-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CQcYAAjY04emRgNtOBbdsxznm/2aFpijMgg/UNR0w3z8XR5Wb9kMvm99Y9IW5Nts wv55HLe7hrqzvTrR+P16iw== 0000950135-09-003698.txt : 20090507 0000950135-09-003698.hdr.sgml : 20090507 20090507162902 ACCESSION NUMBER: 0000950135-09-003698 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090507 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090507 DATE AS OF CHANGE: 20090507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Constant Contact, Inc. CENTRAL INDEX KEY: 0001405277 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-DIRECT MAIL ADVERTISING SERVICES [7331] IRS NUMBER: 043285398 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33707 FILM NUMBER: 09805908 BUSINESS ADDRESS: STREET 1: 1601 TRAPELO ROAD STREET 2: SUITE 329 CITY: WALTHAM STATE: MA ZIP: 02451 BUSINESS PHONE: 781-472-8100 MAIL ADDRESS: STREET 1: 1601 TRAPELO ROAD STREET 2: SUITE 329 CITY: WALTHAM STATE: MA ZIP: 02451 8-K 1 b75384cce8vk.htm CONSTANT CONTACT, INC. e8vk
Table of Contents

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 7, 2009
Constant Contact, Inc.
(Exact Name of Registrant as Specified in Charter)
         
           
Delaware   001-33707   04-3285398
  
(State or Other Jurisdiction of   (Commission File Number)   (IRS Employer
Incorporation)         Identification No.)
     
Reservoir Place    
1601 Trapelo Road, Suite 329    
Waltham, Massachusetts   02451
 
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code: (781) 472-8100
 
 
(Former Name or Former Address, if Changed Since Last Report)
          Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
  o         Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
  o         Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
  o         Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
  o         Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 

 


TABLE OF CONTENTS

Item 2.02. Results of Operations and Financial Condition
Item 9.01. Financial Statements and Exhibits
SIGNATURE
EXHIBIT INDEX
EX-99.1 Press Release entitled "Constant Contact Announces First Quarter 2009 Finanical Results"


Table of Contents

Item 2.02. Results of Operations and Financial Condition
          On May 7, 2009, Constant Contact, Inc. (the “Company”) announced its financial results for the first quarter of 2009. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
          The information in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
     (d) Exhibits
       The   following exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed:
 
       99.1   Press release entitled “Constant Contact Announces First Quarter 2009 Financial Results,” issued by the Company on May 7, 2009.

 


Table of Contents

SIGNATURE
          Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
             
    CONSTANT CONTACT, INC.
 
           
Date: May 7, 2009
  By:   /s/ Gail F. Goodman
 
   
 
      Gail F. Goodman    
 
           
 
      President and Chief Executive Officer    

 


Table of Contents

EXHIBIT INDEX
     
     
Exhibit No.   Description
 
   
99.1
  Press release entitled “Constant Contact Announces First Quarter 2009 Financial Results,” issued by the Company on May 7, 2009.
 
   
 
   

 

EX-99.1 2 b75384ccexv99w1.htm EX-99.1 PRESS RELEASE ENTITLED "CONSTANT CONTACT ANNOUNCES FIRST QUARTER 2009 FINANICAL RESULTS" exv99w1
Exhibit 99.1
(CONSTANT CONTACT LOGO)
Constant Contact Announces First Quarter 2009 Financial Results
A record 27,500+ net new email marketing customers added
Email marketing customer base exceeds 280,900
WALTHAM, MA – May 7, 2009 Constant Contact®, Inc. (NasdaqGM: CTCT), a leading provider of email marketing and online surveys for small organizations, today announced its financial results for the first quarter ended March 31, 2009.
Constant Contact reported total revenue of $28.1 million for the quarter ended March 31, 2009, an increase of 55% compared to revenue of $18.2 million for the comparable period in 2008. Constant Contact ended the first quarter of 2009 with over 280,900 email marketing customers, an increase of 51% compared to the end of the first quarter of 2008.
“Constant Contact got off to a strong start in 2009, with our first quarter results highlighted by better-than-expected revenue, adjusted EBITDA and net customer additions,” said Gail Goodman, CEO of Constant Contact. “During the first quarter, a record number of net new email marketing customers signed on to Constant Contact’s industry leading email marketing service. In addition, we were quite pleased with the market’s reception to the updated pricing of our integrated, online survey offering.
Goodman added, “Constant Contact continues to deliver strong financial results in spite of the difficult economic environment. We believe this is a direct result of our clear value proposition, affordable price points and dedication to helping our customers succeed. We remain optimistic regarding Constant Contact’s growth prospects in 2009 and beyond.”
Constant Contact reported an operating loss of $1.1 million for the quarter ended March 31, 2009, compared to an operating loss of $638,000 for the comparable period in 2008. Constant Contact reported adjusted EBITDA of $1.7 million in the first quarter of 2009, an increase of 112% compared to $804,000 in the comparable period in 2008.
Adjusted EBITDA is a non-GAAP financial measure that is calculated by taking GAAP net income (loss), adding depreciation and amortization and stock-based compensation, then subtracting interest income. Adjusted EBITDA margin is equal to adjusted EBITDA divided by revenue. A reconciliation of the most comparable GAAP financial measure to the non-GAAP measure used above is included at the end of this release.
Interest income was $126,000 in the first quarter of 2009, a decline from $976,000 in the comparable period in 2008 due to lower interest rates. Constant Contact reported a GAAP net loss of $1.0 million for the first quarter of 2009, as compared to GAAP net income of $338,000 for the comparable period in 2008. First quarter 2009 GAAP net loss per share was $0.04 as compared to GAAP net income per share of $0.01 for the comparable period in 2008.

