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Greenfield Reports Revenue Rise, Change of Chairman
Greenfield Online has reported a 29.9% Q3 net revenue hike to $32.3m, and a 25.4% climb in profits. The firm's Chairman Peter Sobiloff will step down at the end of the year to be replaced by Joel Mesznik, who has served as a Board member since 1999.
For the third quarter, the firm saw total gross profit rise to $23.7 million or 73.3% of revenues, as compared with $18.9m or 76% of revenues for the same period in the prior year. Non-GAAP Adjusted EBITDA was up 26.3% to $8.5m in Q3. Last year's figure excluded restructuring and one-time charges.
The firm's Internet survey solutions business saw a 22% net revenue rise to $24.1m, while third-party net revenue from its comparison shopping segment increased 60.7% to $8.2m.
President and CEO Albert Angrisani said that the results demonstrate continued strong revenue and EBITDA growth across these two business and added: 'The highlights of the quarter include impressive financial performance, realised even as we invested in our future growth, including initial exploration of organic development opportunities for the Ciao comparison shopping engine in the United States.'
While Sobiloff has resigned from his Board Director role after eight years, he will continue to serve as MD of private equity firm Insight Venture Partners. Despite saying he was proud of what the Board, management team and employees have accomplished during his tenure, he said it was now 'time for me to move on.'
Mesznik, who has served as a member of the Board of Directors since 1999, has been President and Founder of consulting company Mesco since 1990. He has more than 30 years of advisory and investment banking experience and is a board member of a number of public companies in the US and Europe as well as several private companies. He holds a Bachelor of Science degree in Civil Engineering from City College, New York and a Master of Business Administration in International Finance from Columbia University, New York.
Greenfield is on the web at www.greenfield.com.
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