MediaMind Technologies Reports 2010 Third Quarter Results
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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV