About a-team Marketing Services
The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Interactive Data Confirms Financial Results for Q3 2008

Subscribe to our newsletter

Following the announcement of its preliminary results last week, Interactive Data Corporation has confirmed that its revenue for the third quarter of 2008 increased 7.7% to US$188.6 million from US$175.0 million in the same period last year. The vendor’s financial results for the third quarter ended 30 September 2008 also confirm that net income for the third quarter of 2008 was US$36.7 million, or US$0.38 per diluted share, a 6.7% decrease over net income of US$39.3 million, or US$0.40 per diluted share, in the third quarter of 2007.

Income from operations grew 12.2% to US$53.7 million in the third quarter of 2008 from US$47.9 million in the same period one year ago.

Stuart Clark, president and CEO of Interactive Data, says: “Our third quarter 2008 performance was in line with the preliminary results we announced last week. We produced organic revenue growth of 7.6% primarily as a result of sustained expansion at our Pricing and Reference Data business, as well as a good performance at our Real-Time Services business. Our success in driving revenue growth, while prudently managing our cost base, led to a 12.2% increase in income from operations.”

He continues: “Despite the increase in operating profitability, our net income for the quarter declined as a result of a significant increase in our effective quarterly tax rate. Despite challenging market conditions, we are encouraged by the fact that we produced positive net new business in all three months of the third quarter at levels that were generally in line with or better than our expectations entering the quarter.”

The vendor sustained renewal rates across its institutional business of approximately 95%, which Clark says reflects its client relationships. Andrew Hajducky, Interactive Data’s executive vice president and chief financial officer, adds: “As a result of our strong distribution channels, Interactive Data’s customer base remains extremely diversified with no single direct customer representing more than five percent of total revenue. After yet another quarter of outstanding cash generation, we move forward with the strong financial position required to fund internal development activities and pursue strategic acquisitions in ways that will further expand our business. At the same time, we intend to continue returning cash to shareholders through our stock buyback and dividend programmes.”

Clark concludes: “We will continue managing the business prudently as we carefully monitor our discretionary spending while making important investments in programmes that we believe will help drive future growth and bring tangible value to customers, business partners and shareholders. We believe we have the technical, intellectual and financial resources required to continue expanding our business through a combination of organic growth and strategic acquisitions.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Approaches to ESG data for the Sustainable Finance Disclosure Regulation (SFDR)

The EU Sustainable Finance Disclosure Regulation (SFDR) outlines extensive rules designed to ensure transparency across sustainable financial markets. It also demands huge volumes of non-financial ESG data to be sourced, managed and governed, some of which is difficult to find, and much of which is unstructured and of variable quality. The data challenge is exacerbated...

BLOG

Snowflake and Pure Storage Partner to Increase Control of On-Premise Data and Support Journey to Cloud

Snowflake has partnered Pure Storage to develop a solution that will increase data accessibility and control for customers with on-premise data. The solution will use Pure’s FlashBlade high performance unified file and object platform to allow analyses of multiple data sources on the platform with the Snowflake data cloud while keeping data local. A public...

EVENT

Virtual Data Management Summit London (Redirected)

Now in its 8th year, the Data Management Summit (DMS) in London explores the shift to the new world where data is redefining the operating model and firms are seeking to unlock value via data transformation projects for enterprise gain and competitive edge.

GUIDE

ESG Data Handbook 2022

The ESG landscape is changing faster than anyone could have imagined even five years ago. With tens of trillions of dollars expected to have been committed to sustainable assets by the end of the decade, it’s never been more important for financial institutions of all sizes to stay abreast of changes in the ESG data...