ROCKVILLE, Md., March 2, 2012 /PRNewswire/ -- EDGAR® Online, Inc.
(NASDAQ: EDGR), a premier provider of fundamental financial data,
analytics and disclosure management services, today announced
unaudited financial results for the fourth quarter of 2011 and the
full year ended December 31,
2011.
Highlights include:
- XBRL filings revenues for the year increased 96 percent from
2010 to $12.5 million
- 2011 revenues of $27.8 million,
an increase of 43 percent over 2010
- Data and Solutions business returned to growth in Q4 2011
Total revenues were $7.6 million
for the quarter ended December 31, 2011 compared to
$4.9 million for the quarter ended
December 31, 2010, and adjusted EBITDA was $0.8 million for the quarter ended
December 31, 2011 compared to a net loss of ($1.3 million) for the quarter ended
December 31, 2010. Total revenues were $27.8 million for the year ended
December 31, 2011 compared to $19.5
million for 2010, and adjusted EBITDA was ($3.6 million) for the year ended
December 31, 2011 compared to ($1.9
million) for 2010.
XBRL filings revenues were $3.7
million for the quarter ended December 31, 2011, a 107
percent increase from the same quarter last year. XBRL filings
revenues were $12.5 million for the
year ended December 31, 2011, a 96 percent increase from 2010.
Software revenues were $0.8 million
and $2.6 million respectively for the
quarter and year ended December 31,
2011. There were no software revenues in 2010. Data and
Solutions revenues were $2.0 million
for the quarter ended December 31,
2011, a 5 percent increase from 2010. For the year ended
December 31, 2011 Data and Solutions
revenues were $7.6 million, in line
with the 2010 amount. Subscriptions revenues were $1.2 million for the quarter ended December 31, 2011, a 6 percent decrease from
2010. For the year ended December 31,
2011 Subscriptions revenues were $5.0
million, a 9 percent decrease from 2010.
"I am pleased to report that EDGAR Online experienced tremendous
growth in 2011," said Robert J.
Farrell, EDGAR Online's president and CEO. "In addition to
generating record revenues for the year, we implemented the
infrastructure and added the human talent necessary to support
future growth and product evolution. The value propositions
embodied in our data & analytics products, disclosure
management solutions, and software businesses position EDGAR Online
to expand and gain market share. In 2012 we will leverage our
industry recognized expertise in XBRL and disclosure management to
deliver innovative solutions to professionals who both produce and
consume financial information, with a particular focus on the areas
of governance, risk and compliance."
Operating loss was ($0.6 million)
for the quarter ended December 31, 2011 compared to
($3.1 million) for the same quarter
last year. Operating loss was ($9.6
million) for the year ended December 31, 2011 compared
to ($6.9 million) for the year ended
December 31, 2010.
Deferred revenue was $4.0 million
at December 31, 2011 compared to $4.5
million at December 31, 2010. Deferred revenue
represents amounts billed to customers that will be recognized as
revenue in future quarters as the company's solutions are utilized.
During the quarter ended December 31, 2011, the company
capitalized $0.2 million of costs for
the development of internal software related to the XBRL filings
business, which are included in property and equipment.
At December 31, 2011, cash, cash equivalents and short-term
investments totaled $5.6 million
compared to $11 million at
December 31, 2010. At December 31, 2011, the company had
term loan outstanding of $1.7 million
and a $3.0 million revolving credit
facility, none of which had been drawn down.
KEY FINANCIAL METRICS :
(in thousands, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Year
Ended
December 31,
|
|
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
Unaudited
|
|
|
|
2010
|
|
2011
|
|
2010
|
|
2011
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
XBRL filings
|
|
$
|
1,762
|
|
$
|
3,656
|
|
$
|
6,404
|
|
$
|
12,527
|
|
Software
|
|
|
0
|
|
|
806
|
|
|
0
|
|
|
2,650
|
|
Data and solutions
|
|
|
1,880
|
|
|
1,971
|
|
|
7,583
|
|
|
7,613
|
|
Subscriptions
|
|
|
1,282
|
|
|
1,209
|
|
|
5,481
|
|
|
4,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenues
|
|
$
|
4,924
|
|
$
|
7,642
|
|
$
|
19,468
|
|
$
|
27,769
|
|
Net income (loss)
|
|
$
|
(3,185)
|
|
$
|
(566)
|
|
$
|
(7,229)
|
|
$
|
(9,767)
|
|
Interest expense, net
|
|
|
61
|
|
|
7
|
|
|
282
|
|
|
161
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
|
(3,124)
|
|
|
(559)
|
|
|
(6,947)
|
|
|
(9,606)
|
|
Severance costs
|
|
|
—
|
|
|
116
|
|
|
438
|
|
|
518
|
|
Stock compensation
|
|
|
1,080
|
|
|
609
|
|
|
1,744
|
|
|
3,335
|
|
Amortization/depreciation, net
of Cap Costs
|
|
|
724
|
|
|
644
|
|
|
2,913
|
|
|
2,194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
$
|
(1,320)
|
|
$
|
810
|
|
$
|
(1,852)
|
|
$
|
(3,559)
|
|
Net income (loss) per
share
|
|
$
|
(0.12)
|
|
$
|
(0.02)
|
|
$
|
(0.27)
|
|
$
|
(0.33)
|
|
Adjusted EBITDA per
share
|
|
$
|
(0.05)
|
|
$
|
0.03
|
|
$
|
(0.07)
|
|
$
|
(0.12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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. 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 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. 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 existing customer contacts for XBRL filings services
and improving prospects for our data and solutions and
subscriptions businesses, EDGAR Online is targeting annual revenue
growth in excess of 35 percent in 2012 over 2011.
