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EDGAR Online Inc. (EDGR) filed Quarterly Report for the period ended 2011-09-30.
Edgar Online Inc. has a market cap of $27.7 million; its shares were traded at around $0.8001 with and P/S ratio of 1.4.
This is the annual revenues and earnings per share of EDGR over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of EDGR.
Highlight of Business Operations:
XBRL Software. Our XBRL software revenues are derived from the licensing of XBRL software products, the maintenance and support of those software products and the performance of other professional services related to the software. The Company’s software is typically licensed with associated maintenance and support revenues. As there is not sufficient vendor-specific objective evidence to support the separate determination of the fair value of the license fee and undelivered maintenance and support, the total revenues are recognized ratably over a respective support period, dependent on whether the services represent a separate unit of accounting. Revenue is recognized when persuasive evidence of an arrangement exists, product delivery has occurred or services have been rendered, the sale price is fixed or determinable, and collectability is reasonably assured. If any of the criteria have not been met, then revenue is deferred until such time as all criteria have been met.Total revenues for the three months ended September 30, 2011 increased 48% to $7,639 from total revenues of $5,158 for the three months ended September 30, 2010. The net increase in revenues was primarily attributable to a $1,997, or 102%, increase in XBRL filings revenues and new XBRL software revenue from the UBmatrix acquisition of $570. Total revenues for the nine months ended September 30, 2011 increased 38% to $20,127 from total revenues of $14,544 for the nine months ended September 30, 2010. The net increase in revenues was primarily attributable to a $4,230, or 91%, increase in XBRL filings revenues and new XBRL software revenue from the UBmatrix acquisition of $1,843, which was offset by a $430, or 10%, decrease in subscriptions revenues. Data and Solutions revenues remain flat year over year.
Cost of revenues primarily consists of salaries and benefits of operations personnel involved in the creation of XBRL filings and production of data sets, fees paid to our external providers of personnel in the creation of filings, fees paid to acquire data and the amortization of costs related to developing our I-Metrix products that were previously capitalized. Total cost of revenues for the three months ended September 30, 2011 increased $1,215, or 54%, to $3,459 from $2,244 for the three months ended September 30, 2010. The net increase in cost of revenues was primarily due to a $900 increase in payroll related expenses associated with handling the increase in our XBRL filings business and $200 increase in fees paid to our external providers of personnel. Total cost of revenues for the nine months ended September 30, 2011 increased $3,590, or 63%, to $9,296 from $5,706 for the nine months ended September 30, 2010. The net increase in cost of revenues was primarily due to a $3,396 increase in payroll related expenses associated with handling the increase in our XBRL filings business and $195 of costs associated with the continued start up of our contract with SunGard, our external provider of personnel in the creation of filings.
Gross profit for the three months ended September 30, 2011 increased $1,266, or 43%, to $4,180 from $2,914 for the three months ended September 30, 2010. The gross profit percentage of 55% for the three months ended September 30, 2011 was consistent with 56% for the three months ended September 30, 2010. Gross profit for the nine months ended September 30, 2011 increased $1,992, or 23%, to $10,830 from $8,838 for the nine months ended September 30, 2010. The gross profit percentage decreased to 54% for the nine months ended September 30, 2011 from 61% for the nine months ended September 30, 2010. The decreases in the gross profit percentages were due to the higher costs related to fulfilling XBRL filings, the revenues of which have increased as a percentage of total revenues. We expect our gross profit percentages will continue to decline as we increase our XBRL filings business since the gross profit margins related to the XBRL filings business are lower than our historical gross profit margins from our data and subscription businesses.
Sales and Marketing . Sales and marketing expenses consist primarily of salaries and benefits, sales commissions, advertising expenses, and costs of marketing materials. Sales and marketing expenses for the three months ended September 30, 2011 increased $328, or 62%, to $855 from $527 for the three months ended September 30, 2010. Sales and marketing expenses for the nine months ended September 30, 2011 increased $604, or 31%, to $2,567 from $1,963 for the nine months ended September 30, 2010. The net increases were primarily due to increases in payroll related expenses as a result of an increase in the sales personnel.
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