The Company’s balance sheet and financial position remain strong. As of March 31, 2012, the Company’s cash, cash equivalents and investments totaled $60.8 million, working capital is $72.1 million, and the Company has no outstanding bank debt.
The Company is also announcing that Janice Kelliher has been elected as the permanent Chief Financial Officer and Treasurer of the Company. Ms. Kelliher, 49, joined the Company in January 2012 as Vice President, Finance and was elected as the Company’s interim Chief Financial Officer on March 13, 2012.
Recent Company Highlights
- Announced that it has established an office in Singapore to help better manage Southeast Asian sales operations and work more closely with Asia-Pacific (APAC) regional marketers. TechTarget has 363,000 registered members from Southeast Asia and serves more than 8 million Southeast Asian ad impressions each quarter across its network of sites focused on enterprise information technology topics such as data centers, virtualization, cloud computing, storage, networking and business applications. The new Singapore office adds to the established operational bases TechTarget has across APAC, including offices in China, India and Australia. TechTarget operates 12 websites in China, 4 websites in India, 3 websites in Australia and has 20 partner-run websites in Japan. Across APAC, TechTarget has nearly three million registered members.
- Announced the launch of SearchFinancialApplications.com™, a new website designed to assist business and information technology professionals using technology to manage finance and human resources (HR) functions. Launching with over 25,000 active, registered members, SearchFinancialApplications.com publishes articles, tutorials and other resources to help organizations make smarter technology purchasing decisions in areas such as accounting/general ledger (GL), procurement, analytics, employee financials, payroll, HR/HCM, talent management, workforce analytics and more.
- Announced the launch of SearchSolidStateStorage.com™, a new website designed to assist information technology professionals with technical research on solid state storage products, including flash technologies. Solid state storage is made from silicon microchips and -- unlike traditional spinning hard disk drives and tape media -- stores data electronically instead of magnetically, so it has no mechanical parts. Solid state storage is gaining rapid deployment as the latest in a wave of technology innovations intended to add efficiency to storage infrastructures, innovations that include data deduplication, automated tiering, thin provisioning and storage virtualization.
- Announced that two campaigns it developed in collaboration with its clients’ advertising agencies, ZenithOptimedia for Oracle® and MediaCom for Dell®, have been named to the shortlist for the fourth annual Internationalist Awards for Innovation in Media run by The Internationalist magazine. The nominated Dell Social Reader™ campaign was the first deployment of TechTarget’s social collaboration platform, Social Engage™, which enables information technology professionals to participate in real-time, online discussions with their peers on topics such as cloud computing, data center management, IT security, and healthcare IT. This campaign ran as part of Dell’s global “The power to do more®” campaign.
Financial GuidanceIn the second quarter of 2012, the Company expects total revenues to be within the range of $26.1 million to $27.3 million; online revenues within the range of $23.0 million to $24.0 million; events revenues within the range of $3.1 million to $3.3 million and adjusted EBITDA to be within the range of $5.6 million to $6.3 million.