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TheStreet Open House

TechTarget Reports Second Quarter 2011 Financial Results

Stocks in this article: TTGT

TechTarget, Inc. (NASDAQ: TTGT) today announced financial results for the three months ended June 30, 2011.

“Despite the cautious economic environment, we were able to grow online revenue 17% in the quarter,” said Greg Strakosch, CEO of TechTarget. “We are able to grow substantially faster than the market due to share gains from our new Activity Intelligence™ platform and continued robust growth of geo-targeted revenues outside the US.”

Total Q2 2011 revenues increased 12% to $28.1 million compared to Q2 2010. Q2 2011 online revenue increased by 17% to $24.2 million compared to Q2 2010. Online revenues represented 86% of total Q2 2011 revenues. Q2 2011 events revenue decreased by 11% to $3.9 million compared to Q2 2010 and represented 14% of total Q2 2011 revenues.

Adjusted EBITDA (earnings before interest, other income and expense, income taxes, depreciation, and amortization, as further adjusted to eliminate stock-based compensation and restructuring charges) for Q2 2011 increased 20% to $7.6 million compared to $6.3 million for Q2 2010.

Total gross profit margin increased for Q2 2011 to 75%, compared to 74% for Q2 2010. Online gross profit margin increased for Q2 2011 to 76%, compared to 75% for Q2 2010. Events gross profit margin remained flat at 69% for Q2 2011 and Q2 2010.

Net income was $1.8 million for Q2 2011 compared to $0.4 million in Q2 2010. Adjusted net income (net income adjusted to eliminate amortization, stock-based compensation expense, restructuring charges and the related income tax impact of these charges) for Q2 2011 was $4.0 million compared to $3.9 million for Q2 2010. Net income per basic share for Q2 2011 was $0.05 compared to $0.01 for Q2 2010. Adjusted net income per share (adjusted net income divided by adjusted weighted average diluted shares outstanding) for Q2 2011 was $0.10 compared to $0.09 for Q2 2010.

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