MediaMind Technologies Inc. (Nasdaq: MDMD) posted higher revenue for the fourth quarter, but predicts a slow first quarter of 2011.
Fourth quarter revenue rose 15% to $25.9 million from $22.4 million for the corresponding quarter of 2009. GAAP-based net profit was unchanged at $5.5 million ($0.26 per share), while non-GAAP net profit edged up to $6.4 million ($0.30 per share) for the fourth quarter from $6.3 million for the corresponding quarter.
In its guidance for the first quarter, which MediaMind predicts a non-GAAP net profit of $1-1.6 million ($0.04-0.07 per share) on $18.1-19.1 million revenue. The company says that the first quarter is seasonally its slowest period,
For the year as a whole, revenue rose 24% to $80.8 million from $65.1 million in 2009. The company attributes the growth to new advertising customers, higher volumes of ad impressions in key markets, and strong demand from its large advertising partners.
GAAP-based net profit rose to $8.7 million ($0.54 per share) in 2010 from $8.2 million in 2009, while non-GAAP net profit rose to $12.9 million ($0.68 per share) from $10.9 million.
Cash flow from operations was $4.9 million for the fourth quarter of 2010 and $11.8 million in 2010 as a whole.
MediaMind president and CEO Gal Trifon said, "In the coming quarters, we look forward to building on our efforts to grow MediaMind v2.0 and related data-driven offerings, increase our base of large advertisers, and expand our global operations while more efficiently meeting the demands of our growing advertiser base. As part of this expansion, we are strengthening our customer-facing service organization and we recently established a new technical support center in the Philippines."
MediaMind's share price fell 0.9% to $13.26 in early trading today.
Published by Globes [online], Israel business news - www.globes-online.com - on February 10, 2011
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