NEW YORK, Nov. 8, 2010 (GLOBE NEWSWIRE) -- MediaMind Technologies Inc. (Nasdaq:MDMD), the leading independent global provider of integrated digital advertising campaign management solutions, today reported results for the third quarter ended September 30, 2010.
For the 2010 third quarter, revenues increased 16.3% to $17.7 million compared to $15.2 million in the prior-year period. For 2010 third quarter, revenues excluding the impact of foreign currencies were $18.0 million. See the reconciliation between GAAP and non-GAAP financial measures provided in the financial data below. Year-over-year revenue growth was attributable to the addition of new advertising customers and higher volumes of ad impressions, partially offset by softness in select markets. Gross profit margin was 94.4% for the 2010 third quarter compared to 94.6% a year ago. Net income for the period was $1.0 million, or $0.05 per pro-forma diluted share, compared to $1.9 million, or $0.14 per pro-forma diluted share, in the third quarter of 2009. Pro-forma diluted share amounts give effect to the conversion of all outstanding shares of the Company's preferred stock into shares of common stock (which occurred with the Company's initial public offering) as of the beginning of each period presented. GAAP earnings per diluted share for the period were $0.04, compared to $0.14 per diluted share in the third quarter of 2009. Profitability for the fiscal 2010 third quarter was in-line with the Company's expectations.
Net income for the 2010 third quarter on a non-GAAP basis was $2.3 million, or $0.12 per pro-forma diluted share, compared to $2.6 million, or $0.18 per pro-forma diluted share, in the prior-year period. Non-GAAP net income excludes non-cash share-based compensation expense, net of taxes, of approximately $1.3 million and $0.7 million, for the third quarter of 2010 and 2009, respectively. Adjusted EBITDA for the 2010 third quarter was $2.7 million versus $3.2 million in the prior-year period. See the reconciliation between GAAP and non-GAAP financial measures provided in the financial data below.