MORRISVILLE, NC -- (Marketwire) -- 02/28/13 -- Issuer Direct Corporation (OTCBB: ISDR), a market leader and innovator of disclosure management solutions and cloud-based compliance technologies, today reported its operating results for the fourth quarter and year ended December 31, 2012. The Company will host an investor conference call at 11:15 a.m. EST today, to discuss operating results and relevant topics of interest (see details below).
Full Year 2012 Financial Highlights:
•Revenue increased 33% to $4.3 million •Gross profit increased 53% to $2.8 million •Gross margins increased to 65% compared to 57% in 2011 •Operating profit increased 124% to $557,133 •Operating margins increased to 13% compared to 8% in 2011 •Non-GAAP net income increased 46% to $830,107 •Non-GAAP diluted EPS increased 31% to $0.42 •The Company's cash balance increased 45% to over $1.2 million for the full year ended December 31 2012
Fourth Quarter 2012 Financial Highlights
•Revenue increased 65% to $1.2 million •Gross profit increased 111% to $790,830 •Gross margins increased to 67%, compared to 52% in 2011 •Operating profit increased to $244,378 •Operating margins increased to 21%, compared to -21% in 2011 •Non-GAAP net income increased 165% to 227,729 •Non-GAAP diluted EPS increased 120% to $0.11
Brian R. Balbirnie, Chief Executive Officer of Issuer Direct Corporation, commented, "We set out at the beginning of 2012 to deliver higher revenues, increased profits, and to increase our overall margins. We are pleased to report that we achieved all three of these objectives in fiscal 2012."
Wes Pollard, Chief Financial Officer, stated, "A majority of our 2012 revenue growth came from our compliance and reporting segment, which includes our cloud-based technology platform for XBRL reporting, and overall generates 70% gross margins. We have also considerably increased the number of clients for whom we perform cloud based XBRL reporting, both organically and through the acquisition. As most of our clients are now under annual contracts, we anticipate that revenue from cloud based XBRL reporting will be more recurring in nature in the future. With this said, we intend to also continue to increase revenue from these cloud solutions through new client acquisition. Our transfer agent segment, which delivers 68% gross margins, grew 41% this year; while our software license revenue, which generates 99% gross margins, increased 119%."
Mr. Balbirnie further stated, "In fiscal 2013, we anticipate our disclosure reporting business which includes our cloud based XBRL solutions will continue to account for a significant portion of our growth. Furthermore, we will strive to continue achieving growth from our other revenue streams. We see 2013 as a pivotal year for continued revenue growth, margin improvement and overall profits. Our plan is to focus on both organic growth and also consider acquisitions of complementary businesses that fit our long term business strategy."
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