Wednesday, March 17, 2010

Good news and bad news from (TSCM)

The "good" news:, Inc. Reports Fourth Quarter and Full Year 2009 Results

Premium Services Revenue Shows First Sequential Quarterly Growth in Seven Quarters on Strong Recent Growth in Bookings; Advertising Revenue Achieves First Year-Over-Year Growth in Six Quarters

Adjusted EBITDA Highest in Six Quarters

The BAD news, an SEC Investigation begun in "March 2010" will result in delayed filings:

As a result of the need for the Company and its independent registered public accounting firm to focus attention on matters related to the Company's previously-announced review of the accounting in its former subsidiary, which subsidiary the Company sold in December 2009 -- including matters related to the preparation and filing by the Company in February 2010 of a Form 10-K/A for the year ended December 31, 2008, a Form 10-Q/A for the quarter ended March 31, 2009 and Forms 10-Q for the quarters ended June 30, 2009 and September 30, 2009, respectively, and matters related to an investigation commenced by Securities and Exchange Commission in March 2010 -- the Company requires additional time  to prepare its financial statements, assess its internal controls and file its Form 10-K for the year ended December 31, 2009 ("2009 Form 10-K").  The Company expects that it will be able to file its 2009 Form 10-K on or before the fifteenth calendar day following the prescribed due date.

As for the "adjusted EBITDA" that this company reports, it is both clear as mud and inclusive of many very real costs.  Note that they also paid out $580k in non-cash compensation...

Copyright 2010 AlphaNinja

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