Multex Notches 2nd Profitable Quarter

Investment information aggregator, Inc., Inc., said its fourth quarter 2000 net income was $1.8 million, or 6 cents per share, compared to a net loss of $8.5 million, or 31 cents per share, in the same period a year ago.

The results marked the second straight profitable quarter for the Silicon Alley company, one of the few dot-com concerns with bottom line results in the black. The results were up by 22 percent over the prior quarter.

Total revenue for the period was $27.9 million, compared to $13.5 million it took in during the fourth quarter of 1999, a 107 percent increase. Multex, which went public about two years ago, also held just over $45 million in cash and securities at of the end of the quarter.

Its application service provider contracts, which help Web clients provide earnings and other investment services to their customers, led the way in the Multex coffers. The company said 40 percent of its revenues were from ASP clients.

Institutional clients represented 29 percent of sales and individual investor customers rounded out the balance of the revenue stream at 31 percent. Seventy percent of total sales came from existing customers.

For the year 2000 revenue was $85.9 million, up 110 percent from the $40.8 million it garnered in 1999. Overall, the yearly results averaged out a fiscal 2000 net loss of $1.2 million, an improvement of 95 percent compared to the net loss of $26.2 million it reported the year before.

Multex, which provides investment reports and analysis, as well as technology outsourcing to individual and institutional clients, said its client base not only grew in the US, but also across markets in Europe and Asia. The company’s Multex Investor product, which provides brokerage, banking and investing research information to high net worth clients, now numbers 2.3 million subscribers.

In addition to its earnings news, Multex announced a new executive vice president and head of global sales, Gregg Amonette, who had been heading business development prior to the appointment. Brooks Gibbins was also named senior vice president and head of global sales. Headquartered in New York, Multex maintains offices in London, San Francisco, Edinburgh and Hong Kong.

News Around the Web