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EDGAR Online Operating Results Improve $1.3 Million;
Subscription Revenue Increases 45%
SOUTH NORWALK, CT, October 29, 2002- EDGAR Online, Inc (NASDAQ: EDGR) today reported continued positive EBITDA and an EPS loss of $(0.02) for the quarter ended September 30, 2002. EDGAR Online is a leader in the business information industry, specializing in the extraction, packaging and distribution of public company information contained in SEC filings.
EDGAR Online reported revenue of $4.1 million for the quarter ended September 30, 2002, a decrease of 5% compared to the same period last year. Strong growth in the Company's core subscription business was offset by a 36% decline in the Company's technical services revenue. Seat-based subscription revenue increased 45% from last year primarily due to the sale of over 4,000 seats to its professional EDGARpro and 13Fpro services. At September 30, 2002, the Company has over 26,200 subscribers. Since inception, the Company's subscription revenues have grown each quarter.
"We continue to be the most recognized provider of information contained in SEC filings and due to congressional rule-making the intrinsic value of our data continues to increase," said Susan Strausberg, EDGAR Online's CEO. "Our longstanding programs to encourage the users of our value-added services to pay a fair price for what we provide are bearing fruit. During the quarter we announced a program that will limit the amount of free information we will serve up on our FreeEDGAR web site. These "free-to-fee" programs have been very successful in creating new paying customers and generating leads for our sales force, who use them to sell enterprise-wide seat licenses and customized data feeds."
Operating Results Improve
During the quarter, gross margins increased to 84% from 77% in the same period last year. Third quarter EBITDA (earnings before interest, taxes, depreciation and amortization) was a positive $432,000, or $0.03 per share, compared to an EBITDA net loss of $(387,000), or $(0.03) per share, for the same quarter last year. Net loss for the third quarter of 2002 was $(348,000), or $(0.02) per share, compared to a net loss of $(1.7 million), or $(0.12) per share, in the same period a year ago, an improvement of $1.4 million.
For the nine months ended September 30, 2002, EDGAR Online reported revenue of $12.3 million a decrease of 3% compared to the same period last year, despite a $2.2 million decline in technical service revenues. Gross margins increased to 83% for the nine months ended September 30, 2002 from 72% in the same period last year. EBITDA for the nine months ended September 30, 2002 was a positive $1.4 million, or $0.09 per share, compared to an EBITDA net loss of $(2.0 million), or $(0.13) per share, for the same nine-month period last year, which included $995,000, or $(0.07) per share of restructuring charges. Loss before cumulative effect of accounting change for the nine months ending September 30, 2002 was $(935,000), or $(0.06) per share, compared to a net loss of $(6.1 million), or $(0.41) per share, in the same period a year ago which included $995,000, or $(0.07) per share, of restructuring charges as well as a $275,000, or $(0.02) per share, loss on investment. The improvement for the nine months ended September 30, 2002, excluding the above charges in the prior year, was $3.9 million.
At the end of the third quarter, cash totaled $6.0 million, current assets $7.7 million, total assets $24.2 million and shareholders' equity totaled $17.1 million. In the nine months ended September 30, 2002, the Company generated $1.6 million in operating cash flow, raised $3.4 million from the issuance of common stock, and repaid $2.2 million in promissory notes.
KEY FINANCIAL METRICS
(in thousands, except per share amounts)
EBITDA is defined as earnings before interest, taxes, depreciation and amortization. The Company has presented EBITDA because it is a common alternative measure of performance. The Company's definition of EBITDA may not be consistent with that of other companies. EBITDA is not a measure of financial performance under generally accepted accounting principles and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with generally accepted accounting principles.
Third Quarter Conference Call Reminder
EDGAR Online, Inc. will hold its quarterly conference call to review results for the third quarter on Tuesday October 29th, at 5:00 p.m. Eastern Time. Tom Vos, President and COO, and Greg D. Adams, Chief Financial Officer will host the call. To participate, please call: Domestic 888-577-8990, International 212-287-1616, PassCode: EDGAR. Investors also have the option of calling 888-566-0432 (domestic), 402-998-0608 (Int'l.), for the teleconference replay, which will be available for approximately one week beginning at 7:00 p.m. ET on October 29th, 2002. The call will also be broadcast simultaneously over the Internet at www.edgar-online.com/investor.
About EDGAR Online, Inc.
EDGAR Online, Inc. (www.edgar-online.com) is a leader in the business information industry, specializing in the extraction, packaging and distribution of public company information contained in SEC filings. Based in Norwalk, Connecticut, with offices in Maryland and New York City, the company sells subscription products, data and services to financial institutions, corporations, law firms and Internet portals.
"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 or our future financial performance. 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 changes in general economic and business conditions (including in the online business and financial information industry), actions of our competitors, the extent to which we are able to develop new services and markets for our services, risks in connection with our recent acquisition and other acquisitions which we may consummate in the future, the time and expense involved in such development activities, the level of demand and market acceptance of our services and changes in our business strategies.
EDGAR is a federally registered trademark of the U.S. Securities and Exchange Commission (SEC). EDGAR Online is not affiliated with or approved by the U.S. Securities and Exchange Commission. EDGAR Online is a product of EDGAR Online, Inc.
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