Futures looking great, btw... cme.com
08/03 17:07 EDGAR Online, Inc. Reports Record Quarterly Revenues; Second
Quarter <EDGR.O>
EDGAR Online, Inc. Reports Record Quarterly Revenues; Second Quarter Revenues Increase 62 Percent Over Previous Quarter
NORWALK, Conn.--(BUSINESS WIRE)--Aug. 3, 1999--EDGAR Online, Inc. (Nasdaq: EDGR) the leading Internet provider of business, financial and competitive information derived from U.S. Securities and Exchange Commission (SEC) data, today reported its financial results for the second quarter ended June 30, 1999, its first reporting period as a public company. Revenues for the second quarter totaled $1.04 million, compared to $498,000 for the same period last year, and increased 62% over first quarter 1999 revenues of $641,000.
EDGAR Online, Inc. reported a net loss of $807,000 for the second quarter of this year versus a net loss of $175,000 for the same quarter last year. Basic and diluted net loss per share was $(0.09) in the second quarter, compared to $(0.03) for the second quarter a year ago.
The per share amounts reflect the effects of the Company's initial public offering of 3.6 million shares on May 26, 1999.
For the six months ended June 30, 1999, the Company reported revenues of $1.68 million, a 91% increase over revenues of $882,000 in the same period last year. For the six months ended June 30, 1999, the Company reported a net loss of $1.39 million, or $(0.19) per share, compared to a $363,000 net loss, or $(0.06) per share, for the comparable period a year ago.
"We are very pleased with our revenue growth in the second quarter and the strength of our business model," said Tom Vos, president of EDGAR Online, Inc.. "Each of our three major revenue sources - subscriptions, corporate contracts and advertising is performing as expected. We anticipate continued growth in each of these business areas based on our increased sales and marketing efforts in the coming months."
On May 26, 1999, EDGAR Online, Inc. completed its initial public offering. The Company offered 3.6 million shares at a price of $9.50 per share, for gross proceeds of $34.2 million. The co-lead managers were C.E. Unterberg, Towbin and Fahnestock & Co. Inc.
As previously announced, EDGAR Online, Inc. reached an agreement in principle to acquire the privately held company, FreeEDGAR.com for approximately 950,000 shares of EDGAR Online, Inc. stock. The Company believes that the acquisition of FreeEDGAR further solidifies its position as the leading Internet provider of financial data derived from SEC filings and will enable EDGAR Online, Inc. to significantly increase its market share.
About EDGAR Online, Inc.
EDGAR Online, Inc. (http://www.edgar-online.com) is a Web-based provider of business, financial and competitive information derived from U.S. Securities and Exchange Commission data. Additional services include value-added functions like IPO Express, a service that provides easy-to-use, detailed information on IPO filings, pricings and performance, EDGAR Online People (http://www.edgar-online.com/people), a service that allows users to conduct research on corporate executive and directors, EDGAR Online Personal, which provides real-time Web and email based alerting, and other personalized advanced searches of SEC data.
Based in Norwalk, Connecticut, EDGAR Online, Inc. has strategic relationships with portal, business and financial information Web sites including Yahoo! (Nasdaq: YHOO), Infoseek's GO Network (Nasdaq: SEEK), CNET's SNAP (Nasdaq: CNET), PointCast, Infospace (Nasdaq: INSP), CBS MarketWatch (Nasdaq: MKTW), SmartMoney.com, CMPnet's TechInvestor, Hoover's (Nasdaq: HOOV), Quote.com, Business Wire, Track Data (Nasdaq: TRAC), MSNBC Microsoft and NBC/General Electric, Big Charts, and Raging Bull, a CMGI company (Nasdaq: CMGI). For more information, please visit the Company's Web site at edgar-online.com.
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