TheStreet.com, Inc. (TSCM)
Q1 2010 Earnings Call Transcript
May 5, 2010 4:30 pm ET
Daryl Otte – CEO
Greg Barton – EVP, Business and Legal Affairs, General Counsel and Secretary
Richard Broitman – VP, Finance and Chief Accounting Officer
Randy Katz – JMP Securities
Mike Moskoff – MRM Capital
Don Dion – Dion Money Management
Previous Statements by TSCM
» TheStreet.com Q2 2009 and Q3 2009 Earnings Call Transcript
» TheStreet.com Q1 2009 Earnings Call Transcript
» TheStreet.com Q4 2008 Earnings Call Transcript
Good day, ladies and gentlemen. Welcome to Q1 2010 TheStreet.com earnings conference call. My name is Keith and I'll be your operator for today. At this time all participants are in a listen-only mode. Later we'll conduct a question-and-answer session. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.
I would now like to turn the call over to your host for today, Mr. Daryl Otte, CEO. Please proceed, sir.
Thanks, Keith. Hi everyone. I want to welcome you to TheStreet's first quarter 2010 earnings call. I am Daryl Otte, the company's CEO. With me today are Greg Barton, the company's Executive Vice President of Business and Legal Affairs and our General Counsel and Rich Broitman, the company's Vice President of Finance and Chief Accounting Officer. Before we start, I'll hand the call off to Greg to read our statement.
Thanks, Daryl. Welcome everyone. All statements made on this call other than statements of historical facts are deemed to be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties including those described in the company's filings with the Securities and Exchange Commission that could cause actual results to differ materially from those reflected in the forward-looking statements. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, the company cannot guarantee future results or occurrences.
The company disclaims any obligation to update these forward-looking statements, whether as a result of new information, future developments or otherwise. You may obtain copies of the company's filings with the SEC at the commission's website, www.sec.gov. And additional information related to matters discussed today also will be set forth in the company's quarterly report on Form 10-Q for the first quarter, which we expect to file shortly.
And now I will hand the call back to Daryl.
Hey, thanks Greg. Before we get started I just wanted to highlight for everyone that we're going to try something a little bit different today on the call. As many of you know, we conducted an industrial perception survey of some of you folks and others to help guide us in making improvements to the usefulness of this call. The findings were really helpful and I thank everybody for participating. Above all, we are going to try to make the call little less scripted and a little less boring, I hope.
In that last category, one suggestion we got which we think makes a lot of sense for us is to, kind of, assume that everyone who wants to has already read the earnings release. So as a consequence, I'm not going to read it. If there are any questions which come up from the release which you want to put forth, it certainly can come out in the Q&A or if you want to discuss anything in more detail from it, I'm happy to do so at that time.
Some of the other suggestions we're going to try is to weave a little more of our strategy into this release and have it be a little less clinical, to highlight the various aspects of our business which are, kind of, working together to add value.
And finally, I'm going to dip my toe into the abyss that is disclosing some of our metrics. We're going to start slowly overtime. I don't think there was actually much of a consensus among the survey participants as to whether that was a good idea or not, but we're going to try to be responsive to those that would like to see some further metrics from us in a way that doesn't hurt us competitively.
The last point, not necessarily related to the call but which we're going to take to heart, is we're going to try to have more regular communications with our investor base, as we'll note at the end of the call, we are going to be participating in an investor conference next week. But in addition, that we've engaged Sloane & Company to help us create a somewhat regular drumbeat of the good news that's coming from the company so you guys can follow us on a more regular basis, not just wait until the end of the quarter to hear what's going on.
So, with that all dispensed with, I'm going to first even though I said I wasn't going to cover the press release, we do have to take a little victory lap, I feel on the results that we delivered for the quarter. I'd highlight again for you all that ad revenues were up 20% year-on-year, which I think is quite good and I'm very happy to report.
Also, in addition, premium services revenues showed the first year-on-year growth in six quarters and this was due to the continued solid growth in our bookings. And I would note that aggregate bookings in our subscription services and RateWatch were up 18% year-on-year to $10.7 million. That's the sixth sequential quarter of growth. So again, good job to our team there. And I hope you guys are pleased with that.