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In a release, the company stated:
- Revenue for the third quarter was $29.5 million compared to $21.6 million for the same period in 2007. EBITDA (earnings before interest, taxes, depreciation and amortization) was $0.8 million compared to a loss of $3.4 million for the third quarter of 2007. Operating loss for the quarter was $0.3 million compared to an operating loss of $4.4 million for the third quarter of last year. Net loss for the third quarter was $0.4 million, or $0.04 per share on 9.7 million weighted average shares outstanding, versus $4.9 million or $1.45 per share on 3.4 million weighted average shares for the third quarter of 2007. The change in weighted average shares outstanding reflects principally the company's 2007 equity restructuring for 2.2 million shares and the company's October 2007 secondary public offering of 4.5 million shares.
- For the first nine months of 2008, GlobalOptions reported revenue of $77.2 million versus $65.4 million in the same period last year. The operating loss was $6.6 million compared to $18.0 million for the first nine months of 2007. GlobalOptions' net loss for the period was $6.8 million, or $0.70 per share compared to $18.4 million or $6.21 per share for the same period last year.
"Consistent with our 2008 plan, GlobalOptions achieved positive EBITDA this quarter, demonstrating the earnings potential of our business model and keeping us on track to deliver positive EPS in the fourth quarter," said Dr. Harvey W. Schiller, Chairman and CEO of GlobalOptions Group. "Our year over year quarterly revenue increase of 37 percent was driven primarily by organic growth and reflected increases in each of our business units - Preparedness Services, Fraud and SIU Services and Security Consulting and Investigations, as we continue to benefit from intensified sales and marketing activities directed toward the insurance, education and public sectors.
"With the fourth quarter in view, we now expect to generate revenue at slightly below the third quarter level, which will result in full year revenue in the $105 million range. As we prepare for next year and think about the impact of a weakening economy on GlobalOptions' business, we believe there are a number of factors working in our favor: continued outsourcing of emergency preparedness and disaster relief services by state and local governments, heightened concern about insurance fraud, particularly in the areas of unemployment and healthcare, and greater reliance on outsourcing SIU services by insurance companies.
"As a result, we are currently planning for organic growth in 2009 of between 10 percent to 15 percent, comparable to the year-over-year organic growth we anticipate producing in 2008. As we continue to scale the business while holding infrastructure costs steady, we expect to deliver gradual increases in quarterly earnings throughout the year. The combination of solid demand for our expertise and services, low debt and improved operating efficiencies give us confidence that we are well situated to capture growth opportunities while preserving cash next year."
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