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Technology media company TechTarget, Inc. (NASDAQ: TTGT) today announced financial results for the three months ended June 30, 2012. Additionally, the Company announced that its Board of Directors has authorized the repurchase of up to $20 million of the Company's common stock from time to time on the open market or in privately negotiated transactions.
“Despite the weak macro-economic environment, we are strengthening our leading competitive position, our direct international roll-out is on plan, customers are reporting good ROI from their initial implementations of our Activity Intelligence™ platform and we have a robust slate of new products in development,” said Greg Strakosch, TechTarget Chairman and CEO. “At current levels, we believe the Company's stock is attractively valued and believe the repurchase of the Company's shares represents an excellent long-term investment and that this action demonstrates our commitment to enhancing shareholder value.”
The timing and amount of any shares repurchased will be determined by the Company's management based on its evaluation of market conditions and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with its stock plans and for other corporate purposes. The repurchase program will be funded using the Company's working capital.
With respect to results for the quarter, total Q2 2012 revenues decreased 6% to $26.4 million compared to Q2 2011. Q2 2012 online revenue decreased by 5% to $23.0 million compared to Q2 2011. Online revenues represented 87% of total Q2 2012 revenues. Q2 2012 events revenue decreased by 16% to $3.3 million compared to Q2 2011 and represented 13% of total Q2 2012 revenues.