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Greenfield Turnaround Continues
Greenfield Online has reported results for the third quarter of 2006, ended September 30. The figures show improvements over those for the previous year and President and CEO Albert Angrisani says there has been progress 'in many areas of the business' but that the management are 'not satisfied'.
Total net revenue for Q3 2006 was $24.9m for the third quarter of 2006, up from $23.1m the previous year, and total gross profit was $18.9m or 76.0% of revenues, up from $16.4m (71.0%) in 2005. Operating income was $2.5m (10% of revenue), up from $0.8m or 3.6% of revenue in Q3 2005. Adjusted EBITDA excluding restructuring charges and one-time charges rose to $6.7m from $4.6m a year previously.
Backlog of signed contracts for projects in the fourth quarter is up to $22m from $19m for the third quarter, reported on August 7, 2006. Bid volume is little changed vs 3 months ago, at c.$126m. The proportion of revenue from full service projects is up from 42% in the second quarter to 45% in the third.
Revenue for the nine months to date also compares favourably with the 2005 equivalent, up from $64.7m to $70.9m. According to Angrisani: 'Our third quarter results reflect real progress, particularly at Ciao comparison shopping, which grew net revenues by 93% over the third quarter a year ago. Nevertheless, we are not satisfied, as there is still a considerable amount of work to be done to prepare the company for growth and expansion in 2007.' The company says it will raise portions of its annual guidance for the full fiscal year 2006.
Total Revenue is forecast at $93.0-$97.0m (from $88.0-$95.0m on August 7th), with gross margins forecast raised from 70-72% to 73-75%.
The company is online at www.greenfield.com .
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