferred revenues
|
|
|
4,468
|
|
|
|
4,986
|
|
|
Current portion of long-term
debt
|
|
|
1,437
|
|
|
|
1,313
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
9,784
|
|
|
|
9,509
|
|
|
|
|
|
|
Other long-term
liabilities
|
|
|
233
|
|
|
|
231
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
10,017
|
|
|
|
9,740
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable preferred
stock
|
|
|
19,431
|
|
|
|
20,312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
294
|
|
|
|
302
|
|
|
Treasury stock
|
|
|
(1,679)
|
|
|
|
(1,679)
|
|
|
Additional paid-in
capital
|
|
|
78,201
|
|
|
|
78,441
|
|
|
Accumulated
deficit
|
|
|
(76,015)
|
|
|
|
(79,065)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
|
801
|
|
|
|
(2,001)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities,
redeemable preferred stock and stockholders' equity
|
|
$
|
30,249
|
|
|
$
|
28,051
|
|
|
|
|
|
|
|
|
|
|
|
|
* Derived from the
Company's audited December 31, 2010 financial
statements.
|
|
|
|
|
|
|
|
|
|
|
SOURCE EDGAR Online, Inc.