ROCKVILLE, Md., Aug. 5, 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 second quarter and first half of
2011.
Highlights include:
- XBRL filings revenues of $2.5
million, representing growth of 46 percent over the second
quarter of 2010
- Software revenues of $0.7
million
- Data and subscriptions businesses returning to growth
- Positive cash flow for the quarter of $0.4 million
Total revenues were $6.5 million
for the quarter ended June 30, 2011
compared to $5.0 million for the
quarter ended June 30, 2010. For the
six months ended June 30, 2011, total
revenues were $12.5 million compared
to $9.4 million for the corresponding
period in 2010. Adjusted EBITDA was a loss of ($2.0 million) for the quarter ended June 30, 2011 compared to ($0.9 million) for the quarter ended June 30, 2010. For the six months ended
June 30, 2011, adjusted EBITDA was a
loss of ($3.5 million) compared to
($1.2 million) for the corresponding
period in 2010.
XBRL filings revenues were $2.5
million for the quarter ended June
30, 2011, a 46 percent increase from the same quarter last
year and a 5 percent increase from the prior quarter. For the six
months ended June 30, 2011 XBRL
filings revenues were $4.9 million,
which is an 83 percent increase over the corresponding period in
2010. Revenues from data and solutions were $1.9 million and $3.8
million, respectively, for the quarter and six months ended
June 30, 2011, consistent with
revenues from the quarter and six months ended June 30, 2010. Revenues from subscriptions were
$1.3 million and $2.5 million respectively, for the quarter and
six months ended June 30, 2011,
representing decreases of 7 percent and 12 percent, respectively,
from the quarter and six months ended June
30, 2010.
"For a second straight quarter, EDGAR Online achieved record
total revenues reflecting continued momentum in the filings
business and the delivery of additional revenues from our software
products," said Robert J. Farrell,
EDGAR Online president and CEO. "Our continued growth provides us
with opportunities to assist our clients across a wide spectrum of
XBRL related areas."
Operating loss was ($3.4 million)
for the quarter ended June 30, 2011
compared to ($1.2 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 June 30, 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
June 30, 2011, the Company
capitalized $0.4 million of costs for
the development of internal software related to the XBRL filings
business, which are included in property and equipment.
At June 30, 2011, cash, cash
equivalents and short-term investments totaled $6.7 million compared to $10.8 million at December 31, 2010.
KEY FINANCIAL
METRICS
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30,
|
|
Six Months
Ended June 30,
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
XBRL filings
|
|
$ 1,733
|
|
$ 2,523
|
|
$ 2,683
|
|
$ 4,915
|
|
XBRL software
|
|
-
|
|
735
|
|
-
|
|
1,273
|
|
Data and
solutions
|
|
1,888
|
|
1,940
|
|
3,811
|
|
3,756
|
|
Subscriptions
|
|
1,399
|
|
1,305
|
|
2,892
|
|
2,543
|
|
Total
Revenues
|
|
$ 5,020
|
|
$ 6,503
|
|
$ 9,386
|
|
$ 12,487
|
|
Cost of
revenues
|
|
$ (2,032)
|
|
$ (3,017)
|
|
$ (3,462)
|
|
$ (5,837)
|
|
Operating
expenses
|
|
(4,233)
|
|
(6,873)
|
|
(8,048)
|
|
(13,026)
|
|
Interest, net
|
|
(84)
|
|
(22)
|
|
(156)
|
|
(83)
|
|
Net loss
|
|
(1,329)
|
|
(3,409)
|
|
(2,280)
|
|
(6,459)
|
|
Interest, net
|
|
84
|
|
22
|
|
156
|
|
83
|
|
Operating loss
|
|
(1,245)
|
|
(3,387)
|
|
(2,124)
|
|
(6,376)
|
|
Severance costs
|
|
-
|
|
-
|
|
227
|
|
-
|
|
Stock
compensation
|
|
184
|
|
910
|
|
380
|
|
2,038
|
|
Capitalized software
development
|
(595)
|
|
(387)
|
|
(1,085)
|
|
(888)
|
|
Depreciation and
amortization
|
724
|
|
850
|
|
1,388
|
|
1,754
|
|
Adjusted
EBITDA
|
|
$
(932)
|
|
$ (2,014)
|
|
$ (1,214)
|
|
$ (3,472)
|
|
|
|
|
|
|
|
|
|
|
|
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 financial 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. Since 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 three
years.