EDGAR Online will hold its quarterly conference call to review
results for the quarter ended December 31, 2011 today, Friday,
March 2, 2012, at 8:00 a.m. EST.
Robert Farrell, president and CEO,
and David Price, CFO and COO, 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. EST on March 2, 2012
through May 1, 2012 by calling
(877) 660-6853 (domestic) or (201) 612-7415
(international). The account number is 286 and the conference ID is
388849.
About EDGAR Online
EDGAR® Online (NASDAQ: EDGR) provides financial data, analytics
and disclosure management solutions to help corporations and
institutional investors facilitate compliance and management of
regulatory disclosure filings. In addition to developing a variety
of unique as-reported and normalized data sets, EDGAR Online is an
industry leader in XBRL (eXtensible Business Reporting Language)
processing. 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 Business Wire,
LexisNexis®, NASDAQ OMX, Oracle, PR Newswire, RR Donnelley and
SAP.
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
EDGAR
Online, Inc.
Condensed
Consolidated Statements of Operations
(in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
December 31,
(unaudited)
|
|
|
Year
Ended
December 31,
(unaudited)
|
|
|
|
|
2010
|
|
|
2011
|
|
|
2010
|
|
|
2011
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
XBRL filings
|
|
$
|
1,762
|
|
|
$
|
3,656
|
|
|
$
|
6,404
|
|
|
$
|
12,527
|
|
|
Software
|
|
|
0
|
|
|
|
806
|
|
|
|
0
|
|
|
|
2,650
|
|
|
Data and
solutions
|
|
|
1,880
|
|
|
|
1,971
|
|
|
|
7,583
|
|
|
|
7,613
|
|
|
Subscriptions
|
|
|
1,282
|
|
|
|
1,209
|
|
|
|
5,481
|
|
|
|
4,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
4,924
|
|
|
|
7,642
|
|
|
|
19,468
|
|
|
|
27,769
|
|
|
|
|
|
|
|
|
Total cost of sales
|
|
|
2,121
|
|
|
|
3,489
|
|
|
|
7,827
|
|
|
|
12,786
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
2,803
|
|
|
|
4,153
|
|
|
|
11,641
|
|
|
|
14,983
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
750
|
|
|
|
492
|
|
|
|
2,713
|
|
|
|
3,059
|
|
|
Product development
|
|
|
581
|
|
|
|
891
|
|
|
|
1,852
|
|
|
|
4,892
|
|
|
General and
administrative
|
|
|
3,872
|
|
|
|
2,352
|
|
|
|
10,672
|
|
|
|
12,801
|
|
|
Severance costs
|
|
|
—
|
|
|
|
177
|
|
|
|
438
|
|
|
|
518
|
|
|
Amortization and
depreciation
|
|
|
724
|
|
|
|
800
|
|
|
|
2,913
|
|
|
|
3,319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
|
5,927
|
|
|
|
4,712
|
|
|
|
18,588
|
|
|
|
24,589
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
(3,124)
|
|
|
|
(559)
|
|
|
|
(6,947)
|
|
|
|
(9,606)
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
(61)
|
|
|
|
(7)
|
|
|
|
(282)
|
|
|
|
(161)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(3,185)
|
|
|
$
|
(566)
|
|
|
$
|
(7,229)
|
|
|
$
|
(9,767)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding – basic
|
|
|
27,110
|
|
|
|
30,496
|
|
|
|
26,974
|
|
|
|
30,044
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding – diluted
|
|
|
27,110
|
|
|
|
30,496
|
|
|
|
26,974
|
|
|
|
30,044
|
|
|
|
|
|
|
|
|
Net income (loss) per share -
basic and diluted
|
|
$
|
(0.12)
|
|
|
$
|
(0.02)
|
|
|
$
|
(0.27)
|
|
|
$
|
(0.33)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EDGAR
Online, Inc.
Condensed
Consolidated Balance Sheets
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2010*
|
|
|
December 31,
2011
|
|
|
|
|
|
(unaudited)
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and
short-term investments
|
|
$
|
10,991
|
|
|
$
|
5,647
|
|
|
Accounts receivable,
net
|
|
|
3,988
|
|
|
|
4,823
|
|
|
Other assets
|
|
|
218
|
|
|
|
490
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
15,197
|
|
|
|
10,960
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
3,863
|
|
|
|
3,712
|
|
|
Goodwill
|
|
|
7,665
|
|
|
|
7,328
|
|
|
Intangible assets,
net
|
|
|
3,066
|
|
|
|
2,338
|
|
|
Other assets
|
|
|
458
|
|
|
|
418
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
30,249
|
|
|
$
|
24,756
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued
expenses
|
|
$
|
3,879
|
|
|
$
|
4,798
|
|
|
Deferred revenues
|
|
|
4,468
|
|
|
|
4,005
|
|
|
Current portion of long-term
debt
|
|
|
1,437
|
|
|
|
667
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
9,784
|
|
|
|
9,470
|
|
|
|
|
|
|
Long-term debt
|
|
|
—
|
|
|
|
1,166
|
|
|
Other long-term
liabilities
|
|
|
233
|
|
|
|
320
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
10,017
|
|
|
|
10,956
|
|
|
|
|
|
|
Preferred Stock
|
19,431
|
|
22,505
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
294
|
|
|
|
355
|
|
|
Treasury stock
|
|
|
(1,679)
|
|
|
|
(606)
|
|
|
Additional paid-in
capital
|
|
|
78,201
|
|
|
|
77,329
|
|
|
Accumulated
deficit
|
|
|
(76,015)
|
|
|
|
(85,782)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
|
801
|
|
|
|
(8,704)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
|
30,249
|
|
|
$
|
24,756
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Derived from the company's
audited December 31, 2010 financial statements.
|
|
|
|
|
|
SOURCE EDGAR Online, Inc.