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Diligent Boardbooks Announces Fifth Consecutive Record Breaking Quarter, Boardbooks Now Used by 62 TSX Listed Companies(October 24, 2011)
NEW YORK, NY -- (Marketwire) -- 10/24/11 -- Diligent Board Member Services (NZX: DIL) (www.boardbooks.com) recently closed its fifth-consecutive record-breaking quarter, recording additional net annualized global license fee income of $US 5 million for the third quarter of 2011. New Canadian-based clients accounted for 10% of the net annualized growth, or $US 473,000, compared to $US 216,000 for third quarter of 2010 -- an increase of 219%. Driven by demand for Diligent Boardbooks® for the Apple iPad, Diligent increased its cumulative global annualized license fee income to $US 19.7 million.
During the third quarter Diligent signed a total of 170 in net new licenses compared to 41 in the same quarter last year -- an increase of 315%. Diligent now serves 823 public and private companies, encompassing more than 1,200 boards and 21,000 individual users worldwide on the Diligent Boardbooks platform; including 134 Fortune 1000 companies and 62 TSX listed companies. The sustained growth surge over the past five record-breaking quarters has solidified Diligent's position as the world's leading provider of board portals.
"Our easy-to-use, yet amazingly powerful and secure Diligent Boardbooks iPad application combined with our commitment to concierge-level training and support has given Diligent a distinct competitive advantage over other board portal products," said Alex Sodi, president and CEO of Diligent Board Member Services. "We are seeing unparalleled demand for Diligent Boardbooks as more Canadian companies choose to replace their traditional, cumbersome board packages in favor of the more mobile and secure Diligent Boardbooks application."
Net sales revenue for Q3 2011 increased to $US 4.8 million, easily surpassing the previous quarterly revenue record by more than $US 1 million.
About Diligent Board Member Services, Inc (NZX: DIL) www.boardbooks.com
Diligent Board Member Services provides company directors, executives and administrators with Diligent Boardbooks®, an easy-to-use system of securely compiling, distributing, viewing, and archiving board and committee materials within a Software-as-a-Service (SaaS) model.
"Diligent Boardbooks" is a registered trademark of Diligent Board Member Services.
This document contains forward-looking statements within the meaning of the safe harbor provisions of the Securities Litigation Reform Act of 1995. Terms such as "expect," "believe," "continue," and "grow," as well as similar comments, are forward-looking in nature. Although the Company believes its growth plans are based upon reasonable assumptions, it can give no assurances that such expectations can be attained. Factors that could cause actual results to differ materially from the Company's expectations include: general business and economic conditions, competitive factors, raw materials purchasing, and fluctuations in demand. Please refer to the Company's Securities and Exchange Commission filings for further information.
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