Non-GAAP EPS were .01 versus consensus of -.01 or a 2 cent surprise. Revenues were $115.9 mm versus consensus of $118.6 mm, a slight miss. The issue here is they guided to the lower end of their 1.35-1.55 range. The street is at 1.47-1.51, depending on what service you use, so numbers will have to come down.
We had told our clients that we expected a miss because of a weak economy likely affecting their customers.
They have a conference call at 9:30 AM EDT today.
We will be listening for what they say about broadcasting. While they have great long term deals with NBC and FOX, the issue is that ISCA lacks bargaining power. We worry that the networks will probably decide to muscle ISCA and back end load their payment terms which would mean nearer term revenues for 2015 could be in question.
Disclosure: I am short ISCA.
Additional disclosure: I will be exiting today.