The online ad boom and syndication partnerships helped financial news sitereport record revenue of $14.5 million for the first quarter ending March 31 – up 30 percent from the same quarter last year and marginally better than the $14.4 million expected. The company said advertising revenue was up 56 percent to $5.1 million, subscription revenue up 15 percent to $8.7 million and other revenue, comprised mainly from syndication revenue, was up by an eye-popping 152 percent. Net income in the quarter was $3 million, $400,000 more than in the corresponding 2006 period.
CEO and chairman Thomas. J. Clarke Jr said in a statement: “Advertising now comprises 35 percent of our total revenue mix and we are well positioned to meet our strategic goal of advertising revenue comprising 50% of total revenue by the end of 2008. Our acquisition of the remaining 50.1 percent of that we did not own enhances our ability to reach this goal.