Onvia Inc. (ONVI, Financial) filed Quarterly Report for the period ended 2012-09-30.
Onvia, Inc. has a market cap of $31.1 million; its shares were traded at around $3.73 with a P/E ratio of 91.3 and P/S ratio of 1.3.
Subscription-only revenue growth in the third quarter of 2012 improved to a negative 2.6% over last year compared to subscription-only negative revenue growth of 7.1% in the second quarter of 2012. Our SMB sales organization continues to perform as expected; however enterprise sales is taking longer to ramp than planned and didn t contribute to revenues as expected. Content license revenues were also lower than planned because the trade publisher program that was initiated last year did not perform as expected and was terminated in the third quarter of 2012. As a result of the enterprise and content license results, we expect revenue growth rates to begin to grow in the first quarter of 2013, a quarter later than planned.
Our cost of revenue primarily represents payroll-related expenses associated with the research and aggregation of the data in our proprietary database and third-party content fees, and also includes credit card processing fees. The decrease for the comparable nine month periods was primarily due to $80,000 decrease in contract labor.
Net cash provided by operating activities was $2.0 million for the nine months ended September 30, 2012, compared to $1.6 million in the same period in the prior year. The increase in operating cash flow is due primarily to the decrease in unearned revenue and accounts payables partially offset by decrease in accounts receivables and net income and all other cash from operations activities.
Net cash used by investing activities was $2.2 million in the nine months ended September 30, 2012, compared to $6.4 million in the same period in 2011. The decrease of $4.2 million in cash used is attributable to an increase of $5.1 million in maturities and sales of investments and a reduction of $1.1 million in purchases of investments, offset by a decrease of $304,000 in additions to property and equipment and internal use software. In addition, there was partial reduction of our security deposit for the lease of our corporate headquarters.
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Onvia, Inc. has a market cap of $31.1 million; its shares were traded at around $3.73 with a P/E ratio of 91.3 and P/S ratio of 1.3.
Highlight of Business Operations:
Over the last 18 months, we have made significant foundational changes to the business; we have defined our target market, executed a new consultative sales process, strengthened our database and increased our value to clients and built a team committed to success. All of these initiatives were necessary to fix and stabilize the business, the first phase of our transformation plan. ACV and revenue have stabilized and should begin to grow in the next few quarters. We are now ready to leverage the foundation we have built over the last 2 years and scale the business.Subscription-only revenue growth in the third quarter of 2012 improved to a negative 2.6% over last year compared to subscription-only negative revenue growth of 7.1% in the second quarter of 2012. Our SMB sales organization continues to perform as expected; however enterprise sales is taking longer to ramp than planned and didn t contribute to revenues as expected. Content license revenues were also lower than planned because the trade publisher program that was initiated last year did not perform as expected and was terminated in the third quarter of 2012. As a result of the enterprise and content license results, we expect revenue growth rates to begin to grow in the first quarter of 2013, a quarter later than planned.
Our cost of revenue primarily represents payroll-related expenses associated with the research and aggregation of the data in our proprietary database and third-party content fees, and also includes credit card processing fees. The decrease for the comparable nine month periods was primarily due to $80,000 decrease in contract labor.
Net cash provided by operating activities was $2.0 million for the nine months ended September 30, 2012, compared to $1.6 million in the same period in the prior year. The increase in operating cash flow is due primarily to the decrease in unearned revenue and accounts payables partially offset by decrease in accounts receivables and net income and all other cash from operations activities.
Net cash used by investing activities was $2.2 million in the nine months ended September 30, 2012, compared to $6.4 million in the same period in 2011. The decrease of $4.2 million in cash used is attributable to an increase of $5.1 million in maturities and sales of investments and a reduction of $1.1 million in purchases of investments, offset by a decrease of $304,000 in additions to property and equipment and internal use software. In addition, there was partial reduction of our security deposit for the lease of our corporate headquarters.
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