Diligent Reports Fourth-Quarter and Full-Year Fiscal 2012 Results, With Record
Annual Revenues, New Sales and Cash Balances
-- Fourth-quarter revenues were $US 13.6 million; full-year revenues increased
143% to $US 43.7 million --
-- New sales were $US 6.4 million for fourth quarter and $US 26.3 million for
full year --
-- Cash-flow position increased by $US 7.8 million in fourth quarter to $US
33.4 million --
NEW YORK, Jan. 22, 2013
NEW YORK, Jan. 22, 2013 /PRNewswire/ --Diligent Board Member Services (NZX:
DIL) (www.boardbooks.com) reported its results for the fourth quarter and full
2012 fiscal year, ended December 31, 2012, with record annual revenues, new
sales and cash balances.
Diligent produced revenue of $US 13.6 million for the fourth quarter 2012 and
totaled $US 43.7 million for the full year 2012, an increase of 143% compared
to the prior year. New sales for the fourth quarter of 2012 were $US 6.4
million, increasing total new sales for fiscal year 2012 to $US 26.3 million.
It was a record year for new sales with a 66% increase over the $US 15.9
million of new sales for fiscal year 2011. Of note, the Asia/Pacific region
experienced exceptional growth during the quarter with new sales increasing
398% compared to fourth quarter 2011. Client upgrades, a valuable source of
new sales, totaled $US 1.8 million for the fourth quarter of 2012 and $US 6.8
million for full year 2012. Cumulative sales materially increased from $US
25.7 million at end 2011 to $US 52.3 million at end 2012, an increase of 103%.
Alex Sodi, Diligent's president and CEO, said, "We are extremely pleased with
our results for fiscal 2012. Revenue growth was driven by consistently
increasing demand for the Diligent Boardbooks secure iPad app, and the success
of our recurring revenue model. Revenue growth was also driven by our client
retention rate of 97% for full year 2012, among the best for
"These significant new business milestones in the fourth quarter and fiscal
year 2012 emphasize Diligent's position as a market leader. We serve more
boards and users than any other provider in the board portal category
worldwide," he added.
During the fourth quarter, Diligent signed a total of 193 net new client
agreements compared to 203 in the same quarter last year. Net new client
agreements for the full year 2012 were 782 compared to 570 for the full year
2011. Diligent now services 252 Fortune 1000 companies and 14% of NYSE listed
companies, of which 36 were added in the fourth quarter 2012. Its clients
include 1,808 public and private companies, with over 2,571 boards and almost
52,000 users worldwide.
Diligent's operating margins and cash flow have continued to improve
throughout 2012, as evidenced by a cash-flow position at the end of the fourth
quarter that increased by $US 7.8 million to $US 33.4 million compared to $US
9.0 million at the end of the fiscal year 2011. In addition, Diligent's Board
of Directors declared a cash dividend of US$0.011 per share on its Series A
For the full Quarterly Update for fourth quarter 2012 visit
About Diligent Board Member Services, Inc. (NZX: DIL) www.boardbooks.com
Over 2,500 boards and almost 52,000 individual directors, executives and board
teams worldwide rely on Diligent Board Member Services, Inc. to speed and
simplify how board materials are produced, delivered and reviewed. Providing
the world's most widely used secure board portal, Diligent has pioneered ease
of use, stringent security, and superior training and support since 2001. We
serve 252 of the US Fortune 1000, 129 of the TSX, 33 of the FTSE100 and a
variety of private firms, not-for-profits and government agencies globally.
Diligent is a public company with annual revenues of $US 43.7 million. Our
ranking in the 2012 Deloitte Technology Fast 500 places us among the fastest
growing technology companies in America. Offices are located in New York
(corporate headquarters), Montreal, London, Sydney, Melbourne, Christchurch,
Singapore and Hong Kong.
Diligent Boardbooks® is a registered trademark of Diligent Board Member
Services, Inc. with all rights reserved. ©2012 Diligent Board Member Services,
Note: In addition to historical information, this release contains
"forward-looking statements." The words "forecast," "estimate," "project,"
"intend," "expect," "should," "believe" and similar expressions are intended
to identify forward-looking statements. These forward-looking statements
involve known and unknown risks, uncertainties, assumptions and other factors
that may cause our actual results, performance or achievements to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. The forward-looking
statements included herein are made only as of the date of this release, and
we do not undertake any obligation, other than as required by law or
regulation, to release publicly any revisions to such forward-looking
statements to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
SOURCE Diligent Board Member Services
Contact: Media Contact: Susanna Parry-Hoey, Diligent Board Member Services,
Inc., +1-347-226-1221, email@example.com; Investor Relations Contact:
Sonya Joyce, Diligent Board Member Services, Inc., +64 21 404 206,
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