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Information Services shares up as it hails strong third quarter

Net income was $0.45 per share versus $0.11 per share in the third quarter of 2017
Information Services shares up as it hails strong third quarter
Information Services Corp is in the business of data

Shares in public data tech group Information Services Corp (TSE:ISV) advanced over 8% as it posted another strong quarter, with revenue for the three months up 26.5% on a year ago.

Meanwhile, net income of $7.8 million or $0.45 per share compared to $1.9 million or $0.11 per share in the third quarter of 2017.

"This was another strong quarter with year-over-year increases across the board in revenue, net income, EBITDA and EBITDA margin," said  Jeff Stusek, president and CEO at Information Services.

"Our diversification strategy is delivering results as we build on organic growth opportunities while managing our core Registry Operations business, which remains a strong free cash flow contributor."

Adjusted EBITDA (underlying earnings) for the quarter was $9.2 million, a margin of 30.4%, compared to $8.7 million and a 36.4% margin in 2017.

Free cash flow came in at $7 million compared to $6.7 million in the same quarter last year.

The total revenue was $30.2 million for the quarter, while the services segment revenue was $10.4 million, up $6.9 million compared to the same three months a year ago.

Registry operations segment revenue was $17.9 million, down $1.2 million compared to Q3 2017, while land registry revenue was $12.8 million, down $1.5 million versus the third quarter of 2017.

The personal property registry was $2.7 million, compared to $2.5 million in the third quarter last year.

Due to continued pressure on registry transactions and the related decline in revenue from the registry operations segment, ISV has revised its consolidated revenue guidance for the year from between $124.0 and $130.0 million to between $118.0 million and $124.0 million.

ISV shares in Toronto added 8.25% to $16.20.

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