Interactive Data Reports 14.5% Increase in Pro Forma EBITDA to $29.8 Million for the Third Quarter
(posters note: steady growth. These guys are running a good ship. With any turnaround in the economy and market, stock goes to mid 20's. Hoping we get at least 15-16 now.)
BEDFORD, Mass.--(BUSINESS WIRE)--Oct. 26, 2001--
Pro Forma Net Income of $0.04 Per Share Compared to Pro Forma Loss of
$0.06 Per Share in 2000
Interactive Data Corporation (Nasdaq NM: IDCO) today announced results for the third quarter ended September 30, 2001. This is the company's sixth full
reporting period since the completion of the Interactive Data (now known as FT Interactive Data) merger with Data Broadcasting on March 1, 2000.
On a pro forma basis, reported as if the merged businesses had been combined on January 1, 2000 and excluding the financial results from the Federal News
Service and MarketWatch.com businesses that were sold in January 2001, revenues for the third quarter of 2001 increased by 4.2% to $85.3 million from $81.9
million in the comparable period in 2000. Excluding the effects of foreign exchange, revenues increased by 6.0%. Pro forma EBITDA for the third quarter of 2001
increased by 14.5% to $29.8 million, or $0.32 per diluted share, from $26.0 million, or $0.29 per share, in the same period in 2000. Pro forma net income for the
quarter totaled $3.8 million, or $0.04 per share, compared to a loss of $5.7 million, or $0.06 per share, in last year's third quarter.
Stuart Clark, president and chief executive officer, commented, "This has been another quarter of strong performance for Interactive Data. Our institutional
business continues to be the main driver of our revenue, accounting for 87.5% of the company's third quarter revenues. This segment grew by 11.6% before the
effects of foreign exchange, illustrating the resilience of our business even under today's very difficult economic conditions. In fact, despite the slower economy
worldwide, our institutional business continued to grow in all three of its geographic business areas - North America, Europe and Asia - primarily by winning new
customers and expanding our relationships with existing clients."
"Revenues from our retail segment decreased by 22% for the quarter, driven by the continuing and expected decline in broadcast customers. The business is being
managed very effectively in this difficult market environment and, as in the first half of 2001, was EBITDA positive in the third quarter. In fact, the business
actually exceeded the target we had set for it for this period."
"Our outlook for the remainder of the year continues to be positive," Mr. Clark said. "We continue to work toward our goal of achieving underlying double digit
growth across our core institutional business. Our expansion in Europe, which represents an important market for us going forward, is making good progress. In
mid-October we launched the multi-currency version of CMS BondEdge, our fixed income portfolio analytics system, which is offered in Europe under the FT
Interactive Data brand. The reception for this new product has been very encouraging."
Mr. Clark concluded, "We want to extend our appreciation and thanks to our employees for their dedication and outstanding performance after the terrible national
tragedy that took place on September 11. Although some of our data collection and distribution facilities are based in lower Manhattan, our staff's skill and
commitment enabled us to operate continuously during this very difficult period. Many of our customers, who depend on Interactive Data for some of their most
critical functions, have expressed their appreciation of our employees' resourcefulness and commitment to client service."
Financial Results
Actual
For the quarter ended September 30, 2001, Interactive Data reported revenues of $85.3 million versus $82.9 million for the third quarter of 2000. EBITDA totaled
$29.8 million, or $0.32 per diluted share, for the third quarter of 2001 versus $26.2 million, or $0.29 per share, for the same period in 2000. Net income totaled $3.8
million, or $0.04 per share, versus a loss of $17.2 million, or $0.19 per share, in the third quarter of 2000.
For the nine months ended September 30, 2001, Interactive Data reported revenues totaling $253.5 million versus $228.5 million for the first nine months of 2000.
EBITDA totaled $82.1 million compared to $66.0 million for the same period last year. Net income totaled $5.4 million, or $0.06 per share, versus a loss of $41.2
million, or $0.49 per share, for the first nine months of 2000.
Pro Forma
On a pro forma basis, for the nine months ended September 30, 2001, revenues increased 4.9% to $253.5 million from $241.7 million in the same period in 2000.
EBITDA increased by 23.4% to $82.1 million from $66.5 million for the same period last year. Net income for the period totaled $5.35 million, compared to a loss
of $18.7 million for the first nine months of 2000.
As of September 30, 2001, the company had no outstanding debt and had cash of $92.2 million. |