Conference Call
EDGAR Online will hold its quarterly conference call to review
results for the quarter ended June 30,
2011 on Friday August 5, 2011,
at 8:00 a.m. EDT. Robert Farrell, president and CEO, and
David Price, chief financial officer
and chief operating officer, will host the call. To participate,
please call (877) 407-9205 (toll-free for domestic
callers), or (201) 689-8054 (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 5, 2011 by calling (877) 660-6853
(domestic) or (201) 612-7415 (international). The account
number is 286 and the conference ID is 376194.
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.
This press release may contain forward-looking statements.
These statements relate to future events or to future
financial performance and may include, without limitation,
statements regarding our future growth prospects, future demand for
our XBRL products/services and future innovations in our data and
solutions and subscriptions businesses. These forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results, levels of activity,
performance, or achievements to be materially different from any
future results, levels of activity, performance, or achievements
expressed or implied by these forward-looking statements. In some
cases, you can identify forward-looking statements by the use of
words such as "may," "could," "expect," "intend," "plan," "seek,"
"anticipate," "believe," "estimate," "predict," "potential," or
"continue" or the negative of these terms or other comparable
terminology. You should not place undue reliance on
forward-looking statements because they involve known and unknown
risks, uncertainties and other factors that are, in some cases,
beyond our control and that could materially affect actual results,
levels of activity, performance, or our growth strategy. For
further information about the factors that could affect EDGAR
Online's future results, please refer to our filings with the
Securities and Exchange Commission. We assume no obligation
to publicly update or revise these forward-looking statements for
any reason, whether as a result of new information, future events,
or otherwise.
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
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|
|
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|
|
|
|
|
|
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|
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|
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|
|
EDGAR
ONLINE, INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN
THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
|
2010
|
|
|
2011
|
|
|
2010
|
|
|
2011
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
XBRL filings
|
|
|
1,733
|
|
|
|
2,523
|
|
|
|
2,683
|
|
|
|
4,915
|
|
|
XBRL software
|
|
|
—
|
|
|
|
735
|
|
|
|
—
|
|
|
|
1,273
|
|
|
Data and
solutions
|
|
|
1,888
|
|
|
|
1,940
|
|
|
|
3,811
|
|
|
|
3,756
|
|
|
Subscriptions
|
|
|
1,399
|
|
|
|
1,305
|
|
|
|
2,892
|
|
|
|
2,543
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
5,020
|
|
|
|
6,503
|
|
|
|
9,386
|
|
|
|
12,487
|
|
|
Cost of revenues
|
|
|
2,032
|
|
|
|
3,017
|
|
|
|
3,462
|
|
|
|
5,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
2,988
|
|
|
|
3,486
|
|
|
|
5,924
|
|
|
|
6,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
