Infogroup reports 3% Q1 revenue drop
Infogroup reported revenue of $124.2 million for the first quarter of 2010, a 3% drop year-over-year.
However, the company said on May 3 that its net income for Q1 2010 was $7.3 million, an improvement over last year's $9.4 million loss. Operating income was $12.3 million for the period, compared to operating income of $2.7 million for the first quarter of 2009.
Infogroup cut its selling, general and administrative expenses by nearly $13 million year-over-year. These expenses cost $57.4 million in Q1 2010, compared to $70.1 million for the prior year. Other costs and expenses were comparable, according to the company's earning's report.
Infogroup will not hold a conference call to discuss the quarterly results due to its impending acquisition by CCMP Capital Partners, the company said in a statement. CCMP plans to take Infogroup private when the $635 million acquisition closes.
Infogroup declined further comment when reached via e-mail.