TechTarget Revenues Up 20 Percent
IT media company increases year-end EBITDA by 24 percent.
Online IT media company TechTarget today announced its fourth quarter and year-end 2007 financial results, reporting total revenues at $94.7 million, up 20 percent over $79 million in 2006. The company’s fourth quarter revenues reached $28.4 million, an increase of 23 percent over the same period in 2006.
Online revenues, which represent 67 percent of the company’s overall revenues, increased 24 percent to $63.7 million.
During this afternoon’s earnings call, TechTarget chairman and CEO Greg Strakosch noted the company’s main focus during the quarter was its November purchase of IT search resource KnowledgeStorm for $58 million. “We’re confident that this acquisition has expanded our competitive lead and allows us to further scale the business,” he said.
TechTarget’s net income was $8.2 million in 2007, representing an increase of 14 percent over 2006. Its fourth quarter net revenue remained flat at $2.8 million.
The company’s adjusted year-end EBITDA was $24.6 million, up 24 percent over 2006. Its fourth quarter EBITDA increased by 13 percent to $8.4 million, compared to $7.4 million during the fourth quarter of 2006.
TechTarget plans to reinstate a number of its filings as a result of company overstatements of its provision for income taxes in 2007, resulting in increases in net income of $534,000 and $290,000 for the quarters ended June 30, 2007 and September 20, 2007 respectively.