Issuer Direct Corp., a
disclosure management solutions and cloud-based compliance technologies company
has reported its operating results for the first quarter of 2014. The results
included revenue and operating results from PrecisionIR, which was acquired by
Issuer Direct on August 22, 2013.
Financial highlights
discussed via conference call included revenues increasing 147% year-over-year
to $3.4 million, EBITDA up 63% year-over-year to $0.7 million, and non-GAAP net
income increasing 50% year-over-year to $0.4 million.
Issuer Direct CEO, Brian
Balbirnie, commented, “The successful acquisition of PrecisionIR helped us
expand our customer base and broaden our portfolio of solutions and services,
which resulted in substantial revenue growth in our first quarter. As we
continue to add customers, cross sell our products and increase partnerships,
we expect to see organic revenue growth in subsequent quarters in 2014.”
Mr. Balbirnie further
stated, “To continue our growth trajectory, we have expanded our channel
partner and strategic relationships, something we had great success with during
our XBRL growth stage. We are off to a great start this year with several new
key partners through which we will be offering our best of breed products,
specifically the New York Stock Exchange, where we will provide our
whistleblower platform to newly listed and currently listed issuers. Not only
does the relationship with NYSE have direct revenue growth potential, but from
a branding perspective it helps raise our profile and enhance our ability to
cross sell our products, and further extend our Disclosure Management System
brand.”
Q1 financial results
accounted for revenue of $3.5 million, up 147%, compared to $1.4 million for
the first quarter of 2013 – although $2.2 million of the total revenues came
from the inclusion of operating results of PrecisionIR for the same period.
Similarly, the inordinate yet impressive jump from $300K to $2.3 million in
shareholder communication revenue was again attributed to the PrecisionIR
acquisition. Overall, the company anticipates that it will achieve significant
growth in this area through the end of the third quarter of 2014 going forward.
Gross profit was $2.5
million, or gross profit margin of 71%, for the first quarter of 2014, compared
to $1.0 million, or 72% gross profit margin, for the first quarter of 2013.
Operating income was $375,000 compared to operating income of $368,000 in the
first quarter of last year.
For more information on the
company, visit www.issuerdirect.com
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