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NEW YORK, Aug. 4 /PRNewswire-FirstCall/ -- EDGAR( )Online, Inc. (NASDAQ: EDGR) today announced that total revenues were $4.6 million and adjusted EBITDA was $553,000 for the quarter ended June 30, 2009 compared to revenues of $4.9 million and adjusted EBITDA of $210,000 for the quarter ended June 30, 2008. Total revenues for the six months ended June 30, 2009 were $8.8 million and adjusted EBITDA was $585,000 compared to revenues of $9.9 million and adjusted EBITDA of $385,000 in the same period prior year. EDGAR Online is a leader in the creation of XBRL financial reports and the distribution of company data and public filings for equities, mutual funds and a variety of other publicly traded assets.
XBRL filings revenues were $768,000 for the quarter ended June 30, 2009, a 141% increase from the same quarter last year. The increase in XBRL filings revenues in 2009 was offset by decreases in subscriptions and data revenues due to higher cancellation rates over the past 9 months. In addition, the second quarter of 2008 included $170,000 of non-recurring data solutions revenue. During the quarter ended June 30, 2009, the company was able to reduce its cash operating expenses to offset the revenue shortfall.
"Our team is pleased with the overall results we are posting today. This quarter provides an early indication that our investment in XBRL is producing significant results for our business. While our subscription and data business revenues are down based on continued cancellations, we are very proud to deliver sequential quarterly growth of over 217% in our XBRL filings business. We expect to continue to see growth in the revenues and the resources associated with that business. However, we are also committed to aggressive management of our costs and cash as we scale to meet this opportunity. Since January 2008 we have created over 560 XBRL conversions for companies totaling over $4.2 trillion in market capitalization. Our results demonstrate the value that customers are seeing in our solution," said Philip Moyer, EDGAR Online CEO and President.
Operating loss was ($292,000) for the quarter ended June 30, 2009 compared to ($551,000) for the same quarter last year. The decrease in revenues in 2009 was more than offset by reduced operating expenses. Net loss was ($383,000), or ($0.01) per share, for the quarter ended June 30, 2009 compared to ($687,000), or ($0.03) per share, for the same quarter last year. Operating loss was ($1.3 million) for the six months ended June 30, 2009 compared to ($1.2 million) for the same period last year. Net loss was ($1.5 million), or ($0.06) per share, for the six months ended June 30, 2009 compared to ($1.4 million), or ($0.05) per share, for the same period last year.
Deferred revenue was $4.2 million at both June 30, 2009 and December 31, 2008. Deferred revenue represents amounts billed to customers that will be recognized as revenue in future quarters as the company's products and services are utilized. During the quarter ended June 30, 2009, the company capitalized $343,000 of costs for the development of internal software related to the XBRL filings business, which are included in property and equipment.
At June 30, 2009, cash, cash equivalents and short-term investments totaled $1.4 million, compared to $2.3 million at December 31, 2008. At June 30, 2009, the company has a $2.5 million revolving credit facility, none of which has been drawn down.
KEY FINANCIAL METRICS
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
(unaudited) (unaudited)
2008 2009 2008 2009
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Subscriptions $2,368 $1,751 $4,655 $3,629
Data and solutions 2,234 2,048 4,855 4,163
XBRL filings 319 768 402 1,010
----- ----- ----- -----
Total Revenues $4,921 $4,567 $9,912 $8,802
Net loss $(687) $(383) $(1,392) $(1,480)
Interest expense, net 136 91 226 201
----- ----- ----- -----
Operating loss (551) (292) (1,166) (1,279)
Severance costs - - 40 57
Stock compensation 298 312 581 777
Amortization and
depreciation 463 533 930 1,030
----- ----- ----- -----
Adjusted EBITDA $210 $553 $385 $585
Net loss per share $(0.03) $(0.01) $(0.05) $(0.06)
Adjusted EBITDA per
share $0.01 $0.02 $0.01 $0.02
In addition to disclosing financial results prepared in accordance with generally accepted accounting principles ("GAAP"), the company discloses information regarding adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial measure defined as earnings before interest, taxes, depreciation and amortization. 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 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 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. As adjusted EBITDA is a non-GAAP financial measure, it should not be considered in isolation or as a substitute for net 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.
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