Business and financial news web site TheStreet.com reported Thursday that fourth-quarter earnings and revenue grew due to an increase in advertising.
Revenue for the fourth quarter was a record $19.9 million, an increase of 38 percent from revenue of $14.4 million reported for the fourth quarter of 2006. Net income increased by 19 percent to a record $4.7 million, or 16 cents per fully diluted share in the fourth quarter of 2007, compared to $4.0 million, or 14 cents per fully diluted share in the fourth quarter of 2006.
“This year’s record financial results reflect our focus on delivering top- and bottom-line growth,” said CEO Thomas J. Clarke Jr. in a statement.
“A year ago we made a commitment to innovation, flexibility and a willingness to change the company. Through our three acquisitions, the redesign of the TheStreet.com, Stockpickr.com, and the launch of MainStreet.com in early 2008, we have continued to successfully execute on our strategy to create a network of properties that will be ‘all things money.'”
Fourth-quarter advertising revenue reached a record $6.8 million, a 43 percent increase from the $4.8 million recorded in the fourth quarter of 2006. Advertising revenue for the year reached the highest total in the company’s history at $22.0 million, 42 percent greater than last year’s total of $15.4 million.
Read the earnings release here.
