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Greenfield Survey Division Reports 15% Q2 Growth
Greenfield Online has announced good second quarter results for its survey solutions and comparison shopping businesses, with the latter particularly strong. Both divisions saw double-digit growth in revenue, as did overall operating income and adjusted EBITDA.
Total net revenue was $30.8m for the second quarter of 2007, compared with $24.5m for the same period in the prior year. Revenue for its Internet survey solutions division was $23.3m, up from $20.2m for Q2 2006, while the comparison shopping segment continued to boom with revenue up 77.1% from $4.2m in Q2 2006 to $7.5m.
Total gross profit was $22.6m or 73.2% of revenues for the second quarter of 2007, up from $18.9m for the same period last year.
The results represent a continued recovery after a difficult two years for Greenfield - indeed, the news comes in the wake of accusations that the firm made 'false and misleading statements' which led to artificially inflated share prices in 2005; against which it says it will 'vigorously defend' itself (www.mrweb.com/drno/news7096.htm ).
President and CEO Albert Angrisani comments: 'I am pleased with our strong second quarter financial results, especially the impressive growth in comparison shopping. The company reported the highest quarterly revenue in its history. We finished the quarter with approximately $50m in cash and marketable securities on our balance sheet.'
He adds: 'Going forward we expect to continue to maintain our strong focus on driving profitable growth and free cash flow.' As of August 8, third quarter backlog for the survey division (defined as signed contracts for online survey projects expected to complete during the three months ending September 30) stands at approximately $19m.
For the comparison shopping segment, according to data compiled by Nielsen//NetRatings, unique visitors totaled 16.1m, 20.1m, and 18.2m for the months of April, May, and June 2007 for Germany, France, Italy, Spain and the UK. As of June 30 it had more than 1,200 active merchants, defined as those who display offers on Greenfield's shopping portals and accept click-throughs.
The firm is headquarted in Wilton Connecticut and has web sites at www.greenfieldonline.com and www.ciao.com.
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