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TechTarget Reports Fourth Quarter And Full Year 2012 Financial Results

Stocks in this article: TTGT

Net income was $1.0 million for Q4 2012 compared to $2.0 million in Q4 2011. Adjusted net income (net income adjusted to eliminate amortization, stock-based compensation expense and the related income tax impact of these charges) for Q4 2012 was $3.1 million compared to $4.6 million for Q4 2011. Net income per basic share for Q4 2012 was $0.03 compared to $0.05 for Q4 2011. Adjusted net income per share (adjusted net income divided by adjusted weighted average diluted shares outstanding) for Q4 2012 was $0.08 compared to $0.11 for Q4 2011. Net income was $4.0 million for full year 2012 compared to $4.7 million for the full year 2011. Adjusted net income for the full year 2012 was $10.1 million compared to $12.9 million for the full year 2011. Net income per basic share for the full year 2012 was $0.10 compared to $0.12 for the full year 2011. Adjusted net income per diluted share for the full year 2012 was $0.25 compared to $0.32 for the full year 2011.

The Company’s balance sheet and financial position remain strong. As of December 31, 2012, the Company’s cash, cash equivalents and investments totaled $76.3 million, and the Company had no outstanding bank debt.

“The lack of certainty and confidence continues to take a toll on our customers, who rely on a healthy CAPEX environment for growth. Not surprisingly, we continue to see cuts to marketing budgets, which adversely affect us. Despite this challenging environment, we continue to perform well against our competition”, said Greg Strakosch, TechTarget Chairman and CEO. “We are especially pleased with the 50% growth in 2012 in our international business, the initial market reception to our new product launch, IT Deal Alert™ and our healthy margins and cash flow”.

Recent Company Highlights

  • Launched IT Deal Alert, a sales intelligence tool that gives sales teams alerts and insights on active technology deals. It is sold as a monthly service and has been initially launched in 59 categories in North America and 47 categories in Europe. This is the first product in a series of services geared towards our customers’ sales teams that will be launched.
  • Launched the Company’s first Spanish-language website, SearchDataCenter en Español, to service the needs of the Latin American market. This site will help better serve the 400,000 registered members that TechTarget already serves in the region. TechTarget’s geo-targeted revenues grew more than 50% in 2012 and now represents over 20% of the Company’s revenues.
  • Acquired E-Magine Medias (known as “LeMagIT”), a leading French IT Media brand. The company had been a licensing partner with TechTarget since 2010 and will now operate as TechTarget’s direct office in France. The management team is staying on to run the operation. LeMagIT’s popular network includes LeMagIT.fr, StrategiesCloud.fr and LesSourcesIT.fr and attracts more than 250,000 visits per month.

Financial Guidance

In the first quarter of 2013, the Company expects total revenues to be within the range of $20.0 million to $21.2 million, online revenues within the range of $19.0 million to $20.0 million, events revenues within the range of $1.0 million to $1.2 million, and adjusted EBITDA to be within the range of $0.1 million to $0.7 million.

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