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infoUSA Q1 Profits Rise
Database giant and ORC parent infoUSA has reported preliminary unaudited first quarter revenue of $191m, compared with $158m recorded the previous year. EBITDA was $27m for Q1 2008, compared with $24m for Q1 2007.
For the quarter that ended March 31, the company earned 13 cents per share, compared with 11 cents per share in the year-ago quarter
Last month, the firm announced that because of shareholder litigation and an ongoing Securities and Exchange Commission (SEC) investigation, it would not meet the March 17 deadline for filing its annual report for the year ended December 31, 2007.
The law suit alleges misuse of funds, questioning millions of dollars paid in consultancy fees and donations to the family and causes of Bill and Hillary Clinton; as well as alleged 'improper payments' to CEO Vin Gupta for the purchase of cars, jets, houses and a yacht. In December, infoUSA formed a special board committee to respond to the litigation.
Q1 preliminary figures include $2.9m in legal expenses related to this shareholder lawsuit and related investigation.
In the latest announcement, infoUSA says that based on 2008 first quarter results, it estimates that revenue for 2008 will be in the range of $750m to $760m and EBITDA to be in the range of $120m to $130m.
The company intends to file its quarterly report for the quarter ended March 31 2008 by the SEC filing deadline.
Web site: www.infousa.com .
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