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Greenfield Annual Results Show Return to Profit
Panel company Greenfield Online has reported quarterly and annual financial results, showing a profit of c.$8.5m in 2006. President and CEO Albert Angrisani says the firm has re-established growth for its Internet survey solutions business and is in 'the last stages of solidifying its overall turnaround.'
The $8.5m represents a respectable profit for the full year ended December 31, 2006, and contrasts with a massive loss of $66.0m in 2005, including impairment and restructuring charges. Fourth quarter profit was strong at $3.5m.
For the fourth quarter, total net revenue was $29.5m, up 20.3% from $24.5m in Q4 2005. Two thirds of the increase came either from the comparison shopping side, which nearly doubled its revenue, or from favorable currency effects – however, the Internet survey solutions segment grew a healthy 7.2% from $20.9m in Q4 2005 to $22.4m for the fourth quarter of 2006.
Operating income for Q4 was $5.2m, equivalent to 17.5% of revenue. The same quarter last year was the company's darkest hour – on the books at least - with an operating loss of $89.0m including impairment and restructuring charges of $91.8m. Adjusted EBITDA, excluding these charges, shows an improvement from $5.7m (23.3% of revenue) in Q4 2005 to $8.7m, or 29.4% of revenue in Q4 2006.
Looking to the future, the company's guidance predicts total revenue of between $112m and $122m for 2007, gross margin of 74% to 76% and Non-GAAP Adjusted EBITDA of 26% to 28%.
Greenfield is headquartered in Wilton, CT, USA and is on the web at www.greenfield.com . Its European subsidiary Ciao is at www.ciao-group.com .
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