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MediaMind Technologies Reports 2010 Fourth Quarter And Year-End Results

NEW YORK, Feb. 8, 2011 (GLOBE NEWSWIRE) -- MediaMind Technologies Inc. (Nasdaq:MDMD), the leading independent global provider of integrated digital advertising solutions, today announced its financial results for the fourth quarter and year ended December 31, 2010.

Summary Results

  • Revenues of $25.9 million for the fourth quarter of 2010, up 15% from Q4 2009; Revenues of $80.8 million in 2010, up 24% from 2009.
  • Q4 2010 non-GAAP net income of $6.4 million, or diluted EPS of $0.30; Q4 2010 GAAP net income of $5.5 million, or diluted EPS of $0.26.
  • Q4 2010 adjusted EBITDA of $9.1 million and full year adjusted EBITDA of $19.9 million.
  • Positive operating cash flow of $4.9 million for Q4 2010 and $11.8 million for full year 2010.
  • Significant market momentum reflected in increased customer base, volume growth and solid performance across all regions
  • Successful introduction of MediaMind v2.0 product suite with strong market acceptance

Fourth Quarter and Full Year 2010

For the 2010 fourth quarter, revenues increased 15% to $25.9 million compared to $22.4 million in the prior-year period. Full year revenues were $80.8 million, an increase of 24% compared to revenues of $65.1 million for 2009. Year-over-year revenue growth for both periods was attributable to the addition of new advertising customers and higher volumes of ad impressions driven by increased momentum in our key markets and strong demand from our large advertising partners. Gross profit margin was 95% for the 2010 fourth quarter compared to 96% in the prior-year period.

Net income attributable to Common stockholders for the 2010 fourth quarter was $5.5 million, or diluted earnings per share of $0.26, compared to $5.5 million, or diluted earnings per share of $0.39, in the fourth quarter of 2009. Net income attributable to Common stockholders for the full year was $8.7 million, or diluted earnings per share of $0.54, compared to $8.2 million, or diluted earnings per share of $0.68, in 2009.

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