ICG Group, Inc. - Shareholder/Analyst Call
Feb 24 14
To discuss updates and outlook
ICG Group, Inc. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the Full Year of 2014
Feb 20 14
ICG Group, Inc. reported consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported revenue was $17.7 million compared to $9.0 million for the fourth quarter of 2012. Net income attributable to ICG for the fourth quarter of 2013 was $200.2 million, or $5.18 per diluted share, compared to net income of $14.7 million, or $0.40 per diluted share, for the corresponding 2012 period. The fourth quarter of 2013 reflects the Procurian sale and the fourth quarter of 2012 reflects the Channel Intelligence and Investor Force sales. Non-GAAP net loss for the fourth quarter of 2013 was $3.1 million or $0.09 per share compared to a net loss of $5.6 million or $0.16 per share for the prior year quarter. Operating loss was $10.765 million against $10.777 million a year ago. Income from continuing operations was $1.661 million or $0.08 diluted per share against $12.717 million or $0.37 diluted per share a year ago. Loss before income taxes, equity loss and discontinued operations was $15.13 million against income of $14.28 million a year ago.
For the full-year ended December 31, 2013, revenue was $59.2 million, compared to $26.6 million for 2012, reflecting an organic year-over-year revenue increase of 38%. Net income attributable to ICG for 2013 was $209.1 million, or $5.72 per diluted share, compared to net income of $23.0 million, or $0.63 per diluted share, for the corresponding 2012 period. The 2013 results reflect the Procurian sale and the 2012 results reflect the Channel Intelligence and Investor Force sales. Non-GAAP net loss for the twelve months ended December 31, 2013 was $15.1 million or $0.41 per diluted share compared to non-GAAP net loss of $19.1 million or $0.54 per diluted share for the corresponding 2012 period. Operating loss was $39.439 million against $38.356 million a year ago. Loss from continuing operations was $30.066 million or $0.70 diluted per share against income of $11.097 million or $0.35 diluted per share a year ago. Loss before income taxes, equity loss and discontinued operations was $44.91 million against $19.9 million a year ago.
For the full year of 2014, revenue is expected to be in the range of between $78.0 million and $80.0 million, representing an increase of between 31% and 35% from 2013. Net loss per share is expected to be $0.36 to $0.41 per diluted share for the full year of 2014, with a fully diluted weighted average share count of approximately 37.5 million shares. From the EPS standpoint, the investment is making in sales and marketing and technology will be front loaded in the first half of 2014. So the EPS improvement we're expecting will occur in the second half of the year. The company expects gross margins to improve modestly in 2014 as it continue to see some leverage there.
ICG Eyes Acquisitions
Feb 20 14
ICG Group, Inc. (NasdaqGS:ICGE) intends to make acquisitions. Walter Buckley, Chairman and Chief Executive Officer of ICG said: “Now we are continuing to invest aggressively in the Bolt business, both in terms of additional R&D for the Bolt platform and expanding the salesforce from one team to four teams. A sales team is comprised of a sales lead, an account exec, a software engineer, and then shared resources of half-a-dozen sales support people. We also made two key highlights hires in the fourth quarter 2013 for Bolt, an experienced CFO and a senior executive to lead professional services, both broadening the bench of talent on the management team. Now against the backdrop of strong growth, market leadership, and large addressable markets, we are very enthusiastic about the future opportunity of our cloud businesses. We intend to seize this opportunity by continuing driving growth aggressively. At an organic level we will continue to spend aggressively on sales and marketing as long as we see the corresponding ROI on the customer acquisition side as measured by customer acquisition costs, or CAC. We will also make measurable investments in product and technology development to augment our differentiation in the market; increase our ASP, or average selling price; and expand the total addressable markets that we serve. We will also drive growth through tuck-in acquisitions to expand our footprint in our existing markets. Finally, with our foundation of deep expertise in building vertically-focused cloud businesses and reinforced by a strong balance sheet, we are excited to enter new markets. We have a proven ability to drive growth in these types of businesses and we have deep experience in helping them attain and retain leadership as part of the ICG network. We are closely evaluating a number of cloud businesses with profiles that are similar to those of the businesses we own today and in markets that meet the criteria that we have previously laid out. We intend to enter one or two markets through acquisition over time.”