(ISDR.OB) Issuer Direct Corporation Releases Financial Results For Q2

Posted on 11. Aug, 2010 by PublicWire in General

(ISDR.OB) Issuer Direct Corporation Releases Financial Results For Q2

(PublicWire.com News Release) Issuer Direct Corporation (OTCBB:ISDR), a market leader and innovator of unified regulatory, disclosure and compliance solutions, reported financial results for the second quarter ended June 30, 2010. The company anticipates filing its quarterly report including its financials in eXtensible Business Reporting Language (XBRL) with the Securities and Exchange Commission before market close today.

Highlights of the Second Quarter of 2010 include:

– Increased revenue by 208% as compared to the same period of fiscal 2009.

– Excluding a non-recurring project in 2009, core transfer agent revenue increased 458% compared to the same period in 2009.

– Number of annual meetings / proxy projects more than doubled compared to the same period of 2009.

– iFUND version 2 was released to the marketplace.

Financial Results for Second Quarter 2010 vs. Second Quarter 2009

Revenues for the quarter ended June 30, 2010 increased 208% to $2,359,650 as compared to $765,808 in the same period in fiscal 2009. Revenue for the six months ended June 30, 2010 increased 139% to $2,964,731 as compared to $1,238,341 in the same period of 2009. The increase in revenue is primarily due to a large print and fulfillment project that was successfully executed in the mutual fund market during the second quarter of 2010. Gross profit for the quarter ended June 30, 2010 was $446,549 as compared to $494,767 in the same period of 2009. Gross profit for the six months ended June 30, 2010 was $852,375 as compared to $753,300 in the same period of 2009.

“Higher revenues this quarter illustrate our continued momentum with a majority of our business segments,” said Brian R. Balbirnie, Chairman and Chief Executive Officer. “Furthermore, I am excited about the development and progress our product offerings are making — most recently iFUND Direct platform for the mutual fund marketplace and our iR Direct Portal for corporate issuers, we believe this is clear evidence we are making a successful transition from an Edgar only provider to a true leader in compliance solutions.” Net income for the quarter ended June 30, 2010 was $128,843 or $0.01 per share, as compared to $268,852, or $0.02 per share in the same period of 2009. Net income for the six months ended June 30, 2010 was $263,507, or $0.02 per share, as compared to $360,194, or $0.02 per share, in the same period of 2009. Net income during the six months ended June 30, 2010 included non-cash interest charges of $35,179 incurred upon the conversion of notes payable into shares of the company.

The Company also announced it is expanding its offices within the next 60 days to over 16,000 sq. ft. with a planned move to 500 Perimeter Park Drive Suite D Morrisville NC. The Company’s new corporate offices will reside just outside of the RTP area and will be able to handle the next growth phase of mutual fund and issuer business. Issuer Direct also anticipates expanding its workforce by adding up to ten positions in sales and marketing, customer service and shareholder services.