关注我们: 2023年6月6日 English version
 
 
 新闻动态
 其他国家、地区和多边机制
 IASB
 XBRL国际组织
 港澳台
 中国内地
 
xbrl > 新闻动态 > 其他国家、地区和多边机制 >
EDGAR Online发布2010年一季报
2010-05-05 来源:Benzinga 编辑: 浏览量:

NEW YORK, May 5 /PRNewswire-FirstCall/ -- EDGAR Online, Inc., 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, today reported unaudited financial results for the first quarter of 2010.

Total revenues for the quarter ended March 31, 2010 were $4.4 million as compared to $4.2 million for the quarter ended March 31, 2009. Revenues from XBRL filings, which are included in total revenue, were $1.0 million for the quarter ended March 31, 2010, a 293% increase over the quarter ended March 31, 2009. The increase in revenue from XBRL filings was offset by decreases in revenues from data and solutions and subscriptions for this period.

In addition, in the first quarter of 2010, the company successfully completed an offering of its convertible Series B Preferred Stock to Bain Capital Ventures, LLC, a subsidiary of Bain Capital, for $12 million before fees. The proceeds from this offering significantly improved the company's liquidity and provided funds that will be invested in expanding its XBRL filings and data businesses.

Philip Moyer, EDGAR Online President and CEO, stated, "In the first quarter of 2010, we experienced marginal growth but recorded some important strategic accomplishments.  We completed our capital raise. We announced a broad new XBRL partnership with PR Newswire. We delivered more XBRL Form 10-K filings without an amendment than any other provider. We expect the SEC's XBRL mandate to grow the XBRL filings market from 500 companies to 10,000 companies in fourteen months. We believe the resulting demand for XBRL filing services and XBRL data products will continue to increase. However, competition and the costs associated with competing in this business are also increasing.  In the first quarter of 2010, we increased our spending as we started a multi-year process of growing our capacity ahead of this opportunity. As a result, our cash burn has gone up and will continue to go up in the upcoming quarters." 

Mr. Moyer went on to say, "Our legacy EDGAR based subscription business is continuing to decline as the impact of cancelations and tighter spending in the financial information market is taking its toll on that business. While we continue to support this business, we don't expect this trend to change. Our data and solutions business also experienced a slight decline in revenue; however, we continue to see positive demand and expect future growth from the new sales we are seeing in that business as the opportunity for XBRL continues to unfold."

First Quarter 2010 Operating Results and Highlights

Total revenues in the first quarter of 2010 decreased by $0.8 million compared to revenues of $5.1 million in the fourth quarter of 2009. The decrease in revenue is principally attributable to a decrease in revenue from XBRL filings of $0.7 million. This is primarily due to a decrease in trial filings from companies that are not yet required to file under the SEC mandate as these companies typically focus on their annual report and proxy statement during the first quarter of the year. In addition, we did not record any fixed fees in the first quarter of 2010 as our relationship with R.R. Donnelley & Sons became non-exclusive.

Cost of revenues was $1.4 million in the first quarter of 2010 as compared to $1.2 million in each of the first and fourth quarters of 2009. Cost of revenues is primarily comprised of payroll related costs and fees paid to acquire data. The increase of $0.3 million over the first and fourth quarter of 2009 is principally attributable to additional payroll and infrastructure related costs as we grow our XBRL filings business.

Operating expenses of $3.8 million in the first quarter of 2010 decreased by $0.3 million from $4.1 million in the first quarter of 2009 principally as a result of a decrease in sales, development and general and administrative expenses of $0.6 million, offset by an increase in severance, depreciation and amortization costs of $0.3 million. Operating expenses increased by $0.1 million from $3.7 million in the fourth quarter of 2009 due to an increase in severance, depreciation and amortization costs of $0.3 million which was partially offset by a decrease in sales, development and general and administrative expenses of $0.2 million.

As a result of the fluctuations noted above, operating loss was ($0.9 million) for the quarter ended March 31, 2010 compared to an operating loss of ($1.0 million) for the quarter ended March 31, 2009 and operating income of $0.3 million in the fourth quarter of 2009.

Cash and short term investments were $12.3 million at March 31, 2010 as compared to $2.3 million at December 31, 2009 principally as a result of $11.2 million of net proceeds from the convertible Series B Preferred Stock offering, offset by cash used for operations of ($0.3 million), cash used for investing activities of ($0.8 million) and debt repayments of ($0.1 million). 

At March 31, 2010, the company has available a $2.5 million revolving credit facility; no borrowings are outstanding under this facility. The company had outstanding debt of $1.8 million under a term loan which matures in March, 2011.

Deferred revenue was $3.2 million at March 31, 2010 compared to $3.4 million at December 31, 2009.  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 March 31, 2010, the company capitalized $490,000 of costs for the development of internal software related to the XBRL filings business, and purchased equipment totaling $355,000, all of which are included in property and equipment.   

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 Securities and Exchange Commission, 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. 

EDGAR Online will hold its quarterly conference call to review results for the quarter ended March 31, 2010 today, Wednesday, May 5, 2010, at 5:00 p.m. EDT. Philip Moyer, CEO and President, and Ronald Fetzer, Interim CFO, will host the call.  To participate, please dial (877) 407-8031 (toll-free for domestic callers), or (201) 689-8031 (international callers).  The call will also be broadcast simultaneously and archived on the Internet at: The teleconference replay will be available for approximately one week beginning May 5, 2010 after 7:00 p.m. EDT through May 12, 2010.  To access the replay, dial (877) 660-6853 (domestic) or (201) 612-7415 (international).  The account number is 286 and the conference ID is 349561.

 
 
关于XBRL-cn.org | 联系我们 | 欢迎投稿 | 官方微博 | 友情链接 | 网站地图 | 法律声明
XBRL地区组织 版权所有 power by 上海国家会计学院 中国会计视野 沪ICP备05013522号