PR Newswire
NEW YORK, Nov. 7, 2018
NEW YORK, Nov. 7, 2018 /PRNewswire/ --
Third Quarter 2018 Highlights:
OTC Markets Group Inc. (OTCQX: OTCM), operator of the OTCQX® Best Market, the OTCQB® Venture Market and the Pink® Open Market for 10,000 U.S. and global securities, today announced its financial results for the third quarter of 2018.
"We are pleased to report another quarter of strong revenue and earnings growth, as we continue to deliver on our strategic priorities – providing broker-dealers with reliable, cost effective technology solutions, enhancing the quality and availability of our data to better inform investors and gaining regulatory recognition for our OTCQX and OTCQB markets," said R. Cromwell Coulson, President and Chief Executive Officer. "We are proud to be named to Crain's list of Best Places to Work in New York City. We strive to create a culture that promotes personal growth and provides opportunities for our team as they focus on meeting the needs of our clients, our community and our shareholders."
"With our OTC ECN gaining traction and strong sales in our Corporate Services and Market Data businesses, we have continued to drive revenue growth across all three of our business lines while containing our expense base. This has driven strong quarter over quarter earnings growth and, in that context, we are pleased to announce a special dividend of sixty five cents per share in addition to a quarterly dividend of fifteen cents per share," said Bea Ordonez, Chief Financial Officer.
Third Quarter 2018 compared to Third Quarter 2017
| | Three Months Ended September 30, | | | | | ||
(in thousands, except shares and per share data) | | 2018 | | 2017 | | % change | | $ change |
OTC Link | | $ 2,807 | | $ 2,413 | | 16% | | $ 394 |
Market data licensing | | 5,763 | | 5,505 | | 5% | | 258 |
Corporate services | | 6,195 | | 5,704 | | 9% | | 491 |
Gross revenues | | 14,765 | | 13,622 | | 8% | | 1,143 |
Net revenues | | 14,037 | | 13,038 | | 8% | | 999 |
Operating expenses | | 8,745 | | 8,448 | | 4% | | 297 |
Income from operations | | 5,292 | | 4,590 | | 15% | | 702 |
Operating profit margin | | 38% | | 35% | | | | |
Income before provision for income taxes | | 5,343 | | 4,595 | | 16% | | 748 |
Net income | | $ 4,385 | | $ 3,488 | | 26% | | $ 897 |
| | | | | | | | |
Diluted earnings per share | | $ 0.37 | | $ 0.29 | | 28% | | |
Adjusted diluted earnings per share | | $ 0.51 | | $ 0.45 | | 13% | | |
Weighted-average shares outstanding, diluted | | 11,632,363 | | 11,593,890 | | - | | |
Financial Highlights
Business Developments and News
Dividend Declaration – Quarterly Cash Dividend
OTC Markets Group announced today that its Board of Directors authorized and approved a special cash dividend of $0.65 per share of Class A common stock and a quarterly cash dividend of $0.15 per share of Class A common stock. The special dividend is payable on December 5, 2018 to stockholders of record on November 21, 2018. The ex-divided date is November 20, 2018. The quarterly cash dividend is payable on December 20, 2018 to stockholders of record on December 6, 2018. The ex-dividend date is December 5, 2018.
Stock Buyback Program
The Company is authorized to purchase shares from time to time on the open market and through block trades, in compliance with applicable law. The Company did not repurchase any shares during the third quarter of 2018.
On March 6, 2018, the Board of Directors refreshed the Company's stock repurchase program, giving the Company authorization to repurchase up to 300,000 shares of the Company's Class A common stock. As at September 30, 2018, there are 300,000 shares remaining to be purchased under our plan.
Non-GAAP Financial Measures
In addition to disclosing results prepared in accordance with GAAP, the Company also discloses certain non-GAAP results of operations, including adjusted EBITDA and adjusted diluted earnings per share that either exclude or include amounts that are described in the reconciliation table of GAAP to non-GAAP information provided at the end of this release. Non-GAAP financial measures do not replace and are not superior to the presentation of GAAP financial results, but are provided to improve overall understanding of the Company's current financial performance. Management believes that this non-GAAP information is useful to both management and investors regarding certain additional financial and business trends related to the operating results. Management uses this non-GAAP information, along with GAAP information, in evaluating its historical operating performance.
Third Quarter 2018 Conference Call
The Company will host a conference call on Thursday, November 8, 2018, at 8:30 a.m. Eastern Time, during which management will discuss the financial results in further detail. The conference call and replay of the conference call may be accessed as follows:
Dial-in Numbers: (877) 407-9124 (Domestic); (201) 689-8584 (International);
Replay Dial-in Numbers (Available until December 8, 2018): 877-481-4010 (Domestic); 919-882-2331 (International); Replay PIN Number: 39395
Participants can access the conference via Internet webcast at the following link:
http://www.investorcalendar.com/event/39395
The earnings release, transcript of the earnings call and presentation will also be available in the Investor Relations section of the corporate website at www.otcmarkets.com/investor-relations/overview.
OTC Markets Group's Quarterly Report for the period ended September 30, 2018 is available publicly at www.otcmarkets.com.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX® Best Market, the OTCQB® Venture Market and the Pink® Open Market for 10,000 U.S. and global securities. Through OTC Link® ATS and OTC Link ECN, we connect a diverse network of broker-dealers that provide liquidity and execution services. We enable investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for investors.
To learn more about how we create better informed and more efficient financial markets, visit https://www.otcmarkets.com/stock/OTCM/disclosure.
OTC Link ATS and OTC Link ECN are SEC regulated ATSs, operated by OTC Link LLC, member FINRA/SIPC.
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Investor Contact:
Bea Ordonez
Chief Financial Officer
Phone: 212-220-2215
Email: ir@otcmarkets.com
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