Back to all announcements

EDGAR Online Reports First Quarter 2008 Results

EDGAR Online, Inc. (NASDAQ: EDGR), today announced that revenues increased 22% to $5.0 million for the quarter ended March 31, 2008, compared to $4.1 million for the same quarter last year. Adjusted EBITDA, which has improved sequentially since the first quarter of 2007, increased to $175,000 for the quarter ended March 31, 2008. EDGAR Online is a leading provider of business and financial information on global companies.

“We are very pleased with the revenue growth we’ve posted in the first quarter and especially in our substantial progress in adjusted EBITDA over the previous year’s first quarter,” said Philip Moyer, EDGAR Online President and CEO. “These results show continued strong interest in our data and solutions business, in XBRL and some short-term results from new custom data processing contracts. While we are facing some economic headwinds, and we will not have the ongoing benefits of some non-recurring fees from data creation, we are also seeing momentum created by the potential mandate of XBRL by the SEC.”

Operating loss was ($615,000), or ($0.02) per share, for the three months ended March 31, 2008 compared to ($1.6 million), or ($0.06) per share, for the same quarter last year. Net loss was ($705,000), or ($0.03) per share, for the three months ended March 31, 2008 compared to ($1.6 million), or ($0.06) per share, for the same quarter last year.

Deferred revenue increased 8% to $4.5 million at March 31, 2008, compared to $4.1 million at December 31, 2007. Deferred revenue represents amounts billed to customers that will be recognized as revenue in future quarters as the Company’s subscription and data products are utilized. At March 31, 2008, cash, cash equivalents and short-term investments totaled $2.5 million, compared to $3.8 million at December 31, 2007.