Issuer Direct, a provider of disclosure management solutions and cloud-based compliance technologies, today reported its financial results for the third quarter of 2012.
The company reported GAAP earnings of $213,591, or $0.11 per share, marking a 200 percent improvement over net income of $71,081, or $0.04 per share, reported in the comparable quarter of 2011. Issuer Direct reported non-GAAP earnings of $300,429, or $0.15 per share, compared to non-GAAP net income of $156,325, or $0.09 per share, for the comparable quarter of 2011.
Revenues for the quarter increased by 36 percent to $1.25 million as compared to revenues of $891,576 reported for the third quarter the year prior.
"We are extremely pleased with the increases in revenue, earnings and gross profit margin that were achieved during the third quarter of 2012," Wes Pollard, CFO of Issuer Direct stated in the earnings release. "During the quarter, we began to provide detail footnote tagging for most of our small reporting companies, which resulted in higher revenue per client and stronger gross margins from our compliance and reporting services business. As noted in prior periods, we have been able to transition a majority of our revenue from project-based work to renewable annual contracts. This results in recurring revenue that is more steady and predictable. Furthermore, our increase in net income has allowed us to increase our cash on hand, while at the same time continuing the dividend policy implemented earlier this year."
Moving forward the company expects to dock continued growth stemming primarily from disclosure expansion and its reporting business.
"I am very pleased with the results for the most recent quarter, and we are looking forward to a strong fourth quarter and a record year for Issuer Direct," said Brian R. Balbirnie, the company's CEO. "We are not only continuing to expand our disclosure and reporting business, but also our other revenue streams. As an example, our transfer agency business generated an improvement in gross profits of more than 30 percent in the quarter ended September 30, 2012, when compared with the prior-year period."
For more information visit issuerdirect.com
Please see disclaimer on the QualityStocks website: disclaimer.qualitystocks.net