Digital marketing campaign developer Eyeblaster Inc. posted a net profit of $560,000 for the first quarter of 2010, compared with a net loss of $473,000 for the corresponding quarter of 2009, ahead of its planned IPO on Nasdaq in which it hopes to raise $115 million.
Eyeblaster disclosed its finances in the updated prospectus it filed with the US Securities and Exchange Commission (SEC). Revenue rose 41% from the corresponding quarter to $16 million for the first quarter. The company's business is strongly cyclical, with the fourth quarter the strongest quarter of the year, because of Christmas shopping. In 2009, the fourth quarter accounted for 34% of annual revenue, compared with 18% for the first quarter.
Eyeblaster also disclosed the geographical breakdown of its business: 16% of first quarter revenue came from the UK, down from 23% in the corresponding quarter; 29% from other European countries, the Middle East and Africa, up from 23%; and 4% from Latin America, up from 3%.
Published by Globes [online], Israel business news - www.globes-online.com - on June 2, 2010
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