âInteractive Data produced strong first-quarter 2008 results,â stated Stuart Clark, president and chief executive officer. âAs expected, our revenue growth this quarter was primarily driven by the excellent performances of our two largest institutionally oriented businesses, Pricing and Reference Data, and Real-Time Services. Overall, our organic quarterly revenue growth of 8.7%, combined with prudent management of our business and the positive impact of certain one-time items, contributed to a 26.1% increase in both income from operations and net income.â
âOur organic revenue growth rate this quarter largely reflects our success in winning business from existing and new institutional customers throughout the second half of last year and into 2008,â Clark continued. âNew sales levels for our evaluations, reference data, real-time datafeeds and managed solutions were healthy on a global basis during the first quarter of 2008 and renewal rates across our institutional businesses remained at approximately 95%. While we are pleased with the growth generated by our largest businesses, we also continued to implement plans and pursue opportunities that we believe will help reignite growth in our other businesses while bringing them closer to the core of our Company.â
Andrew Hajducky, Interactive Dataâs executive vice president and chief financial officer, commented, âOur Company performed well in the first quarter of 2008, which helped produce another favorable quarter of net cash from operations. During the quarter, we returned $74.5 million to shareholders through the special dividend, regular quarterly dividend and stock buyback program and ended the quarter with $247.2 million in cash, cash equivalents and marketable securities. Our strong cash position and lack of debt enables us to consider a number of investment opportunities to further expand the business globally."
Clark concluded, âAlthough there is some uncertainty arising from the current economic environment, we believe that our offerings remain relevant and appealing. Many of our services address workflow-sensitive applications in areas such as valuation and regulatory compliance, which require ongoing investment by customers. In addition, we are engaging our customers with a broader range of high-value services that take advantage of the content, capabilities and talents across our global organization. Moving forward, we plan to continue carefully managing our business in light of the current market dynamics even as we begin to phase in investments over the remainder of 2008 that are designed to help us respond to evolving customer needs and emerging growth opportunities within our target markets.â