Friday, May 13, 2011

MEETIC 1st quarter of 2011

MEETIC (MEET - FR0004063097)
Results for the 1st quarter of 2011
Consolidated revenue for the first quarter of 2011 totalled 46.2 million euros, up +6.5% compared to the first quarter of 2010 and up +4.6% on a constant forex basis.
Subscription sales (billings excluding deferred revenue) came to 47.3 million euros, up +8.8% on the same period of 2010.
The Group had 872,047 subscribers at 31st March 2011, compared to 858,197 at 31st December 2010 and 829,258 at 31st March 2010, giving a net increase of 13,850 subscribers over the first three months of the year.
But ...
Meetic carried out substantial marketing investments over the first three months of the year, thus spending 36.5 million euros or 79% of quarterly sales.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was a negative 3 million euros at 31st March 2011 and there was an operating loss of -3.9 million euros.
Once the share in net income of Match Global Investments is taken into account, i.e. 0.5 million euros, the Group's attributable net profit for the first quarter of the year was a negative -3.2 million euros.
Shares had dropped again.

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