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EDGAR Online Annual EBITDA Improves $2.8 Million As Subscription Revenue Increases 52%SOUTH NORWALK, CT, February 4, 2003 - EDGAR Online, Inc (NASDAQ: EDGR) today reported positive EBITDA for the year ended December 31, 2002 of $1.4 million versus an EBITDA loss of ($1.4 million) in the prior year. The annual EPS loss before accounting change was ($0.10) as compared to ($0.46) last year. EDGAR Online is a leader in the business information industry, specializing in the extraction, packaging and distribution of public company information contained in SEC filings. EDGAR Online reported revenue of $16.2 million for the year ended December 31, 2002, a decrease of 5% compared to last year. Strong growth in the Company's core subscription business was offset by a $2.5 million, or 37%, decline in the Company's technical services revenue. Seat-based subscription revenue increased 52% from last year primarily due to the sale of over 4,800 seats to its professional EDGAR Online Pro and 13Fpro services. At December 31, 2002, the Company has over 26,500 subscribers. Since inception, the Company's subscription revenues have grown each quarter. "Despite the ongoing difficult environment in the financial services industry, EDGAR Online has been able to successfully grow our core business," said Susan Strausberg, EDGAR Online's President and CEO. "The decline in technical services revenues reflects the general decline throughout the industry. We are continuing to focus on further growth in our core areas and are seeing encouraging signs in the first quarter of 2003."
Operating Results Improve For the year ended December 31, 2002, EDGAR Online reported revenue of $16.2 million, a decrease of $882,000 compared to the same period last year, despite a $2.5 million decline in technical service revenues. Gross margins increased to 84% for the year ended December 31, 2002 from 74% last year. EBITDA for the year ended December 31, 2002, excluding $500,000 of charges and $182,000 of restructuring charge reversals, was a positive $1.7 million, or $0.10 per share, compared to an EBITDA net loss of ($361,000), or ($0.02) per share, excluding $995,000 of restructuring charges for the year ended December 31, 2001. Loss before cumulative effect of accounting change for the year ending December 31, 2002, excluding $500,000 of charges and $182,000 of restructuring charge reversals was ($1.4 million), or ($0.08) per share. This compares to a net loss of ($5.5 million), or ($0.37) per share, excluding $995,000 of restructuring charges and $275,000 loss on investment in the prior year. The earnings improvement for the year ended December 31, 2002, excluding the above charges, was $4.1 million. At the end of the year, cash totaled $5.5 million, current assets $7.4 million, total assets $23.2 million and shareholders' equity totaled $16.4 million. In the year ended December 31, 2002, the Company generated $1.6 million in operating cash flow, raised $3.4 million from the issuance of common stock, and repaid $2.5 million in promissory notes.
Key Financial Metrics
Three Months Ended Year Ended
4Q'02 4Q'01 4Q'02 4Q'01
-------- -------- -------- --------
Data Sales $ 1,224 $ 1,540 $ 5,380 $ 5,416
Seat-based Subscriptions 1,403 1,069 5,149 3,387
Technical Services 1,022 1,342 4,287 6,782
Advertising and
E-commerce 259 407 1,355 1,468
-------- -------- -------- --------
Total Revenues $ 3,908 $ 4,358 $16,171 $17,053
Loss from Operations $ (740) $ (551) $(1,474) $(6,123)
Amortization and
Depreciation 700 1,173 2,880 4,767
-------- -------- -------- --------
EBITDA (40) 622 1,406 (1,356)
Terminated Transaction
Costs 500 - 500 -
Restructuring Charges - - (182) 995
-------- -------- -------- --------
Pro-forma EBITDA $ 460 $ 622 $ 1,724 $ (361)
Pro-forma EBITDA per
share $ 0.03 $ 0.04 $ 0.10 $ (0.02)
EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Pro-forma EBITDA is adjusted to exclude certain non-recurring or unusual impacts on EBITDA. The Company has presented EBITDA because it is a common alternative measure of performance. The Company's definition of EBITDA may not be consistent with that of other companies. EBITDA is not a measure of financial performance under generally accepted accounting principles and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with generally accepted accounting principles.
