comScore Revenue Grows by 38% to a Record $28.8 Million in Q2 2008
by Andrew Redfern @ 5th August 2008 11:09 am
RESTON, Va., July 31, 2008– comScore, Inc. (Nasdaq: SCOR), a leader in measuring the digital world, today announced financial results for the second quarter ended June 30, 2008. The company’s results reflect the acquisition of M:Metrics, Inc., which was completed on May 27, 2008 and include M:Metrics’ operating results since that date. In addition, results excluding the impact of the M:Metrics acquisition are highlighted on a one-time basis for this reporting period to facilitate comparisons with company guidance issued prior to the acquisition.
“This quarter we posted the highest levels of revenue and profitability in the company’s history, exceeding our guidance in all respects for our base comScore business, which excludes the results of M:Metrics,” said Magid Abraham, comScore’s president and chief executive officer. “Our marketplace momentum continues with strong new business and growth among existing clients. Our acquisition of M:Metrics demonstrates our continued pursuit of our strategic priorities of product innovation and increasing our industry leadership position in global digital marketing intelligence. As we have integrated and continue to integrate the M:Metrics business into comScore’s existing operations, we remain very enthusiastic about the potential opportunities to increase value for our agency, marketer and publisher customers through our combined resources. We expect that M:Metrics’ products and leadership position in the measurement of the mobile internet and media market will be an important complement to comScore’s existing strong market position. We remain on track with our objective for M:Metrics to make a positive contribution to Adjusted EBITDA by the end of the fourth quarter of 2008.”
“During the second quarter of 2008, we generated 38 percent revenue growth over the second quarter of 2007, while our deferred revenue balance increased 58 percent over the balance at the end of the second quarter of 2007 and increased 39 percent excluding the impact of our acquisition of M:Metrics,” continued Dr. Abraham. “These results were achieved while we simultaneously increased our pre-tax net income by 156 percent, our net income by 38 percent and our Adjusted EBITDA by 56 percent over the second quarter of 2007. We continued to make gains in penetrating our existing customer base both in the U.S. and internationally, and we added a net 74 new customers in the second quarter of 2008. We also experienced 37 percent growth in revenue with existing customers over the second quarter of 2007, and our renewal rates continue to exceed 90 percent. Despite the general macro-economic uncertainty, our confidence in the strength of our business remains high and we continue to see strong client demand for our products and services.”
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