TheStreet.com reports higher profits

Missed this one on Tuesday, as I was traveling, but TheStreet.com reported good first quarter earnings, including a profit, after reporting a loss in the first quarter of 2005. The improvement was partially based on higher revenue from subscriptions.

The business news Web site said in its press release:

— Net income for the quarter was $2.6 million, a $3.4 million improvement over the same period last year and a $800,000 improvement from last quarter.

— Earnings per a share for the quarter were 10 cents, a 13 cents per share improvement over the same period last year and a 3 cents per share improvement from last quarter.

— Net revenue was $11.1 million in the first quarter, a 43 percent increase over the same period last year and a 12 percent increase from last quarter.

— Subscription revenue for the quarter totaled $7.6 million, a 41 percent increase over the same period last year and an increase of 17 percent, or $1.1 million, from last quarter’s $6.5 million. The number of paid subscribers to the Company’s premium services increased by approximately 13,100, or 15 percent, during the quarter.

— The Company’s podcasting of Jim Cramer’s Real Money radio show, which launched in the fourth quarter of 2005, is starting to pay dividends as seen by the growing numbers of subscribers. The podcast has consistently been ranked #1 or #2 in iTunes Top Business Downloads of the Day and it remains in the top 100 ‘subscribed’ to podcasts for all of iTunes. The Company makes money from these podcasts through the sale of advertisements.

Read more details here. I note that the proxy statement for 2005 is supposed to be out sometime next week.