Wayne, PA – July 30, 2009 – Internet Capital Group (NASDAQ: ICGE) today announced that consolidated revenue in the second quarter ended June 30, 2009 was $22.1 million compared to $17.6 million in the comparable 2008 period. ICG’s consolidated net loss in the second quarter was $(8.5) million, or $(0.23) per diluted share, compared with a loss of $(12.3) million, or $(0.32) per diluted share, in the same period of 2008.
Aggregate Revenue of ICG’s core companies grew 8% year-over-year, to $68.7 million in the 2009 second quarter from $63.6 million in the same period of 2008. Aggregate EBITDA in the second quarter improved to $0.8 million from $(11.9) million in the comparable 2008 quarter. Excluding the impact of stock-based compensation and unusual items, Aggregate EBITDA for the core companies was $3.1 million in the second quarter compared to $(8.0) million in the 2008 quarter.
Online versions of Q2 2009 (pdf):
“We are encouraged by the overall results of our core companies and are pleased to report positive Aggregate EBITDA for the second quarter,” said Walter Buckley, ICG’s Chairman and Chief Executive Officer. “ICG Commerce continues to perform well, reporting 22% quarterly revenue growth. Additionally, a number of our other partner companies, including Channel Intelligence, Freeborders and InvestorForce, reported top and bottom line improvement. While the challenging economic environment continues to impact revenue growth, we are confident that the combination of our partner companies, our expertise and our strong financial position will yield long-term stockholder value.”
Highlights
ICG Commerce
ICG Commerce is an outsourced procurement services provider. In the second quarter of 2009, ICG Commerce’s revenue grew to $19.5 million compared to $16.0 million in the comparable 2008 period. ICG Commerce’s EBITDA improved to $2.8 million in the second quarter compared to $2.0 million in the comparable 2008 period. ICG Commerce’s cash balance at June 30, 2009 is approximately $17.4 million. ICG has a 64% ownership position in ICG Commerce.
Metastorm
Metastorm is an enterprise software and services provider that enables its customers to turn business strategies into business processes. Metastorm’s revenue grew to $17.5 million in the second quarter of 2009 from $17.3 million in the comparable 2008 period. Metastorm’s EBITDA improved to $1.0 million in the second quarter compared to a loss of ($1.3) million in the comparable 2008 period. Metastorm’s cash balance at June 30, 2009 is approximately $9.1 million. ICG has a 32% ownership position in Metastorm.
“Building on the progress made during the first half of this year, we expect our core companies to continue to report positive Aggregate EBITDA for the rest of 2009.” said R. Kirk Morgan, ICG’s Chief Financial Officer.
ICG Corporate
As of June 30, 2009, ICG’s corporate cash balance was $58.5 million, and the value of its holdings in Blackboard (Nasdaq: BBBB) was $67.1 million, including $4.0 million in hedge positions. The value of ICG’s equity holdings in GoIndustry (LSE.AIM: GOI) at June 30, 2009 was $4.6 million.
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 second 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 800-901-5241. The international dial-in number is 617-786-2963. The passcode is 57149102.
For those unable to participate in the conference call, a replay will be available from July 30, 2009 at 1:00 p.m. ET until August 6, 2009 at 11:59 p.m. ET. To access the replay, dial 888-286-8010 (domestic) or 617-801-6888 (international). The pass code is 31475551. The replay and slide presentation also can be accessed on the Internet Capital Group web site at http://www.internetcapital.com/investorinfo-preswebcast.htm. |
