Financial news site TheStreet.com reported record first-quarter profits on Thursday due to a 56 percent increase in advertising.
Robert Holmes, a reporter for TheStreet.com, wrote, “The company reported net income of $3 million in the quarter, up from $2.6 million in the year-ago period on net revenue of $14.5 million, a 30%Â increaseÂ from $11.1 million from the first quarter of 2006. Earnings per share were 13 cents, against 11 cents in the year-earlier period.
“‘I am extremely pleased with our financial results as evidenced by our record revenue level,’ said Thomas. J. Clarke Jr., chairman and chief executive officer of TheStreet.com. ‘We came into the year focused on increasing the advertising portion of our overall revenue mix. Having delivered 56% growth in our advertising revenue in the first quarter, advertising now comprises 35% of our total revenue mix.’
“Clarke added that the acquisition of the remaining 50.1% in Stockpickr.com, announced Wednesday evening, would enhance the company’s efforts.
“In addition to the growth in advertising revenue, the company saw subscription revenue increase by 15%, and other revenue, primarily syndication, increased 152% over 2006. Earnings before interest, taxes, depreciation and amortization totaled $2.9 million, an increase of 15% over EBITDA of $2.5 million in the prior year.”
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