EMAILVISION / 2009 Full Year Results: Revenue Growth Acceleration and Gross Margin Improvement
Poster: SySAdmin
Posted on March 9, 2010 at 2:14:01 PM
EMAILVISION / 2009 Full Year Results: Revenue Growth Acceleration and Gross Margin Improvement
PARIS and NEW YORK, March 9, 2010--
- Operating Margin Impacted by Investments
- Adoption of IFRS
Emailvision, the global market and technology leader in
software as a service (SaaS) for e-mail marketing announces its 2009 full
year results.
EUR millions 2009 2008 YOY % 2008
IFRS IFRS change French
GAAP
Backlog as at 31/12 39.3 25.4 + 55% 25.4
Revenues 29.3 21.8 + 35% 21.8
Gross margin % 73% 71% 71%
EBIT 0.73 1.90 -62% 2.22
EBIT % 2.5% 8.7% 10.2%
Adjusted* EBIT 1.52 2.08 -27% 2.22
Adjusted* EBIT % 5.2% 9.5% 10.2%
Net income 0.45 0.87 -48% 0.93
Adjusted* net income 1.24 1.05 +18% 0.93
* Adjusted for stock option & warrant charges
Continued improvement in gross margin, reaching 73% in 2009
2009 was a year marked by strong growth with sales increasing
by 35% (+38% at constant exchange rates) to EUR29.3 million, in accordance
with the company's growth strategy.
Revenue growth was accompanied by an improvement in gross
margin which reached 73% of revenues (71% in 2008), driven by the pooling of
IT resources and economies of scale from its SaaS platform. This is the
fourth consecutive year that gross margin has improved significantly.
Bookings growth led to an increase in backlog of 55%, reaching
EUR39.3 million compared to EUR25.4 million in 2008, providing strong
visibility into Emailvision's future revenues. Of the total backlog as at
December 2009, EUR17.9 million will be recognized in 2010 and EUR11.1 million
in 2011.
Sales growth acceleration impacted profitability, as expected
During 2009, Emailvision intensified its strategy of market
share growth in Europe and in the USA with the opening of two new
subsidiaries (Sweden and Italy) and an increase in headcount (67 new staff
recruited in 2009, representing an increase of 45%). By end 2009, the group
had subsidiaries in 10 countries. Emailvision won more than 900 new clients
during the year.
As previously announced, investments in people, mainly in the
sales team (56 sales staff present at the end of 2009 compared to 36 at the
end of 2008) and the R&D team, temporarily impacted the company's
profitability.
Adoption of IFRS (International Financial Reporting Standards)
Starting in 2009, and as part of the process of transferring
to Euronext, Emailvision has decided to present its accounts in IAS/IFRS
format.
The effect on the profit and loss account of adopting IFRS
mainly concerns the inclusion of a charge for stock options & warrants
granted to staff and managers. These changes, which negatively impact the
EBIT by EUR0.79 million, have no cash impact for the Group.
The EBIT for 2009 is EUR0.73 million (2.53% of revenues)
compared to EUR1.89 million in 2008 (restated for the adoption of IFRS).
Adjusting for the impact of stock option and warrant charges, EBIT for the
year was EUR1.52 million (5.2% of revenues), representing a decrease of 27%
compared to 2008.
Adjusted net income for the year was EUR1.24 million,
increasing by 18% compared to 2008, due to low corporation tax rate. The good
short-term and medium-term outlook for the Group has allowed it to benefit
from tax credits carried forward from previous losses.
The Group's financial structure remains robust, with cash of
more than EUR3.1 million at the year end and low levels of debt (gearing
17%).
2010 Outlook
Retention e-mail marketing, one of the most profitable
marketing channels, is being adopted by an increasing number of companies of
all sizes, in all industry verticals.
In order to respond to the increasing demand for its Campaign
Commander(TM) software service, Emailvision will continue its market share
growth strategy by further accelerating its recruitment and international
expansion.
The Group's target is to achieve a revenue growth of at least
30% in 2010.
