Getty Images reported preliminary Q1 net income of $38 million, or $0.63/share, a 3.5% decline from the same period last year. Excluding certain items, EPS totaled $0.68, beating analysts' average estimate of $0.62. Revenues rose 5.8% to $212.7m, also beating the Street's estimate ($209.6m). Getty issued a preliminary earnings release due to a pending restatement related to backdated stock options, which would primarily be expensed to 2002 at around $28m - $32m. Shares of Getty fell 0.9% to $51.52 during normal trading, but last traded up 2% to $52.55 in the after-hours, on light volume of just over 30,000 shares. For the current quarter, Getty forecast EPS of $0.58 (or $0.66 excluding certain items including costs from the acquisition of WireImage) on sales of approximately $218m. Analysts on average expect EPS of $0.66 on sales of $213.7m. For the full year, Getty said it expects EPS of $2.47 (or $2.64 excluding certain items) on sales of around $880m.
Sources: Getty Images Q1'07 Earnings Call Transcript, Press release [pdf], Bloomberg
Commentary: The Future Of Image Search Is In Social Search • Getty Images: No Compelling Argument for Rich Valuation • Getty Images: A Stock To Avoid
Stocks/ETFs to watch: Getty Images (GYI). Competitors: Jupitermedia (JUPM), Reuters Group (RTRSY)
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