STOCKHOLM: Cision reported $205 million in revenues for 2009, a 17% decrease from the $248 million* it generated in 2008. Organic growth also declined 13% for the year, which ended December 31.
It posted a $51 million net profit loss for the year, compared to a $38 million net profit loss in the year-ago period. The company said the recession and restructuring costs impacted the results, with Cision CEO Hans Gieskes noting in a conference call that the year-end results “do not make us happy.”
“2009 was a year of unprecedented recession,” he added. The Stockhom-based company offers media monitoring software, media contact lists, and analysis platforms.
Gieskes said in the earnings statement released February 15 that Cision “managed to deliver good results in two out of three regions, with North America operating margins at 20%... Losses in the UK continue to have a substantial impact on our operating results.”
Total North America revenues for 2009 were $113 million, compared to $109 million last year. During the conference call, Gieskes noted that 65% of its US clients use CisionPoint, up from 35% at the end of Q1.
Cision's total global revenues for Q4 were $44 million, down from $68 million in the same period last year. The company's net loss for the quarter was $4 million, with organic growth down 16%.
In an effort to grow investment in its business, Cision announced in the earnings report it is asking for a rights issue of about $35 million, subject to approval by an extraordinary general meeting on March 17. Cision has also secured a new three-year loan agreement, subject to its rights agreement, with a facility limit of up to $100 million, which will replace its current loan agreement.
*All figures were converted from Swedish Kroner to US dollars using the XE currency converter.