Last $18.02 USD
Change Today -0.03 / -0.17%
Volume 87.4K
As of 8:10 PM 08/21/14 All times are local (Market data is delayed by at least 15 minutes).

icg group inc (ICGE) Key Developments

ICG Group, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Revised Earnings Guidance for the Year 2014; Provides Cash Flow Guidance for the Fourth Quarter of 2014

ICG Group, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported revenue of $19,029,000, operating loss of $15,666,000, loss from continuing operations of $15,684,000, net loss attributable to company of $12,894,000 compared to revenue of $13,476,000, operating loss of $8,410,000, loss from continuing operations of $9,764,000, net loss attributable to company of $6,858,000 a year ago. Cash flows used in operating activities was $2,613,000 compared to $4,230,000 a year ago. Net loss from continuing operations attributable to common shareholders was $14,209,000 or $0.38 per basic and diluted share compared to $9,025,000 or $0.25 per basic and diluted share a year ago. Net loss attributable to common shareholders was $12,894,000 or $0.35 per basic and diluted share compared to $6,858,000 or $0.19 per basic and diluted share a year ago. Capital expenditures, net amounted to $1,695,000 compared to $436,000 a year ago. Non-GAAP net loss was $4,316,000 or $0.12 per diluted share, as compared to $3,682,000, or $0.10 per diluted share a year ago, with the increase being reflective of the investments they are making in sales and marketing and technology. Loss before income taxes, equity loss and discontinued operations was $15,963,000 compared to $8,785,000 a year ago. Cash flows used in operating activities was $2,613,000 compared to $4,230,000 a year ago. For the six months, the company reported revenue of $37,451,000, operating loss of $26,237,000, loss from continuing operations of $26,786,000, net loss attributable to company of $23,044,000 compared to revenue of $25,450,000, operating loss of $20,026,000, loss from continuing operations of $22,508,000, net income attributable to company of $12,210,000 a year ago. Cash flows used in operating activities was $12,264,000 compared to $14,850,000 a year ago. Capital expenditures, net amounted to $2,303,000 compared to $754,000 a year ago. Loss before income taxes, equity loss and discontinued operations was $26,659,000 compared to $20,755,000 a year ago. Net loss from continuing operations attributable to common shareholders was $24,407,000 or $0.66 per basic and diluted share compared to $20,451,000 or $0.56 per basic and diluted share a year ago. Net loss attributable to common shareholders was $23,044,000 or $0.62 per basic and diluted share compared to net income attributable to common shareholders $12,210,000 or $0.33 per basic and diluted share a year ago. Due to the KMI acquisition positively impacting revenue for the remainder of 2014 by $1 million, the company is increasing its 2014 annual revenue guidance by $1 million to the range of $79.0 million and $81.0 million. Non-GAAP net loss per share continues to be expected in the range of $0.36 to $0.41 per diluted share for the full year of 2014. The company continued to expect to generate cash flow from operations in the fourth quarter of 2014.

ICG Group, Inc. to Report Q2, 2014 Results on Aug 07, 2014

ICG Group, Inc. announced that they will report Q2, 2014 results at 9:00 AM, Eastern Standard Time on Aug 07, 2014

ICG Group, Inc., Q2 2014 Earnings Call, Aug 07, 2014

ICG Group, Inc., Q2 2014 Earnings Call, Aug 07, 2014

ICG Group, Inc. Approves Amendment of its Certificate of Incorporation

ICG Group, Inc. at its AGM held on June 13, 2014, stockholders approved amendment of ICG's Certificate of Incorporation, as amended, to change ICG's name to Actua Corporation.

ICG Group Seeks Acquisitions

Doug Alexander, President of ICG Group, Inc. (NasdaqGS:ICGE), said, "We have a strong balance sheet. Over $340 million in cash. Very little debt. And we use that both to do tuck-in acquisitions, drive organic growth in our businesses. Our (inaudible) businesses don't use a lot of cash. They're fairly efficient, even despite the investment we're making in terms of the growth. So we'll do tuck-in acquisitions and we'll also look to add at least one other vertical platform company this year. We think we're at a unique point in time to attract these companies. Now, over the next one to three years, are really the times to take advantage of these markets, get teams onto our platform to continue this growth story. And our cash is a big part of that."

 

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