Issuer Direct Reports First Quarter 2012 Operating Results
(firmenpresse) - MORRISVILLE, NC -- (Marketwire) -- 05/02/12 -- (OTCBB: ISDR), a market leader and innovator of disclosure management solutions and cloud-based compliance technologies, today reported its operating results for the quarter ended March 31, 2012. Additionally, the Company anticipates filing its Form 10-Q quarterly report with the Securities and Exchange Commission before market close today.
Revenue for the first quarter increased by 55% when compared with the prior-year quarter.
Revenue from compliance and reporting services, including XBRL services, increased 120% when compared with the first quarter of 2011.
Gross profit increased 56% when compared with the prior-year quarter.
The Company achieved Non-GAAP net income for the quarter end March 31, 2012 of $0.03 per share.
The Company completed the integration of customers acquired from SEC Compliance Services, Inc, increasing the number of issuers using Issuer Direct services to over 500.
For the three months ended March 31, 2012, Issuer Direct reported revenue of $796,594, compared with $513,556 in the quarter ended March 31, 2011. Revenue from compliance and reporting services rose 120% to $454,410 during the quarter ended March 31, 2012, compared with $207,009 in the quarter ended March 31, 2011. Gross profit for the quarter ended March 31, 2012 increased to $439,900, versus $281,460 in the quarter ended March 31, 2011.
As a result of the Issuer Direct's commitment to its sales and marketing expansion and coincident to its acquisition of SEC Compliance Services, Inc. ("SECCS"), the Company incurred certain costs associated with expanding its sales force that included employees and consultants of SEC Compliance Services. These expenses contributed to a net GAAP loss of $56,936, or $0.03 per share, during the quarter ended March 31, 2012, compared with a net GAAP loss of $25,782, or $0.01 per share, during the quarter ended March 31, 2011. The loss for the quarter ended March 31, 2012 included total non-cash expenses for stock-based compensation and amortization of intangible assets of $109,993.
"We were very pleased with the increase in first quarter revenue, particularly the 120% increase in revenue from compliance and reporting services, including XBRL offerings," commented Wes Pollard, Chief Financial Officer of Issuer Direct Corporation. "As anticipated, we are incurring additional operating expenses in the first half of 2012 resulting from our acquisition of SECCS in January. However, the anticipated and significant revenue and profitability growth resulting from this acquisition will be recognized primarily in the second half of 2012 and future years. Both our current customers and the customers we acquired from SECCS will be required to report their quarterly and annual SEC filings in XBRL with detail footnote tagging in the second half of 2012, which will present us with significant revenue opportunities." Effective for all fiscal periods ended after June 15, 2012, small reporting companies, which comprise the majority of the Company's customers, will be required to add detail footnote tagging to their quarterly and annual filings in XBRL format.
"Our operating results during the first quarter were in line with management's expectations, and we continue to expect record revenue and earnings for the full year," said Issuer Direct's Chief Executive Officer Brian R. Balbirnie. "The significant increase in selling and marketing expenses in the first quarter reflects our plans to target new clients that can benefit from our core business solutions during the balance of 2012. We expect to realize the benefits of this aggressive sales and marketing strategy during the second half of the 2012 and in future years. We also intend to pursue and integrate strategic acquisitions that complement our Disclosure Management System (DMS) technology platform, our clients' needs and our overall growth strategy."
The Company generated non-GAAP net income for the quarter ended March 31, 2012 of $53,057 or $0.03 per share, compared with a non-GAAP net loss of $1,603, or $0.00 per share, in the quarter ended March 31, 2011. Adjustments from net loss (GAAP) to non-GAAP net income during the first quarter of 2012 primarily involved amortization of intangible assets resulting from acquisitions and stock-based compensation.
Certain non-GAAP financial measures are included in this press release. In the calculation of these measures, the Company generally excludes certain items such as amortization and impairment of acquired intangibles, non-cash stock-based compensation charges, and unusual, non-recurring gains and charges. The Company believes that excluding such items provides investors and management with a representation of the Company's core operating performance and with information useful in assessing its prospects for the future and underlying trends in the Company's operating expenditures and continuing operations. Management uses such non-GAAP measures to evaluate financial results and manage operations. The release and the attachments to this release provide a reconciliation of each of the non-GAAP measures referred to in this release to the most directly comparable GAAP measure. The non-GAAP financial measures are not meant to be considered a substitute for the corresponding GAAP financial measures.
Issuer Direct Corporation ("IDC") is a market leader and innovative provider of disclosure management solutions and cloud-based compliance technologies. With a focus on corporate issuers, the Company alleviates the complexity of maintaining compliance with an integrated portfolio of products and services that enhance companies' ability to efficiently produce and distribute their financial and business communications both online and in print.
Financial Tear sheet
Request materials
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "prospects," "outlook," and similar words or expressions, or future or conditional verbs such as "will," "should," "would," "may," and "could" are generally forward-looking in nature and not historical facts. These forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company's forward-looking statements, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2011, including but not limited to the discussion under "Risk Factors" therein, which the Company expects to file with the SEC later today, and which may be viewed at .
Issuer Direct Corporation
Brian R. Balbirnie
919-481-4000
RJ Falkner & Company, Inc.
Investor Relations Counsel
830.693.4400
Issuer Direct Corporation
Brian R. Balbirnie
919-481-4000
RJ Falkner & Company, Inc.
Investor Relations Counsel
830.693.4400
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 02.05.2012 - 13:06 Uhr
Sprache: Deutsch
News-ID 141769
Anzahl Zeichen: 0
contact information:
Town:
MORRISVILLE, NC
Kategorie:
Commercial & Investment Banking
Diese Pressemitteilung wurde bisher 183 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Issuer Direct Reports First Quarter 2012 Operating Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Issuer Direct (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
