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TechTarget Reports Fourth Quarter And Full Year 2011 Financial Results

Net income was $2.0 million for Q4 2011 compared to $1.3 million in Q4 2010. Adjusted net income (net income adjusted to eliminate amortization, stock-based compensation expense and the related income tax impact of these charges) for Q4 2011 was $4.6 million compared to $3.2 million for Q4 2010. Net income per basic share for Q4 2011 was $0.05 compared to $0.03 for Q4 2010. Adjusted net income per share (adjusted net income divided by adjusted weighted average diluted shares outstanding) for Q4 2011 was $0.11 compared to $0.07 for Q4 2010. Net income was $4.7 million for full year 2011 compared to a loss of $1.2 million for the full year 2010. Adjusted net income for the full year 2011 was $13.0 million compared to $8.5 million for the full year 2010. Net income per basic share for Q4 2011 was $0.12 compared to a net loss per basic share of $0.03 for the full year 2010. Adjusted net income per diluted share for the full year 2011 was $0.32 compared to $0.19 for the full year 2010.

The Company’s balance sheet and financial position remain strong. As of December 31, 2011, the Company’s cash, cash equivalents and investments totaled $63.2 million, working capital is $70.7 million, and the Company has no outstanding bank debt.

The Company also announced today that Jeff Wakely, Chief Financial Officer, is resigning effective March 15, to pursue an opportunity at a private company. He will stay on during a transition period to complete the filing of the Company’s Annual Report on Form 10-K. Janice Kelliher, the Company’s current Vice President of Finance, will then serve as interim Chief Financial Officer.

Recent Company Highlights

  • Released Nurture & Notify™ as a new service of the Activity Intelligence™ platform, a service that helps both technology marketers and their sales teams to identify highly active prospects, detect emerging projects, retarget interested buying teams, and accelerate engagement with specific accounts. The Nurture & Notify service will be available as of March 1st. Additional charges for the service will be based on a sliding scale ranging between 15 and 25 percent over the cost of the original program.
  • Announced the formation of a subsidiary and establishment of direct business operations in Sydney, Australia. The Company owns and operates three websites in Australia: SearchCIO.com.au™, SearchStorage.com.au™ and SearchSecurity.com.au™ and has 236,000 Australia-New Zealand members across its network of sites focused on enterprise IT including data centers, business intelligence, networking and enterprise applications.
  • Launched SearchSolidStateStorage.com™, a website designed to assist information technology professionals with technical research on solid state storage products including flash technologies.
  • Launched SearchConsumerization.com™ and ConsumerizeIT.com™, two websites designed to help IT professionals embrace the megatrend of “the consumerization of IT”. These new sites build on the TechTarget’s existing portfolio of security, mobile and desktop virtualization media, including SearchSecurity.com™, SearchMobileComputing.com™, and SearchDesktopVirtualization.com™.
  • Launched SearchCloudProvider.com™, a site dedicated to helping cloud service providers such as Amazon and Rackspace, telecommunications companies such as AT&T and Verizon, managed service providers (MSPs) and information technology (IT) resellers develop, deliver and optimize cloud service product offerings. This site complements the existing properties in the TechTarget cloud and virtualization portfolio which include: SearchCloudComputing.com™, SearchServerVirtualization.com™, SearchCloudSecurity.com™, SearchCloudStorage.com™, SearchVirtualDesktop.com™, SearchVirtualStorage.com™, BrianMadden.com™, and the BriForum® conference.

2012 and Q1 2012 Financial Guidance

In the first quarter of 2012, the Company expects total revenues to be within the range of $23.5 million to $24.5 million; online revenues within the range of $22.0 million to $22.8 million; events revenues within the range of $1.5 million to $1.7 million and adjusted EBITDA to be within the range of $3.3 million to $3.9 million.

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