Constant Contact reports revenue, after public filing
E-mail service provider Constant Contact has reported revenue of $18,167,000, with a net income of $338,000, for the first three months of 2008, ending March 31, 2008. The e-mail service provider (ESP)'s adjusted EBITDA, which is a non-GAAP financial measure, was $804,000.
This filing comes after the ESP filed a registration statement with the Securities and Exchange Commission for a proposed offering of 4,390,800 shares of common stock at the end of March. According to the public filing, which employs Oppenheimer & Co. and Thomas Weisel Partners LLC as joint book-runners and William Blair & Company, Cowen and Company, and Needham & Company LLC as co-managers, 106,461 shares are expected to be offered by Constant Contact and 4,284,339 shares are expected to be offered by the selling stockholders.
Constant Contact would not comment on why it filed the registration, on the latest financials or on whether or not the firm expects to be acquired.
As of March 31, Constant Contact, which specializes in serving e-mail programs to small to midsize businesses, has a customer base of 185,948. The firm's net e-mail marketing customer additions for the first quarter were 21,279, and its average monthly total revenue per e-mail marketing customer, including all sources of revenue, was $34.57.
The firm claims its e-mail customer retention rate, defined by customers repeating business two months in a row, remained within a range of 97.8%, plus or minus 0.5%, with 80% of customers paying $15-30 a month, with the average amount at about $33, plus or minus $2.00.