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IAC Addresses Inaccurate Reporting on Q3 Earnings
Oct 24, 2012 (04:10 PM EDT)
NEW YORK, Oct. 24, 2012 /PRNewswire/ -- IAC (Nasdaq: IACI) filed a Form 8-K this morning containing its earnings release for the third quarter of 2012, and included a reconciliation of certain forecasted non-GAAP measures for its Media & Other reporting segments for 2013 which were discussed on the Company's Q3 earnings call.
Unfortunately, StreetAccount, a financial information and analytics service provided by FactSet, misreported the contents of IAC's filing and attributed the projected losses for the Media & Other segments for 2013 to IAC as a whole. IAC pointed out this error during its earnings call, and FactSet has since corrected its initial reporting; however, before the correction was issued, IAC's stock price declined in trading on NASDAQ, and trading in the stock was temporarily halted.
IAC Chief Executive Officer Greg Blatt and IAC Chief Financial Officer Jeff Kip stated on this morning's Q3 conference call that IAC expects to have solid double digit revenue and profit growth on a consolidated basis for 2013, with strong growth in its largest business segments. Specifically, the company expects double digit revenue growth and modest OIBA margin leverage in its Search & Applications segment (excluding the results of the recently acquired About Group, which we expect will contribute more than $40m in full year OIBA in 2013); high single digit/low double digit revenue growth and profit growth in the high teens in its Match segment; and, in IAC's Local segment, a significantly more profitable CityGrid business and accelerated revenue and OIBA growth in its HomeAdvisor business. The Company further expects their Media & Other segments to significantly reduce operating losses for 2013. For additional information, a replay of the earnings call and transcript is available at http://ir.iac.com/results.cfm.
IAC Investor Relations