comScore posts 64 percent rise in 1Q profit, lifts outlook

RESTON, Va.—Internet data analysis provider comScore Inc. said Thursday its first-quarter profit surged 64 percent to top Wall Street expectations on strong subscription revenue and raised its sales outlook for the full year.

Net income rose to $2.5 million, or 8 cents per share, from $1.5 million, or breakeven per share, a year ago.

Excluding both stock-based compensation and other one-time items, the company would have earned 18 cents per share in the latest period. Including 6 cents of stock-based compensation costs but excluding other items, comScore earned 12 cents per share.

Revenue rose 41 percent to $26.4 million from $18.7 million.

Analysts surveyed by Thomson Financial expected profit of 10 cents per share on revenue of $26.1 million. The estimates include stock-based compensation, but exclude other one-time items.

ComScore's subscription revenue grew 48 percent to $21.5 million, accounting for 81 percent of the company's total quarterly revenue. Existing customer revenue grew 38 percent to $22.1 million, while new customers generated revenue of $4.3 million.

The company added a net of 53 new customers during the quarter, bringing the total number of comScore customers to 948.

"We continued to make gains in penetrating our existing customer base both in the U.S. and internationally," said Magid Abraham, comScore's chief executive and president. "Despite recent indications of a slowing U.S. economy, our confidence in the strength of our business and client demand for our products and services remains unchanged.

Looking ahead, comScore forecast full-year adjusted profit of 75 cents to 80 cents per share on revenue of $113 million to $113.6 million, up from a prior estimated range of $112.2 million to $113.2 million.

Wall Street is predicting earnings per share excluding most items of 50 cents on revenue of $113.2 million.

Second-quarter earnings per share, excluding items, are expected to be 16 cents or 17 cents on revenue of about $27.1 million to $27.4 million, comScore said, compared with Wall Street estimates of 12 cents per share on revenue of $27.4 million.

Shares rose 97 cents, or 5.1 percent, to close earlier at $19.84, and jumped $1.66, or 8.4 percent, to $21.50 in aftermarket electronic trading.