Vocus, Inc., announced financial results for the second quarter, which ended June 30, 2009. "I'm very pleased that we were able to grow revenue 10% and non-GAAP operating income 36% despite a very challenging macro environment" said Rick Rudman, president and CEO of Vocus, Inc. "I am also pleased we were able to end the quarter with record cash and generate a record high 19% non-GAAP operating margin, while continuing to make investments in the business and expand our direct sales organization."
Financial highlights:
- Revenues were $21.1 million, a 10% increase over the same quarter last year;
- GAAP income from operations was $228,000 for the second quarter of 2009, compared to a loss from operations of $(446,000) for the same period last year. GAAP net loss was $(343,000), or $(0.02) per diluted share, for the second quarter of 2009 compared to net income of $5.7 million, or $0.30 per diluted share, for the same period last year. The results for the second quarter of 2008 include the reversal of a portion of the valuation allowance against deferred tax assets totaling $4.9 million, or $0.26 per diluted share;
- Non-GAAP income from operations for the second quarter of 2009 was $4.0 million compared to $3.0 million for the same period last year. Non-GAAP net income for the second quarter of 2009 was $3.5 million, or $0.18 per diluted share, compared to $4.2 million, or $0.21 per diluted share, for the same period last year.
- Total deferred revenue as of June 30, 2009 was $39.8 million, compared to $37.5 million at June 30, 2008;
- Cash flow from operations for the six months ended June 30, 2009 was $10.3 million, an 18% decrease over the same period last year;
- Free cash flow for the six months ended June 30, 2009 was $11.9 million, a 9% increase over the same period last year.
Business highlights:
- Added 203 net new subscription customers during the quarter compared to 265 net new subscription customers added during the same period last year and ended the second quarter of 2009 with 3,761 total active subscription customers;
- Signed subscription agreements with new and existing customers including AirTran Airways, Angie's List, British Geological Survey, Deloitte & Touche GmbH, General Dynamics, The Grocery Shopping Network, Joe Cool Enterprises, National Hockey League, New York University Medical Center, Paychex, TV Guide Networks and 7-Eleven;
- Launched inVocus, a new online publication that chronicles major changes and trends in North American media by offering daily media updates, pitching tips and expert analysis;
- Launched a new version of the PRWeb website making it easier for visitors to navigate and purchase PRWeb services;
- Held annual Users Conference in Washington D.C., which was attended by industry experts and hundreds of communications professionals.