The market share growth strategy will involve further
significant investments in its sales force, its technical infrastructure and
in R&D.
Taking into account the company's growth objectives, the Group
is likely to report an operating loss for the first-half of 2010. For the
full year, the Group expects to remain profitable.
Emailvision has been profitable since 2005.
Next announcement - publication of 2010 Q1 revenues: 20 April 2010
Emailvision is listed on the NYSE Alternext - Code ISIN :
FR0004168045 / MNEMO: ALEMV
About Emailvision
Emailvision is the international market and technology leader
in software as a service for the management and optimisation of e-mail
marketing campaigns. Its flagship product, Campaign Commander(TM), has become
the benchmark software service for the e-commerce and publishing industries.
With over 250 staff, Emailvision is present in the major global markets with
offices in the United States, the UK, France, Germany (Hamburg and Munich),
Switzerland (Geneva and Zurich), Belgium, Netherlands, Spain, Sweden and
Italy. Emailvision is driving a global market share growth strategy in a
fast-growing market.
Contacts:
Emailvision,
Nick Heys, CEO,
Olivier Candau, CFO,
Tel. : +33(0)1-41-27-27-17,
investor-relations@emailvision.com ;
Global Equities,
Listing Sponsor,
Stephane Lefevre-Sauli,
Tel. : +33(0)1-44-43-33-00,
slefevre-sauli@global-equities.com ;
ACTIFIN,
Communication financiere,
Jean-Yves Barbara - Emilie Debes,
Tel. : +33(0)1-56-88-11-11,
jybarbara or edebes@actifin.fr .
Source: Emailvision
Contacts: Emailvision, Nick Heys, CEO, Olivier Candau, CFO, Tel. : +33(0)1-41-27-27-17, investor-relations@emailvision.com ; Global Equities, Listing Sponsor, Stephane Lefevre-Sauli, Tel. : +33(0)1-44-43-33-00, slefevre-sauli@global-equities.com ; ACTIFIN, Communication financiere, Jean-Yves Barbara - Emilie Debes, Tel. : +33(0)1-56-88-11-11, jybarbara or edebes@actifin.fr .
PARIS and NEW YORK, March 9, 2010--
- Operating Margin Impacted by Investments
- Adoption of IFRS
Emailvision, the global market and technology leader in
software as a service (SaaS) for e-mail marketing announces its 2009 full
year results.
EUR millions 2009 2008 YOY % 2008
IFRS IFRS change French
GAAP
Backlog as at 31/12 39.3 25.4 + 55% 25.4
Revenues 29.3 21.8 + 35% 21.8
Gross margin % 73% 71% 71%
EBIT 0.73 1.90 -62% 2.22
EBIT % 2.5% 8.7% 10.2%
Adjusted* EBIT 1.52 2.08 -27% 2.22
Adjusted* EBIT % 5.2% 9.5% 10.2%
Net income 0.45 0.87 -48% 0.93
Adjusted* net income 1.24 1.05 +18% 0.93
* Adjusted for stock option & warrant charges
Continued improvement in gross margin, reaching 73% in 2009
2009 was a year marked by strong growth with sales increasing
by 35% (+38% at constant exchange rates) to EUR29.3 million, in accordance
with the company's growth strategy.
Revenue growth was accompanied by an improvement in gross
margin which reached 73% of revenues (71% in 2008), driven by the pooling of
IT resources and economies of scale from its SaaS platform. This is the
fourth consecutive year that gross margin has improved significantly.
Bookings growth led to an increase in backlog of 55%, reaching
EUR39.3 million compared to EUR25.4 million in 2008, providing strong
visibility into Emailvision's future revenues. Of the total backlog as at
December 2009, EUR17.9 million will be recognized in 2010 and EUR11.1 million
in 2011.
Sales growth acceleration impacted profitability, as expected
During 2009, Emailvision intensified its strategy of market
share growth in Europe and in the USA with the opening of two new
subsidiaries (Sweden and Italy) and an increase in headcount (67 new staff
recruited in 2009, representing an increase of 45%). By end 2009, the group
had subsidiaries in 10 countries. Emailvision won more than 900 new clients
during the year.
