(RTTNews) - Tuesday, TheStreet.com, Inc.
(TSCM), a financial media company, announced first quarter financial results, reporting a net income that declined from the year-ago quarter regardless of an increased in revenues.
The New York-based company's first quarter income from continuing operations declined to $2.45 million or $0.07 per share from $3.00 million or $0.11 per share last year. On an average, six analysts polled by First Call/Thomson Financial estimated the company to earn $0.10 per share for the quarter.
Net income for the quarter was $2.46 million, down 19% from $3.00 million in the prior year quarter. Net income applicable to common stockholders decreased to $2.35 million from $3.00 million in the same quarter a year ago. This is after deducting preferred stock dividends of $0.1 million.
Total net revenue rose 31% to $18.95 million from $14.51 million in the same quarter of the previous year. Street analysts expected the company to post revenues of $19.95 million for the quarter.
Total operating expense advanced to $17.04 million from $12.04 million last year, while operating income declined to $1.91 million from $2.46 million in the comparable quarter of the prior year.
TheStreet.com's total cash and cash equivalents were $81.58 million as of March 31, 2008, compared to $79.17 million as of December 31, 2007.
TSCM is currently quoting at $8.22, down $1.26 or 13.29%, on a volume of 757,728 shares on the Nasdaq.
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