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Internet Capital Group Announces First Quarter Financial Results
Wayne, PA – May 8, 2008 – Internet Capital Group, Inc. (Nasdaq: ICGE) today reported its results for the first quarter ended March 31, 2008.
First Quarter Highlights:
- Increased primary ownership stake in StarCite from 26% to 32%
- Increased primary ownership stake in Channel Intelligence from 40% to 46%
- Facilitated GoIndustry’s transformational acquisition of DoveBid
During the quarter we deployed $27 million, primarily to increase our ownership stakes in some of our best companies, facilitate M&A activity and, most importantly, drive growth,” said Walter Buckley, ICG’s Chairman and Chief Executive Officer. “We believe these actions, combined with the encouraging activity we are seeing at our companies, in particular the revenue growth at ICG Commerce, Freeborders, Channel Intelligence and WhiteFence, will increase stockholder value.”
ICG Financial Results
ICG reported consolidated revenue of $16.0 million for the first quarter of 2008, versus $11.8 million for the comparable 2007 period. ICG reported a net loss of $(6.6) million, or $(0.17) per diluted share, for the first quarter of 2008, versus a net loss of $(19.6) million, or $(0.52) per diluted share, for the comparable 2007 period.
As of March 31, 2008, ICG’s corporate cash balance was $36.7 million, and the value of its holdings in Blackboard (Nasdaq: BBBB) was $74.9 million, including $2.0 million in hedge positions. The value of its holdings in GoIndustry (LSE.AIM: GOI) at March 31, 2008 was $23.4 million.
Online versions of Q1 2008 (pdf):
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ICG
Core Partner Company Information
Set forth below is aggregate information relating to the following eight core companies: Channel Intelligence, Freeborders, ICG Commerce, Investor Force, Metastorm, StarCite, Vcommerce and WhiteFence. This aggregate information represents the sum total of the individual GAAP results of each of these companies. In the first quarter of 2008, aggregate revenue of the eight core companies grew 29% year-over-year, to $60.4 million from $47.0 million in the first quarter of 2007. Aggregate EBITDA (loss) for the core companies was $(10.6) million in the first quarter of 2008, versus $(6.5) million in the first quarter of 2007. Please refer to the supplemental financial data at the end of this release for a reconciliation of the aggregate revenue and aggregate EBITDA information with the GAAP results.
“Based on performance to date and our view of the remainder of the year, we continue to expect that full-year 2008 aggregate revenue growth of our core companies will be at least 25%. In addition, we expect full-year aggregate EBITDA improvement for our core companies,” said R. Kirk Morgan, ICG’s Chief Financial Officer.
ICG will host a webcast at 10:00 a.m. ET today to discuss its financial results. As part of the live webcast for this call, ICG will post a slide presentation to accompany the prepared remarks. To access the webcast, go to http://www.internetcapital.com/investorinfo-preswebcast.htm and click on the link for the first quarter conference call webcast. Please log on to the website approximately ten minutes prior to the call to register and download and install any necessary audio software. The conference call is also accessible through listen-only mode at 877-407-8035. The international dial-in number is 201-689-8035.
For those unable to participate in the conference call, a replay will be available from May 8, 2008 at 11:00 a.m. ET until May 15, 2008 at 11:59 p.m. ET. To access the replay, dial 877-660-6853 (domestic) or 201-612-7415 (international) and enter the account code 286, followed by the conference ID number 279238. The replay and slide presentation also can be accessed on the Internet Capital Group web site at http://www.internetcapital.com/investorinfo-preswebcast.htm. |
About
Internet Capital Group
Internet Capital Group (www.internetcapital.com) acquires and builds Internet software and services companies that drive business productivity and reduce transaction costs between firms. Founded in 1996, ICG devotes its expertise and capital to maximizing the success of these platform companies, which are delivering software and service applications to customers worldwide.
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Safe
Harbor Statement under Private Securities Litigation Reform
Act of 1995
The statements contained in this press release that are not historical facts are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future performance of our partner companies, acquisitions or dispositions of interests in additional partner companies, the effect of economic conditions generally, capital spending by customers, the development of the e-commerce and information technology markets, and uncertainties detailed in the Company’s filings with the Securities and Exchange Commission. These and other factors may cause actual results to differ materially from those projected.
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