WAYNE, Pa., May 5, 2011 (GLOBE NEWSWIRE) -- Internet Capital Group, Inc. (Nasdaq:ICGE) ("ICG") today reported its results for the quarter ended March 31, 2011.
"2011 is off to a great start, with solid performance driven by our core consolidated companies, as well as the sale of Metastorm," said Walter Buckley, ICG's Chief Executive Officer. "As we look ahead, we are well positioned to continue delivering strong revenue and EBITDA growth, and we remain on track to meet our 2011 goals."
GAAP Financial Results
ICG's GAAP revenue increased to $34.0 million for the quarter ended March 31, 2011, up from $25.8 million in the comparable 2010 period. GAAP net income for the quarter ended March 31, 2011 was $15.9 million, or $0.42 per diluted share, compared to $28.8 million, or $0.79 per diluted share, in the comparable 2010 period. Results for both quarters include non-recurring gains that are detailed later in this release.
ICG's corporate cash and cash equivalents were $119.7 million at March 31, 2011, and the value of ICG's holdings in GoIndustry-DoveBid (LSE.AIM:GOI) was $5.4 million.
Core Consolidated Companies
Core consolidated revenue totaled $34.0 million in the first quarter of 2011, an increase of 28% from the corresponding 2010 period. Core consolidated EBITDA totaled $3.9 million for the first quarter of 2011, as compared to $1.9 million in the corresponding 2010 period.
ICG Commerce reported $29.1 million of revenue for the first quarter of 2011, representing an increase of 27% over the comparable 2010 period. ICG Commerce's EBITDA, excluding stock-based compensation and unusual items, for the quarter ended March 31, 2011 increased to $5.2 million, up from $2.6 million in the comparable 2010 period.
GovDelivery and Investor Force each reported approximately 30% revenue growth for the first quarter of 2011 compared to the first quarter of 2010 while continuing to invest in their respective businesses.
For information related to ICG's core equity companies, Channel Intelligence, Freeborders, StarCite and WhiteFence, please refer to the supplemental schedule on our website, as well as the slide presentation that will accompany today's earnings results webcast. See below for further details regarding the webcast.
Please see ICG's website at for more information on ICG, its companies and its first quarter 2011 results.
ICG will host a webcast at 10:00 a.m. ET today to discuss its financial results. As part of the live webcast for this call, ICG will post a slide presentation to accompany the prepared remarks. To access the webcast, go to and click on the investor relations tab. Then click the link for the first quarter conference call webcast. Please log on to the website approximately ten minutes prior to the call to register and download and install any necessary audio software. The conference call is also accessible through listen-only mode at 866-783-2137. The international dial-in number is 857-350-1596. The pass code is 31453406.
For those unable to participate in the conference call, a replay will be available from May 5, 2011 at 1:00 p.m. ET until May 12, 2011 at 11:59 p.m. ET. To access the replay, dial 888-286-8010 (domestic) or 617-801-6888 (international). The pass code is10716754. The replay and slide presentation also can be accessed in the investor relations section of the ICG website at .
About ICG
ICG (Nasdaq:ICGE) identifies, capitalizes and grows companies in the SaaS and tech-enabled BPO sectors. These partner companies transform the way business is done by enabling enterprises to increase efficiencies and improve critical processes. ICG leverages its unique expertise to carefully identify companies based on their potential to become market changers and market leaders. ICG focuses on building successful businesses in the SaaS and tech-enabled BPO sectors by providing them with access to management expertise and strategic and operational guidance, as well as growth capital.
The Internet Capital Group, Inc. logo is available at
Safe Harbor Statement under Private Securities Litigation Reform Act of 1995
The statements contained in this press release that are not historical facts are forward-looking statements that involve certain risks and uncertainties, including, but not limited to, risks associated with the effect of economic conditions generally, capital spending by our partner companies' customers, our partner companies' ability to compete successfully against their respective competitors, our partner companies' ability to timely and effectively respond to technological developments, our and our partner companies' collective ability to retain key personnel, our ability to have continued access to capital and to deploy capital effectively and on acceptable terms, our ability to maximize value in connection with divestitures, and other risks and uncertainties detailed in ICG's filings with the Securities and Exchange Commission. These and other factors may cause actual results to differ materially from those projected.
CONTACT: Investor inquiries: Karen Greene ICG Investor Relations 610-727-6900 IR@icg.com