Fourth Quarter Conference Call Reminder
About EDGAR Online, Inc. "Forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future events or results. EDGAR Online, Inc. disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. Please refer to the documents filed by EDGAR Online, Inc. with the Securities and Exchange Commission, which identify important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions (including in the online business and financial information industry), actions of our competitors, the extent to which we are able to develop new services and markets for our services, risks in connection with our recent acquisition and other acquisitions which we may consummate in the future, the time and expense involved in such development activities, the level of demand and market acceptance of our services and changes in our business strategies. EDGAR is a federally registered trademark of the U.S. Securities and Exchange Commission (SEC). EDGAR Online is not affiliated with or approved by the U.S. Securities and Exchange Commission. EDGAR Online is a product of EDGAR Online, Inc.
EDGAR Online, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended Year Ended
December 31, 2002 December 31,2002
(unaudited) (unaudited)
2002 2001 2002 2001
-------- -------- --------- --------
Revenues:
Data sales $ 1,224 $ 1,540 $ 5,380 $ 5,416
Seat-based
subscriptions 1,403 1,069 5,149 3,387
Technical services 1,022 1,342 4,287 6,782
Advertising and
e-commerce 259 407 1,355 1,468
-------- -------- --------- --------
Total revenues 3,908 4,358 16,171 17,053
Total cost of sales 591 910 2,632 4,449
-------- -------- --------- --------
Gross profit 3,317 3,448 13,539 12,604
Sales and marketing 487 524 2,314 2,402
Product development 559 373 2,244 2,148
General and
administrative 2,311 1,929 7,757 8,415
Restructuring charges - - (182) 995
Amortization and
depreciation 700 1,173 2,880 4,767
-------- -------- --------- --------
Total operating expenses 4,057 3,999 15,013 18,727
Loss from operations (740) (551) (1,474) (6,123)
Interest and other income
(expense), net (51) (109) (251) (665)
-------- -------- --------- --------
Loss before taxes (791) (660) (1,725) (6,788)
Income tax expense - - - -
-------- -------- --------- --------
Loss before cumulative
effect of accounting
change (791) (660) (1,725) (6,788)
Cumulative effect of
accounting change - - (9,317) -
-------- -------- --------- --------
Net loss $ (791) $ (660) $(11,042) $(6,788)
======== ======== ========= ========
Weighted average shares
outstanding - basic and
diluted 17,002 14,921 16,933 14,912
Loss before cumulative
effect of accounting
change per share- basic
and diluted $ (0.05) $ (0.04) $ (0.10) $ (0.46)
Cumulative effect of
accounting change per
share - basic and
diluted $ - $ - $ (0.55) $ -
Net loss per share -
basic and diluted $ (0.05) $ (0.04) $ (0.65) $ (0.46)
EDGAR Online, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
December December
31, 31,
2002 2001
(unaudited)
-------- --------
Assets
Cash $ 5,550 $ 3,461
Accounts receivable, net 1,562 2,026
Other assets 316 278
-------- --------
Total current assets 7,428 5,765
Property and equipment, net 1,693 2,519
Goodwill and intangible assets 13,324 24,301
Other assets 774 901
--------- --------
Total assets $23,219 $33,486
Liabilities and Stockholders' Equity
Accounts payable and accrued expenses $ 1,271 $ 1,680
Deferred revenues 1,744 1,393
Notes payable and accrued interest 1,949 2,621
Capital lease payable, current portion 7 25
-------- --------
Total current liabilities 4,971 5,719
Notes payable 1,878 3,800
Capital lease payable, long-term - 7
-------- --------
Total liabilities 6,849 9,526
-------- --------
Stockholders' equity:
Common stock 170 154
Additional paid-in capital 58,177 54,741
Accumulated deficit (41,977) (30,935)
--------- --------
Total stockholders' equity 16,370 23,960
Total liabilities and stockholders' equity $23,219 $33,486
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