|
|
732
|
|
|
|
1,239
|
|
|
|
1,436
|
|
|
|
2,239
|
|
|
Product
development
|
|
|
423
|
|
|
|
1,585
|
|
|
|
832
|
|
|
|
2,602
|
|
|
General and
administrative
|
|
|
2,354
|
|
|
|
3,199
|
|
|
|
4,165
|
|
|
|
6,458
|
|
|
Severance costs
|
|
|
—
|
|
|
|
—
|
|
|
|
227
|
|
|
|
—
|
|
|
Amortization and
depreciation
|
|
|
724
|
|
|
|
850
|
|
|
|
1,388
|
|
|
|
1,727
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,233
|
|
|
|
6,873
|
|
|
|
8,048
|
|
|
|
13,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
|
(1,245)
|
|
|
|
(3,387)
|
|
|
|
(2,124)
|
|
|
|
(6,376)
|
|
|
Interest and other,
net
|
|
|
(84)
|
|
|
|
(22)
|
|
|
|
(156)
|
|
|
|
(83)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
(1,329)
|
|
|
|
(3,409)
|
|
|
|
(2,280)
|
|
|
|
(6,459)
|
|
|
Dividends on preferred
stock
|
|
|
(339)
|
|
|
|
(536)
|
|
|
|
(575)
|
|
|
|
(1,162)
|
|
|
Accretion on preferred
stock
|
|
|
(26)
|
|
|
|
(12)
|
|
|
|
(28)
|
|
|
|
(24)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss to common
shareholders
|
|
$
|
(1,694)
|
|
|
$
|
(3,957)
|
|
|
$
|
(2,883)
|
|
|
$
|
(7,645)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding—basic
|
|
|
26,942
|
|
|
|
29,591
|
|
|
|
26,908
|
|
|
|
29,304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding—diluted
|
|
|
26,942
|
|
|
|
29,591
|
|
|
|
26,908
|
|
|
|
29,304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share—basic
|
|
$
|
(0.06)
|
|
|
$
|
(0.13)
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.26)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share—diluted
|
|
$
|
(0.06)
|
|
|
$
|
(0.13)
|
|
|
$
|
(0.11)
|
|
|
$
|
(0.26)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EDGAR
ONLINE, INC.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(IN
THOUSANDS)
|
|
|
|
|
|
|
|
June
30,
|
|
|
|
|
|
|
|
|
December
31,
|
|
2011
|
|
|
|
|
|
|
|
|
2010*
|
|
(unaudited)
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and
short-term investments
|
$
10,991
|
|
$
6,896
|
|
Accounts receivable,
net
|
|
|
|
|
3,988
|
|
5,420
|
|
Other assets
|
|
|
|
|
|
218
|
|
440
|
|
Total
current assets
|
|
15,197
|
|
12,756
|
|
Property and equipment,
net
|
|
|
|
|
3,863
|
|
3,946
|
|
Goodwill
|
|
|
|
|
7,665
|
|
7,328
|
|
Intangible assets,
net
|
|
|
|
|
3,066
|
|
2,787
|
|
Other assets
|
|
|
|
|
|
458
|
|
444
|
|
Total
assets
|
|
$
30,249
|
|
$
27,261
|
|
Liabilities and Stockholders'
Equity
|
|
|
|
|
Accounts payable and accrued
expenses
|
$
3,879
|
|
$
4,143
|
|
Deferred revenues
|
|
|
|
|
4,468
|
|
4,990
|
|
Current portion of long-term
debt
|
1,437
|
|
500
|
|
Total
current liabilities
|
9,784
|
|
9,633
|
|
Long-term debt
|
|
|
|
|
|
-
|
|
1,500
|
|
Other long-term
liabilities
|
|
|
|
|
233
|
|
317
|
|
Total
liabilities
|
10,017
|
|
11,450
|
|
Redeemable preferred
stock
|
19,431
|
|
20,860
|
|
Common stockholders'
equity:
|
|
|
|
|
|
Common stock
|
|
|
|
|
294
|
|
355
|
|
|
Treasury stock
|
|
|
|
|
(1,679)
|
|
(1,679)
|
|
|
Additional paid-in
capital
|
78,201
|
|
78,749
|
|
|
Accumulated deficit
|
(76,015)
|
|
(82,474)
|
|
Total common stockholders' equity
|
801
|
|
(5,049)
|
|
Total liabilities, redeemable
preferred stock and common stockholders' equity
|
$
30,249
|
|
$
27,261
|
|
|
|
* Derived from the
company's audited December 31, 2010 financial
statements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE EDGAR Online, Inc.