 


 

Page 2
First quarter 2009 non-GAAP net income per share was $0.00, two cents better than the high end of company guidance and compared to non-GAAP net income per share of $0.03 for the same period in 2008. Non-GAAP net income per share is a non-GAAP financial measure that is calculated by adding back stock-based compensation expense to GAAP net income (loss) and dividing this total by the weighted average shares outstanding. A reconciliation of the most comparable GAAP financial measure to the non-GAAP measure used above is included at the end of this release.
“The company delivered record adjusted EBITDA and adjusted EBITDA margin during the first quarter,” said Steven R. Wasserman, vice president and chief financial officer of Constant Contact. “The better-than-expected performance resulted from higher-than-expected revenue and lower-than-expected operating expenses. We are committed to expanding our annual adjusted EBITDA margins, while at the same time we will look to reinvest in customer acquisition programs as long as we can manage to our annual adjusted EBITDA target and our cost of customer acquisition tolerances.”
Other First Quarter and Recent Business Highlights
    Added over 27,500 net new email marketing customers, bringing its total email marketing customer base to over 280,900.
 
    Maintained consistency in its key customer metrics. The average email marketing invoice remained in the $33 range, plus or minus two dollars. The number of customers in the $15 and $30 revenue bands remained at 80%, plus or minus one percent, and the monthly retention rate remained in its historical range of 97.8%, plus or minus 0.5%.
 
    Grew its ListenUp!TM Online Survey customer base to over 20,000. The company also launched new survey learning center resources, hints and tips, and expanded webinars to educate small businesses and nonprofits as to the power of surveys.
 
    Announced the availability of Constant Contact AppConnectTM, a web services architecture and infrastructure program designed to speed up and simplify the integration of Constant Contact’s email marketing products with small business software applications. Visit http://developer.constantcontact.com/ to get more information on how to integrate your applications with Constant Contact.
 
    Announced integration with Act!® by Sage Software. Constant Contact released a new plug-in for ACT!, a leading contact and customer management application for individuals and small businesses. This plug-in enables small organizations to transfer existing customer contact lists directly from ACT! into Constant Contact to instantly build a segmented list.
 
    Announced the appointment of Daniel Nye to its board of directors. Nye previously served as the chief executive officer and a member of the board of directors of LinkedIn Corporation. Nye also previously held senior leadership roles at Intuit and Advent Software.

 


 

Page 3
Business Outlook
Based on information available as of May 7, 2009, Constant Contact is issuing guidance for the second quarter and full year 2009 as follows:
Second Quarter 2009: The Company expects second quarter revenue to be in the range of $30.6 million to $30.8 million, adjusted EBITDA to be in the range of $2.1 million to $2.3 million, and non-GAAP net income per share to be in the range of $0.00 to $0.01 based on weighted average shares outstanding (diluted) of 29.5 million shares.
GAAP net loss is expected to be in the range of $900 thousand to $1.1 million and GAAP net loss per share to be in the range of $0.03 to $0.04. GAAP net loss per share is based on weighted average shares outstanding (basic) of 28.2 million shares and includes an estimated stock-based compensation expense of $1.2 million.
Full Year 2009: The Company expects full year 2009 revenue to be in the range of $126 million to $130 million. The Company expects adjusted EBITDA to be in the range of $10.2 million to $10.6 million. The Company expects full year 2009 non-GAAP net income per share to be in the range of $0.07 to $0.08 based on weighted average shares outstanding (diluted) of 29.5 million shares.
The Company expects GAAP net loss to be in the range of $2.8 million to $3.2 million, and GAAP net loss per share to be in the range of $0.10 to $0.11. GAAP net loss per share is based on weighted average shares outstanding (basic) of 28.2 million shares and includes an estimated stock-based compensation expense of $5.1 million.
Non-GAAP Financial Measures
This press release contains five non-GAAP financial measures: adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP net income per share and free cash flow. Constant Contact believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Constant Contact’s financial condition and results of operations. The Company’s management uses these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analyses, for purposes of determining executive incentive compensation, and for budgeting and planning purposes. These measures are used in monthly financial reports prepared for management and in quarterly financial reports presented to the Company’s board of directors. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other software-as-a-service companies, many of which present similar non-GAAP financial measures to investors.
Management of the Company does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures.

