Going Against The Grain And Calling comScore A Shorting Opportunity
Alpha Gen Capital
Alpha Gen Capital
ComScore: Digital Analytics Top Pick
Fri, Nov. 25, 4:30 PM
- In a filing made after the market closed on Wednesday evening. ComScore (SCOR -5.1%) said it would need to adjust the accounting treatment for some past monetary transactions, mostly due to errors related to timing of revenue recognition.
- Unable to yet put a number on the issue, the company is delinquent on its annual and quarterly filings, but has won a stay of delisting from the Nasdaq until Feb. 23.
- Alongside the accounting news, the company says board Chair Joan Lewis resigned on Nov. 17 (she had been appointed to the position in August). Also resigning was Patricia Gottesman, the chair of the board's nominating and governance committee. Lead independent director William Henderson is now chairman of the board.
- SEC Form 8-K
Tue, Nov. 22, 9:01 AM
- ComScore (NASDAQ:SCOR) previously announced that it was delaying the filing of its Quarterly Report on Form 10-Q for the quarter ended September 30, 2016.
- In connection with the delay, ComScore received a notice of additional deficiency from Nasdaq stating that because it had not filed Form 10-Q, that delinquency serves as an additional non-compliance event of Nasdaq's continued listing rules, specifically with Nasdaq Listing Rule 5250(c)(1).
Tue, Nov. 15, 12:17 PM
- ComScore (SCOR +0.2%) has gotten a reprieve from delisting on Nasdaq until Feb. 23, while it works to regain compliance with listing rules.
- The company had gotten a notification in early September threatening a suspension and delisting.
- The compliance issue has to do with required filings that have missed several deadlines, including the company's 10-K annual report for last fiscal year and quarterly 10-Q filings for the periods ended March 31 and June 30 this year.
- Nasdaq's Hearings Panel says Feb. 23 is the maximum amount of discretion that it has to offer a reprieve.
Wed, Oct. 26, 1:44 PM
- Roku and comScore (SCOR -0.7%) have teamed up to make Roku the first streaming platform to allow for syndicated measurement of video ads.
- Customers will be able to measure dynamically inserted ads through comScore's validated Campaign Essentials offering.
- Roku holds almost half of the streaming device market share, comScore estimates, and Roku's OS-integrated ad framework helps enable faster development of measurement for dynamic advertising.
- Media buyers and sellers will get access to metrics comparable for other platforms (desktop, mobile, linear TV), such as reach/frequency, GRPs, and demographics, the companies said.
Wed, Oct. 12, 7:43 PM
- ComScore (NASDAQ:SCOR) has signed a deal with Cambridge Analytica, which will use comScore's data in strategies for its ad clients.
- Cambridge will merge its behavior psychology and analytics platform with comScore TV measurement to aid clients with political and commercial advertising placement.
- The company will use the combined platform for media planning, buying, and return on investment research.
Thu, Sep. 15, 7:13 PM
- ComScore (NASDAQ:SCOR) is up 6.4% now after hours, following an SEC filing where it's detailing the misstatements that caused substantial delays in financial statements this year.
- The company's accounting probe is "substantially complete," it says. Earlier, comScore said it was setting a Friday morning conference call for a company update.
- In the filing, the company names several statements dating back to the year ended Dec. 31, 2013, as no longer reliable. For 2013, 2014 and 2015, it's concluded that "all nonmonetary transactions during the periods identified above should be reversed and accounted for at historical cost rather than at fair value."
- In a preliminary estimate of errors, the company says revenues of $286.9M for 2013 should be adjusted to $283.6M; and reported revenues of $329.2M for 2014 adjusted to $312.9M.
- For the year ended Dec. 31, 2015, revenues reported at $368.8M should be adjusted to $339.9M. For the same period, expenses from operations reported at $371.5M should be adjusted to $350.7M, and loss from operations of $2.65M adjusted to a loss of $10.8M.
- ComScore says those numbers are preliminary and it plans to file restated financials "as soon as practicable."
Thu, Sep. 15, 5:36 PM
Thu, Sep. 15, 4:38 PM
- ComScore (SCOR +0.2%) -- buffeted by an accounting probe this year that has delayed several financial statements -- says it's planning a company update for tomorrow morning.
- The company will be webcasting a conference call at 8:30 a.m. ET.
- It's provided numbers for investors to dial in.
- ComScore had sought a hearing with Nasdaq over a potential delisting before a deadline last Thursday
- Earlier this week, it said that ex-CEO Serge Matta was leaving his role as executive vice chairman. Last week it said its former chief financial officer, Melvin Wesley III, resigned all his posts as well.
Mon, Sep. 12, 6:04 PM
- In an SEC filing, comScore (SCOR +2.6%) notes that it got notice from ex-CEO Serge Matta that he'll resign from the company, effective Oct. 10.
- Matta has been executive vice chairman since he relinquished the chief executive's role to company co-founder Gian Fulgoni in August. Matta had previously been CEO since February 2014.
