comScore Reports 'Record First Quarter'

Online audience specialist comScore has reported a 'record first quarter' with an 18% revenue increase to $36.1m. The firm attributes this to an 'improved industry environment', and anticipates that this trend will continue in the second quarter and the full year.

Income before taxes was $1.3m in the first quarter of 2010, compared with $1.5m in the prior year period, while net income for the period dropped to $229k from $277k in 2009.

The firm recorded an 18% climb in operating expenses, as a result of higher spending on marketing and R&D. However, these costs were partially offset by higher revenue from subscriptions and an increase in customers.

President and CEO Dr Magid Abraham said that during the period, the firm had added a net total of 76 new customers; 13 of which were net new additions for comScore through its acquisition of comms research specialist ARSgroup. The remaining 63 net customer additions represent an almost 400% increase over the same quarter last year, he explained.

During the first quarter, customer interest in the firm's Media Metrix 360 audience measurement product was high, and comScore reported 'strong results' in the consumer packaged goods, pharmaceuticals, financial services and telecoms industry verticals.

Internationally, the company recorded a 35% rise in revenue, compared with a year ago, which it says reflects the growing demand for its products outside the US.

'Given the positive results of this most recent quarter, we are now more optimistic about our prospects for full-year 2010,' stated Abraham. 'As such, we are raising our expectations for annual revenue growth from our previously announced range of 21% to 25% to a higher range of 24% to 28%, while continuing to expect adjusted EBITDA margins at the same levels we experienced during 2009.'

Separately, comScore has filed a 'shelf registration statement' with the US SEC, which will provide it with the option to offer and sell up to $100m of common stock. The firm has no immediate plans to raise capital under the agreement, and plans to pay for any future acquisitions in cash.

Web site: www.comscore.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

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