infoGROUP, a marketing solutions provider which utilizes data-driven solutions to help companies leverage information, issued an unaudited report Nov. 2 on its third quarter 2009 (ending Sept. 30, 2009) earnings.
Showing high marks for revenue, net income and continued reduction of debt, the report was reviewed in an infoGROUP hosted conference call available at its corporate website. Among the details of the glowing report is a marked debt reduction of $6.3 million, which infoGROUP’s CEO Bill Fairfield said demonstrated his Company’s effort to “generate profitable revenue growth during these tough economic times, reduce our debt quarter over quarter and reinvest in the business by building new products and services for the future.”
infoGROUP’s 3Q 2009 revenue was up 3% from 2Q; however, revenue is still down 14%, to $125 million, from the same period last year. Operating income is just the opposite, showing a turnaround from the same period last year. 3Q 2009 operating income for infoGROUP was $9.4M, almost wholly comprised of non-cash, non-recurring or restructuring charges, compared to $27.6M for 3Q 2008 in charges and an operating loss of $12.4M. Earnings per share for 3Q 2009 were up $0.08 on $4.8M in net income, compared to a $0.15 loss for 3Q 2008.
With adjusted earnings per share, excluding non-cash, non-recurring and restructuring, 3Q 2009 earnings were up $0.03 from the previous year, conclusively showing that infoGROUP has effectively implemented cost savings initiatives for 2009. infoGROUP CFO, Tom Oberdorf indicated that new initiatives were prepared for 4Q which would “further compound” savings, and noted that estimates for these initiatives thus far in 2009 approached $35M in savings.
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) for 3Q 2009 were $16.9M compared to a $3.3M loss for 3Q 2008, and adjusted EBITDA was also up $1.9M from last year showing that, despite the decline in revenue, cost cutting initiatives resulted in improved performance.