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Q3 Revenue Down at ISG
Information Services Group (ISG), the US-based acquisition firm founded by former Nielsen / VNU execs, has announced year-to-date revenues up 6% to $137.4m, but also a 6% decline in Q3 revenues to £41.1m.
For the periods prior to its acquisition of outsourcing data and advisory firm TPI, ISG was an acquisition company and had no operations. To ensure comparability between 2008 and 2007, proforma results for Q3 and the first nine months of 2007 have been reported on the basis that the acquisition of TPI occurred on January 1, 2007.
Using this reporting mechanism, year-to-date operating income rose 82% to $13.3m, while third quarter operating income rose 3% to $3.8m; up from a proforma third quarter 2007 figure of $3.7m.
ISG's operating income for the three months ended September 30, 2008 was up $4.0m from a reported operating loss of $0.2m during the same 2007 period.
On a proforma basis, the firm's third quarter revenues were down $2.8m (6.4%) from $43.9m in the third quarter of 2007.
Revenues from international operations were up 11.4% from proforma third quarter 2007 levels. Q3 2008 revenues in the Americas were down 18.2%, which the firm says was the result of current and prospective clients deferring sourcing decisions in the face of the difficult macro economic outlook.
Revenues from international operations rose 21.6% from proforma first nine months 2007. However, after growing 3.2% during the first six months of 2008, first nine months 2008 revenues in the Americas were down 4.0%.
Reported net income for the first nine months of 2008 totaled $5.5m, up almost four fold from proforma net income of $1.5m during the same prior year period.
'ISG delivered higher margins and outstanding liquidity levels during the third quarter despite one of the most challenging macro-economic climates in recent memory,' said ISG Chairman and CEO Michael Connors. 'Our global leadership and robust geographic footprint have positioned us well to manage through the current economic downturn and support our client's needs to drive business improvements in their key technology and business operations.'
Web sites: www.informationsg.com and www.tpi.net .
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