 


 

Page 4
In order to compensate for these limitations, management of the Company presents its non-GAAP financial measures in connection with its GAAP results. Constant Contact urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business.
Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP measures used in this press release are included at the end of this release.
Conference Call Information
     
What:
  Constant Contact first quarter 2009 financial results conference call
When:
  Thursday, May 7, 2009
Time:
  5:00 p.m. ET
Live Call:
  (877) 874-1569, domestic
 
  (719) 325-4752, international
Replay:
  (888) 203-1112, passcode 6101455, domestic
 
  (719) 457-0820, passcode 6101455, international
Webcast:
  http://investor.constantcontact.com/(live and replay)
About Constant Contact, Inc.
Launched in 1998, Constant Contact is a leading provider of email marketing and online survey solutions for small businesses, nonprofits, and associations. To learn more, please visit www.constantcontact.com or call (781) 472-8100.
Constant Contact and the Constant Contact logo are registered trademarks of Constant Contact, Inc. All other company names may be trademarks or service marks of their respective owners.
Cautionary Language Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the anticipated growth of the Company’s customer base, the Company’s ability to grow during an economic downturn, the value and effectiveness of the Company’s products, the Company’s growth prospects for 2009 and beyond, the Company’s belief that its adjusted EBITDA margins will continue to expand in 2009 and the Company’s financial guidance for the second quarter of 2009 and full year 2009. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of our management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Constant Contact’s control. Constant Contact’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, the Company’s ability to attract new customers and retain existing customers, the Company’s dependence on the market for email marketing services for small businesses, nonprofits, and associations, adverse economic conditions in general and adverse economic conditions specifically affecting

 


 

Page 5
the markets in which the Company operates, adverse regulatory or legal developments, the Company’s ability to continue to promote and maintain its brand in a cost-effective manner, the Company’s ability to compete effectively, the continued growth and acceptance of email as a communications tool, the Company’s ability to develop and introduce new products and add-ons or enhancements to existing products, the Company’s ability to manage growth, the Company’s ability to attract and retain key personnel, the Company’s ability to protect its intellectual property and other proprietary rights, and other risks detailed in Constant Contact’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Constant Contact’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. Constant Contact undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Constant Contact’s views as of any date subsequent to the date of this press release.
###
(CTCT-F)
     
Media Contact:
  Investor Contact:
Christopher Nahil
  Jeremiah Sisitsky
Constant Contact
  Constant Contact
(781) 472-8134
  (339) 222-5740
cnahil@constantcontact.com
  jsisitsky@constantcontact.com

 


 

Constant Contact, Inc.
Consolidated Condensed Statements of Operations (unaudited)
(In thousands, except per share data)
                 
      Three Months Ended  
      March 31,  
      2009     2008  
Revenue
  $ 28,118     $ 18,167  
Cost of revenue
    8,129       4,783  
 
           
Gross profit
    19,989       13,384  
 
           
 
               
Operating expenses:
               
Research & development
    4,146       3,329  
Sales & marketing
    13,831       8,668  
General & administrative
    3,145       2,025  
 
           
Total operating expenses
    21,122       14,022  
 
           
 
               
Loss from operations
    (1,133 )     (638 )
 
               
Interest income
    126       976  
 
           
Net (loss) income
    (1,007 )     338  
 
           
 
               
Net (loss) income per share: basic
  $ (0.04 )   $ 0.01  
 
               
Net (loss) income per share: diluted
  $ (0.04 )   $ 0.01  
 
               
Weighted average shares outstanding used in computing per share amounts: basic
    28,143       27,546  
 
               
Weighted average shares outstanding used in computing per share amounts: diluted
    28,143       29,067  

 


 

Constant Contact, Inc.
Calculation of Adjusted EBITDA and Adjusted EBITDA Margin (unaudited)
(In thousands)
                 
      Three Months Ended  
      March 31,  
      2009     2008  
Net (loss) income
  $ (1,007 )   $ 338  
 
               
Subtract:
               
Interest income
    (126 )     (976 )
 
           
 
               
Loss from operations
    (1,133 )     (638 )
 
               
Add back:
               
Depreciation and amortization
    1,763       882  
Stock-based compensation expense
    1,073       560  
 
