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CORRECTING AND REPLACING -- ICG Announces Fourth Quarter And Annual Financial Results

RADNOR, Pa., Feb. 21, 2013 (GLOBE NEWSWIRE) -- In a press release issued earlier today by ICG Group, Inc. (Nasdaq:ICGE) ("ICG"), there was an incorrect statement in the 2013 Guidance section. The first sentence of this section should read, "In 2013, ICG expects GAAP revenue in the range of between $210 and $220 million, an increase of between 26% and 32% over 2012, and we expect to generate $0.01 to $0.05 of non-GAAP net income per share." The corrected release follows:

Company reports record annual revenue, exceeding guidance

Expects to be non-GAAP net income (loss) per share positive in 2013

ICG Group, Inc. (Nasdaq:ICGE) ("ICG") today reported its results for the quarter and year ended December 31, 2012.

"2012 was a year of remarkable accomplishments at ICG from both an operational and strategic perspective," said Walter Buckley, ICG's Chief Executive Officer. "We exceeded our revenue guidance and entered 2013 with a strong recurring revenue base that provides the foundation for continued growth and profitability."

Highlights

Financial Achievements:

  • Exceeded revenue guidance and achieved the high end of EBITDA guidance range
  • Repurchased 930,225 shares of ICG common stock at a weighted average price of $8.94 per share for $8.3 million
  • Sold Investor Force to MSCI in early 2013 for $23.5 million, with ICG cash proceeds of $20.7 million
  • Sold Channel Intelligence to Google in early 2013 for $125 million, with ICG realizing $60.5 million of cash

Operational Initiatives:

  • Acquired 96% ownership in MSDSonline, ICG's recurring revenue compliance platform
  • Increased ownership in SeaPass to 53%, bringing SeaPass into ICG's group of consolidated companies as ICG's recurring revenue insurance platform
  • Invested substantially in sales and marketing, driving record bookings at Procurian, GovDelivery and MSDSonline and resulting in a strong recurring revenue base going into 2013
  • Re-branded Procurian to capitalize on its unique, industry-leading value proposition
  • Acquired Media IQ and UAI, accretive tuck-in acquisitions, strengthening Procurian's industry-leading marketing and energy practices
  • Completed tender offer for Procurian shares, which increased ICG's ownership in Procurian to 85%
  • Expanded globally, winning an entry global account at Procurian, establishing European sales team in the UK and opening Procurian delivery centers in Buenos Aires and Shanghai

Financial Information

Net income for the fourth quarter of 2012 was $14.7 million, or $0.40 per diluted share, compared to $17.9 million, or $0.49 per diluted share, in the corresponding 2011 period. Net income for the fourth quarter of 2012 included gains primarily related to a gain on previous equity interest recorded upon the consolidation of SeaPass. Net income for 2012 was $23.0 million, or $0.63 per diluted share, as compared to $27.6 million, or $0.74 per diluted share, for 2011.

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