As previously announced, investments in people, mainly in the
sales team (56 sales staff present at the end of 2009 compared to 36 at the
end of 2008) and the R&D team, temporarily impacted the company's
profitability.
Adoption of IFRS (International Financial Reporting Standards)
Starting in 2009, and as part of the process of transferring
to Euronext, Emailvision has decided to present its accounts in IAS/IFRS
format.
The effect on the profit and loss account of adopting IFRS
mainly concerns the inclusion of a charge for stock options & warrants
granted to staff and managers. These changes, which negatively impact the
EBIT by EUR0.79 million, have no cash impact for the Group.
The EBIT for 2009 is EUR0.73 million (2.53% of revenues)
compared to EUR1.89 million in 2008 (restated for the adoption of IFRS).
Adjusting for the impact of stock option and warrant charges, EBIT for the
year was EUR1.52 million (5.2% of revenues), representing a decrease of 27%
compared to 2008.
Adjusted net income for the year was EUR1.24 million,
increasing by 18% compared to 2008, due to low corporation tax rate. The good
short-term and medium-term outlook for the Group has allowed it to benefit
from tax credits carried forward from previous losses.
The Group's financial structure remains robust, with cash of
more than EUR3.1 million at the year end and low levels of debt (gearing
17%).
2010 Outlook
Retention e-mail marketing, one of the most profitable
marketing channels, is being adopted by an increasing number of companies of
all sizes, in all industry verticals.
In order to respond to the increasing demand for its Campaign
Commander(TM) software service, Emailvision will continue its market share
growth strategy by further accelerating its recruitment and international
expansion.
The Group's target is to achieve a revenue growth of at least
30% in 2010.
The market share growth strategy will involve further
significant investments in its sales force, its technical infrastructure and
in R&D.
Taking into account the company's growth objectives, the Group
is likely to report an operating loss for the first-half of 2010. For the
full year, the Group expects to remain profitable.
Emailvision has been profitable since 2005.
Next announcement - publication of 2010 Q1 revenues: 20 April 2010
Emailvision is listed on the NYSE Alternext - Code ISIN :
FR0004168045 / MNEMO: ALEMV
About Emailvision
Emailvision is the international market and technology leader
in software as a service for the management and optimisation of e-mail
marketing campaigns. Its flagship product, Campaign Commander(TM), has become
the benchmark software service for the e-commerce and publishing industries.
With over 250 staff, Emailvision is present in the major global markets with
offices in the United States, the UK, France, Germany (Hamburg and Munich),
Switzerland (Geneva and Zurich), Belgium, Netherlands, Spain, Sweden and
Italy. Emailvision is driving a global market share growth strategy in a
fast-growing market.
Contacts:
Emailvision,
Nick Heys, CEO,
Olivier Candau, CFO,
Tel. : +33(0)1-41-27-27-17,
investor-relations@emailvision.com ;
Global Equities,
Listing Sponsor,
Stephane Lefevre-Sauli,
Tel. : +33(0)1-44-43-33-00,
slefevre-sauli@global-equities.com ;
ACTIFIN,
Communication financiere,
Jean-Yves Barbara - Emilie Debes,
Tel. : +33(0)1-56-88-11-11,
jybarbara or edebes@actifin.fr .
Source: Emailvision
Contacts: Emailvision, Nick Heys, CEO, Olivier Candau, CFO, Tel. : +33(0)1-41-27-27-17, investor-relations@emailvision.com ; Global Equities, Listing Sponsor, Stephane Lefevre-Sauli, Tel. : +33(0)1-44-43-33-00, slefevre-sauli@global-equities.com ; ACTIFIN, Communication financiere, Jean-Yves Barbara - Emilie Debes, Tel. : +33(0)1-56-88-11-11, jybarbara or edebes@actifin.fr .