Greenfield Online Beats, But No Guidance (SRVY)

From Pacific Growth Equities analyst Derek Brown's note to clients (note that the full conference call transcript is here):

Greenfield Online: Solid Q4:05 Results; Turnaround A Work In Progress; Adjusting Estimates
February 10th 2006

INVESTMENT SUMMARY

• Yesterday after the close, Greenfield reported solid Q4:05 results, exceeding our/Street revenue, adjusted EBITDA, and PF net income estimates
• We believe new mgmt is making reasonable progress in effort to turn Company around, although heightened Street expectations may have run ahead of mgmt’s ability to deliver
• We are adjusting our 2006 and introducing 2007 estimates, with an eye toward steady improvement through the year, particularly beginning in 2H:06

VALUATION AND RECOMMENDATION

We view Greenfield Online as a turnaround “story.