- The company has been battered this year as a major probe into its accounting has led to multiple delays of required financial statements. Shares are off 25.4% YTD.
- Separately, the company says William Katz is resigning from his board seat after service through Oct. 30. He's taken on a new job that requires him to resign from directorships that might result in a conflict of interest.
Thu, Sep. 8, 6:32 PM
- In an SEC filing, comScore (SCOR -0.3%) says Melvin Wesley III, recently replaced as chief financial officer, has resigned all positions with the company.
- That move is effective Oct. 10. He's an executive VP; in August, the company said that Chief Revenue Officer David Chemerow would take over the CFO role from Wesley, who had "discontinued his role as such."
- Wesley has been aiding in the transition and resigned in accordance with his agreement pertaining to change of control.
Tue, Sep. 6, 1:21 PM
- Shares in comScore (NASDAQ:SCOR) -- struggling to put out financial statements this year amid a lengthy accounting probe -- are 4.6% lower today as SunTrust Robinson Humphrey downgrades them to Neutral.
- That's down from a previous Buy rating, and analyst Matthew Thornton is waiting it out until there's more visibility. He has a price target of $34, trimmed slightly from the previous $35 (and down to just 7% implied upside from the previous close).
- Estimates for the company are still too high, he says, contrasted with low visibility into its financials. The company's management changes on Aug. 10 removed some uncertainty, however.
- ComScore said it intended to seek a hearing with Nasdaq by this Thursday's deadline in an attempt to avoid delisting over the delayed statements.
Fri, Sep. 2, 4:33 PM
- ComScore (SCOR +1.8%) -- facing numerous delays in filing required financials this year amid a lengthy accounting probe -- has received a new letter from Nasdaq threatening a trading suspension and delisting as soon as Sept. 12.
- The company will need to request a hearing by next Thursday, and intends to do so and present a plan to regain compliance.
- It will also ask for a stay of the trading suspension and delisting during the appeals process.
- Previously: ComScore gets expected deficiency notice over late filings (Aug. 18 2016)
- Previously: ComScore names new CEO, CFO; delays quarterly filing amid probe (Aug. 10 2016)
Wed, Aug. 24, 8:17 PM
- Ongoing accounting woes at comScore (SCOR +7.7%) have resulted in some pain at WPP (WPPGY +1.8%), but the ad giant isn't abandoning the measurement firm yet.
- WPP gained 1.8% in U.S. trading after it logged revenue gains in its Q2 earnings -- but first-half profits fell 40% as it took heavy writedowns of £122M, including an £83.3M writedown of its stake in comScore.
- But WPP isn't selling its stake, Miriam Gottfried notes -- it bought 480,000 more shares this month to bring its ownership near 20%.
- Before the end of after-hours trading (in a likely error), a few thousand shares of WPP apparently changed hands at $18.50 -- 84% below closing price of $117.08.
Thu, Aug. 18, 5:37 PM
- ComScore (SCOR +1%) says it has received an (expected) notice of deficiency from Nasdaq tied to its latest delayed 10-Q.
- The company said last week that it would file its 10-Q late -- the latest of what have been a number of delays tied to a probe into its accounting.
- The latest notice from Nasdaq has little immediate effect, as the company's previous noncompliance notices mean that it has until Aug. 29 to regain compliance.
- Share are down 33.4% YTD.
Wed, Aug. 10, 11:45 AM
- ComScore (NASDAQ:SCOR) is up 5.2% after replacing its CEO and key management, amid a lengthy investigation into its accounting practices.
- Co-founder Gian Fulgoni is becoming chief executive officer, replacing Serge Matta, who will remain as executive vice chairman and an adviser to Fulgoni.
- Chief Revenue Officer David Chemerow has been named the new chief financial officer, replacing Melvin Wesley III, who "has discontinued his role as such" and will aid with the transition.
- President Bill Livek (formerly CEO of Rentrak, now merged with comScore) will take strategic and day-to-day responsibility for expanding the TV, cross-platform and movies measurement businesses.
- Joan Lewis was named non-executive chair of the comScore board. She joined the board in 2015.
- In an SEC filing, the company noted that its 10-Q for the quarter would be filed late -- part of a cascade of delays that built up earlier this year.
- ComScore says its investigation is "substantially complete" and that it's identified "areas of potential concern." The company began looking into results that may have been boosted by nonmonetary revenue (including from barter agreements).
Fri, Jul. 22, 9:27 AM
- Co-founder Dr. Magid Abraham is stepping down from his post as executive chairman at comScore (NASDAQ:SCOR).
- He'll remain on the board to 2018, but will focus more on a new chairmanship at APX Labs as well as work at the Stanford Graduate School of Business.
- "I've always challenged my team to be brave and explore new opportunities, and so it's fitting that I take my own advice and commit my energy to new projects and the mentoring of new technologists and entrepreneurs," he said.