           
 
               
Adjusted EBITDA
  $ 1,703     $ 804  
 
           
 
               
Divide by:
               
Revenue
  $ 28,118     $ 18,167  
 
               
Adjusted EBITDA margin
    6.1 %     4.4 %

 


 

Constant Contact, Inc.
Calculation of Non-GAAP Net Income and Non-GAAP Net Income per Share (unaudited)
(In thousands, except per share data)
                 
      Three Months Ended  
      March 31,  
      2009     2008  
Net (loss) income
  $ (1,007 )   $ 338  
 
               
Add back:
               
Stock-based compensation expense
    1,073       560  
 
           
 
               
Non-GAAP net income
  $ 66     $ 898  
 
           
 
               
Non-GAAP net income per share: basic
  $ 0.00     $ 0.03  
 
               
Non-GAAP net income per share: diluted
  $ 0.00     $ 0.03  
 
               
Weighted average shares outstanding used in computing per share amounts: basic
    28,143       27,546  
 
               
Weighted average shares outstanding used in computing per share amounts: diluted
    29,348       29,067  
Constant Contact, Inc.
Calculation of Free Cash Flow (unaudited)
(In thousands, except per share data)
                 
      Three Months Ended  
      March 31,  
      2009     2008  
Net cash provided by operating activities
  $ 6,335     $ 3,886  
 
               
Subtract:
               
Acquisition of property and equipment
    5,706       3,197  
 
           
 
               
Free cash flow
  $ 629     $ 689  
 
           

 


 

Constant Contact, Inc.
Consolidated Condensed Balance Sheets (unaudited)
(In thousands)
                 
      March 31,     December 31,  
      2009     2008  
Assets
               
Current assets
               
Cash & cash equivalents
  $ 49,740     $ 73,243  
Short-term marketable securities
    58,146       33,932  
Accounts receivable, net
    56       40  
Prepaid expenses and other current assets
    3,244       3,670  
 
           
Total current assets
    111,186       110,885  
 
               
Property and equipment, net
    19,765       15,799  
Restricted cash
    308       308  
Other assets
    126       150  
 
           
Total assets
  $ 131,385     $ 127,142  
 
           
 
               
Liabilities and Stockholders’ Equity
               
Current liabilities
               
Accounts payable
  $ 5,866     $ 4,786  
Accrued expenses
    5,671       5,461  
Deferred revenue
    17,112       15,052  
 
           
Total current liabilities
    28,649       25,299  
 
               
Long-term accrued rent
    2,627       1,853  
 
               
 
           
Total liabilities
    31,276       27,152  
 
           
 
               
Stockholders’ equity
               
Common stock
    282       282  
Additional paid in capital
    145,586       144,414  
Accumulated other comprehensive income
    60       106  
Accumulated deficit
    (45,819 )     (44,812 )
Total stockholders’ equity
    100,109       99,990  
 
           
Total liabilities and stockholders’ equity
  $ 131,385     $ 127,142  
 
           

 


 

Constant Contact, Inc.
Consolidated Condensed Statements of Cash Flows (unaudited)
(In thousands)
                 
    Three Months Ended March 31,  
    2009     2008  
Cash flows from operating activities
               
Net (loss) income
  $ (1,007 )   $ 338  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
               
Depreciation and amortization
    1,763       882  
Accretion of discount on investments
    (52 )     (13 )
Stock-based compensation expense
    1,073       560  
(Recovery) provision for bad debts
    (9 )     3  
Change in operating assets & liabilities:
               
Accounts receivable
    (7 )     37  
Prepaid expenses and other current assets
    426       259  
Other assets
    24       52  
Accounts payable
    1,080       (1,088 )
Accrued expenses
    210       1,194  
Deferred revenue
    2,060       1,681  
Long-term accrued rent
    774       (19 )
 
           
Net cash provided by operating activities
    6,335       3,886  
 
           
 
               
Cash flows from investing activities
               
Purchases of short-term marketable securities
    (24,208 )      
Proceeds from maturities of short-term marketable securities
          3,050  
Acquisition of property and equipment
    (5,706 )     (3,197 )
 
           
Net cash used in investing activities
    (29,914 )     (147 )
 
           
 
               
Cash flows from financing activities
               
Proceeds from issuance of common stock pursuant to exercise of stock options
    76       41  
Payments of issuance costs for public offering of common stock
          (354 )
 
           
Net cash provided by (used in) financing activities
    76       (313 )
 
           
 
               
Net (decrease) increase in cash and cash equivalents
    (23,503 )     3,426  
Cash and cash equivalents, beginning of period
    73,243       97,051  
 
           
Cash and cash equivalents, end of period
  $ 49,740     $ 100,477  
 
           

 

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