SRVY - Total 180 degree turnaround going on here tuna, accumulating $15s for a push into the $20s soon imo. $37M in cash with very little debt ($47K)
Just reported blowout earnings Friday of positive .13 vs negative $3.52 raising forward guidance but most of the days gains were eaten away by Fridays red market:
Greenfield Online Reports Fourth Quarter and Full Year 2006 Financial Results Thursday February 8, 4:05 pm ET
WILTON, Conn.--(BUSINESS WIRE)--Greenfield Online, Inc. (Nasdaq: SRVY - News), today reported financial results for the fourth quarter and full year ended December 31, 2006. "I am pleased with our very strong fourth quarter and full year 2006 financial results," stated Albert Angrisani, President and Chief Executive Officer of Greenfield Online, Inc. "We've seen impressive growth in our Comparison Shopping business on both a sequential quarterly basis and on a year over year basis. In addition, we have re-established growth in the Internet survey solutions business; which signifies that we are in the last stages of solidifying our overall turnaround."
Financial Highlights
For the Three $ in thousands except per Months Ended For the Year Ended share data - unaudited December 31, December 31, ------------------------------ ------------------- ------------------- 2006 2005 2006 2005 ------------------------------ --------- --------- --------- ---------
*Non-GAAP Adjusted EBITDA is reconciled to GAAP net income (loss) in the section entitled "About Non-GAAP Financial Measures" below.
**Non-GAAP Adjusted EBITDA - Ex Restructuring Charges and One-time Charges excludes restructuring charges (credits) of ($7,000), and one-time charges of $172,000, respectively, for the three month period in 2006 and $236,000, and $568,000, respectively, for the twelve month period in 2006. Non-GAAP Adjusted EBITDA - Ex Restructuring Charges and One-time Charges excludes restructuring charges of $379,000 and zero one-time charges, respectively for the three month period in 2005 and $379,000 and $1.0 million, respectively for the twelve month period in 2005. The 2006 and 2005 restructuring charges are associated with the company's fourth quarter 2005 North American rightsizing. The 2006 one-time charges are associated with the departure of two of the senior founding executives of Ciao GmbH in the third quarter of 2006 and the departure of a senior management member in the fourth quarter of 2006. The 2005 one-time charges are associated with the change in CEOs in the third quarter of 2005. Non-GAAP Adjusted EBITDA - Ex Restructuring Charges and One-time Charges is reconciled to GAAP net income in the section entitled "About Non-GAAP Financial Measures" below.
***Non-GAAP Operating Free Cash Flow is reconciled to GAAP Net Cash Flow Provided by Operating Activities in the section entitled "About Non-GAAP Financial Measures" below.
Key Financial Statistics
Total net revenue was $29.5 million for the fourth quarter of 2006 as compared with $24.5 million for the same period in the prior year for an increase of $5.0 million or 20.3% of which approximately $1.1 million or 4.4% was due to favorable currency effects. -- For the Internet survey solutions segment, total net revenue was $22.4 million for the fourth quarter of 2006, including favorable currency effects, as compared with $20.9 million for the same period in the prior year for an increase of 7.2%.
-- For the Comparison Shopping segment, total net revenue was $7.1 million for the fourth quarter of 2006, including favorable currency effects, as compared with $3.6 million for the same period in the prior year for an increase of 95.7%.
Total gross profit was $22.5 million or 76.2% of revenues for the fourth quarter of 2006, as compared with $18.5 million or 75.4% of revenues for the same period in the prior year. Operating income was $5.2 million for the fourth quarter of 2006 or 17.5% of revenue, as compared to an operating loss of $89.0 million for the same period in the prior year, which includes impairment and restructuring charges of $91.8 million. Net income for the fourth quarter of 2006 was $3.5 million as compared with a net loss of $89.1 million, including the charges mentioned above, for the same period in the prior year. Net cash flow provided by operating activities was $7.6 million for the fourth quarter of 2006 as compared to $7.5 million for the same period in the prior year. For the fourth quarter of 2006, Adjusted EBITDA, excluding restructuring charges and one-time charges, a non-GAAP financial measure, was $8.7 million or 29.4% of revenue, as compared to $5.7 million or 23.3% of revenue for the same period in the prior year. Operating free cash flow, a non-GAAP financial measure, was $5.9 million for the fourth quarter of 2006, as compared to $5.7 million for the same period in the prior year. As of February 8, 2007, first quarter 2007 backlog stands at approximately $21 million. Backlog is defined as signed contracts for online survey projects and comparison shopping and advertising orders that we expect to complete and deliver to clients during the three months ending March 31, 2007. This compares to fourth quarter 2006 backlog of $22 million that was reported as of November 7, 2006. Bid volume for the three months ended December 31, 2006 was approximately $134 million. This compares to bid volume for the three months ended September 30, 2006 of approximately $126 million. For the Comparison Shopping segment, according to data compiled by Nielsen/NetRatings, unique visitors totaled, in the aggregate, 12.5 million, 15.1 million, and 15.0 million for the months of October, November, and December 2006, respectively, for the European countries of Germany, France, Italy, Spain and the UK. As of December 31, 2006 the Comparison Shopping segment had over 970 active merchants. We define an active merchant as a merchant displaying offers on our shopping portals and accepting click-throughs. Forward Guidance
For the full fiscal year 2007, we offer the following guidance ranges:
Total Revenue $112 to $122 million -------------------------------------------- ------------------------ Gross Margin 74% to 76% -------------------------------------------- ------------------------ Non-GAAP Adjusted EBITDA 26% to 28% -------------------------------------------- ------------------------ Depreciation and Amortization $12.5 - $13.0 million -------------------------------------------- ------------------------ Expected Charges related to Stock Based $2.5 - $3.5 million Compensation -------------------------------------------- ------------------------ Effective Tax Rate 34% to 37% -------------------------------------------- ------------------------
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