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Interactive Data looks to acquisitions to boost growth

13 February 2004  |  7736 views  |  0 Interactive Data looks to acquisitions to boost growth

Fresh from its ingestion of Comstock and HyperFeed Technologies, Interactive Data Corporation is looking at further investment and acqusition opportunities after reporting 18% revenue and income growth for the year ending December 2003.

The market data technology vendor reported fourth quarter revenues of $120.4 million, reflecting revenue growth over the comparable period in 2002 of 24.8%. Net income rose 6.9% to $18.2 million, compared with $17 million in Q4 2003.

For the full year, revenues increased by 18% to $442.7 million and net income rose by 18.9% to $72.2 million.

Stuart Clark, president and chief executive officer, says: "Overall cancellation and downgrade levels decreased in the fourth quarter as compared to the third quarter although they still ran at historically high levels in areas of ComStock's non-institutionally oriented business. Clients remain focused on containing costs but, despite this, renewal rates in our institutionally oriented business remained at or above the 95% level."

The group incurred $3.2 million in charges in the final quarter, including severance charges and integration costs relating to the build-out of a new 50,000 sq. ft. data center in Boxborough, Massachusetts, which was completed at the beginning of January.

Further integration and restructuring costs, as well as Sarbanes-Oxley related costs, totalling some $6-$7 million in 2004, are likely to dent earnings in the year ahead. Clark is forecasting mid-single digit growth in net income for 2004, rising to low double-digits for 2005.

With $131.6 million in the bank and no debt, the company is well-placed to take advantage of depressed stock market valuations and acquire new business volume.

Says Clark: "Our balance sheet and cash position leave us well placed to consider acquisitions and other investment opportunities capable of accelerating the development of our business."

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