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A-Team Insight Blogs

Interactive Data Says Q3 2008 Revenues to Increase by 7.7% on Last Year, But Net Income Down by 7.1%

Interactive Data Corporation says that it expects its third quarter revenues to be approximately US$188.6 million, which would represent a 7.7% increase over third-quarter 2007 revenue of US$175.0 million. However, according to its preliminary financial results for the third quarter ended 30 September 2008, net income will be down 7.1% on last year’s results to US$36.7 million from 2007’s US$53.7 million.

The vendor expects its income from operations to increase by 12.2% on last year’s figure, to US$53.7 million. Stuart Clark, president and CEO of the vendor, comments: “We believe that our preliminary third quarter 2008 results illustrate the stability, resilience and predictability of our business. We expect that our revenue growth of 7.7%, combined with prudent expense management, will produce an increase of approximately 12.2% in income from operations.”

He continues: “Our organic revenue growth, which excludes approximately US$1.1 million in unfavourable foreign exchange effects and approximately US$1.3 million in revenue from the Kler’s business we acquired in August 2008, is expected to be approximately 7.6%.”

The vendor indicates that its organic revenue growth was primarily the result of the expansion of its Pricing and Reference Data business and the performance of its Real-Time Services business. Interactive Data has recently ramped up its valuations offering via the signing of an exclusive agreement with Prism Valuation at the end of September. As a result of the deal, it is now able to provide valuations of complex OTC derivatives and structured products as part of its pricing and evaluation services.

Clark is upbeat about Interactive Data’s performance this quarter: “Despite the obvious disruptions that occurred in the market in September, we produced positive net new business in all three months of the quarter at levels that were generally in line with or better than our plans entering the quarter.”

He concludes: “Although we expect that the current environment will bring additional challenges, it is also creating some unique opportunities for us. The planning process for 2009 is underway and our expectation is that we will continue to grow through a combination of organic expansion and acquisitions.”

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