Latest news with #BrianR.Balbirnie
Miami Herald
13-05-2025
- Business
- Miami Herald
ACCESS Newswire Reports First Quarter 2025 Results
Revenue decreased 2% to $5.5M compared to $5.6M in Q1 2024Adjusted EBITDA increased $503,000 to $564,000 compared to $61,000 in Q1 2024Cash flow from operations increased to $809,000 from $77,000 in Q1 2024Rebranded to ACCESS Newswire Inc, effective January 27, 2025Compliance business was sold for $12.5M on February 28, 2025Subscriptions increased to 955 from 874 in Q1 2024 RALEIGH, NC / ACCESS Newswire / May 13, 2025 / ACCESS Newswire Inc. (NYSE American:ACCS) (the "Company"), a leading communications company, today reported its operating results for the three months ended March 31, 2025. "There has been a lot of activity in the first quarter of this year, and we're pleased to report a significant increase in Adjusted EBITDA, gross margins and continued positive cash flow from operations. We believe the sale of our Compliance business, which closed at the end of February, positions us well as a focused, standalone Communications platform subscription company - just as we've outlined in our strategic goals. As we move past the Compliance business transition, we can fully turn our attention to our Communication's business growth, product innovation, and further aligning toward our goal of having 75% of our revenue come from subscription customers by the end of 2025," said Brian R. Balbirnie, ACCESS Newswire's Founder and Chief Executive Officer. Mr. Balbirnie concluded, "Over the past several months, we've communicated that the shifts in customer counts, revenue, and subscriptions during Q1 would begin to stabilize by quarter's end-and that has proven true. Excluding the impact of compliance subscription customers, we achieved net subscription growth of 9% for the quarter compared to the prior year. While that's not yet where we want to be, we believe it sets the stage for faster growth in the quarters ahead. I also want to recognize the incredible efforts of our teams, who have driven meaningful progress in internal efficiencies and product innovation-we're genuinely excited about the direction our platform is heading." First Quarter 2025 Highlights: Non-GAAP Measures - Q1 2025 EBITDA was $(4,000), compared to $245,000, or 4% of revenue, during Q1 2024. Adjusted EBITDA was $564,000, or 10% of revenue, for Q1 2025 compared to $61,000, or 1% of revenue, for Q1 2024. Non-GAAP net income for Q1 2025 was $206,000, or $0.05 per diluted share, compared to a loss of $365,000, or $0.10 per diluted share, during Q1 2024. Adjusted free-cash flow was $1,029,000 for Q1 2025 compared to $(126,000) for Q1 2024. Key Performance Indicators: Average ARR for subscriptions per customer at the end of the quarter was $11,139, up from $9,300 as of March 31, 2024. Non-GAAP Financial Measures The non-GAAP adjustments referenced herein relate to the exclusion of stock-based compensation, amortization of acquisition-related intangible assets. and other expenses the Company believes to be non-recurring. A reconciliation of GAAP to non-GAAP historical financial measures has been provided in the tables at the end of this press release. We believe that the use of EBITDA from continuing operations, Adjusted EBITDA from continuing operations, non-GAAP net income (loss) from continuing operations, non-GAAP net income (loss) from continuing operations per share, free cash flow and adjusted free cash flow is helpful to its investors. These measures, which are referred to as non-GAAP financial measures, are not prepared in accordance with generally accepted accounting principles in the United States, or GAAP. Our management uses these non-GAAP financial measures as tools for financial and operational decision making and for evaluating our own operating results over different periods of time. EBITDA from continuing operations is calculated by excluding depreciation and amortization, interest expense, net, and income taxes from the loss from continuing operations. Adjusted EBITDA also excludes certain other expenses which the Company believes to be non-recurring as well as the gain or loss on the change in fair value of our interest rate swap. Non-GAAP net income (loss) from continuing operations is calculated by excluding stock-based compensation expense and amortization expense for acquisition-related intangible assets from loss from continuing operations and certain other adjustments noted in the tables below. Non-GAAP net income (loss) from continuing operations per share is calculated by dividing non-GAAP net income (loss) from continuing operations by the weighted-average diluted shares outstanding as presented in the calculation of GAAP net income (loss) from continuing operations per share. Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company's non-cash expenses, we believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows for more meaningful comparisons between its operating results from period to period. For business combinations, we generally allocate a portion of the purchase price to intangible assets. The amount of the allocation is based on estimates and assumptions made by our management and is subject to amortization. The amount of purchase price allocated to intangible assets and the term of its related amortization can vary significantly and are unique to each acquisition and thus we do not believe they are reflective of ongoing operations. Free cash flow, a non-GAAP measure, represents cash flow from continuing operating activities less purchase of property and equipment and capitalized software. Adjusted free cash flow also deducts certain cash payments which the Company believe to be non-recurring in nature. We consider free cash flow and adjusted free cash flow to be liquidity measures that provide useful information to investors about the amount of cash generated or used by the business. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in the industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on our reported financial results. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures included below and not rely on any single financial measure to evaluate our business. RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES($ in '000's, except per share amounts)CALCULATION OF EBITDA & ADJUSTED EBITDA (1) This adjustment gives effect to one-time corporate projects, including acquisition and integration expenses, incurred during the periods.(2) For the three months ended March 31, 2025, this adjustment gives effect to the change in fair value of our interest rate swap of $69,000 as well as corporate re-brand costs of $132,000 and non-recurring accounting fees of $35,000. For the three months ended March 31, 2024, this adjustment gives effect to the change in fair value of our interest rate swap of $205,000, partially offset by non-recurring accounting costs of $35,000.(3) The adjustments represent stock-based compensation expense from continuing operations related to awards of stock options, restricted stock units, or common stock in exchange for services. Although we expect to continue to award stock in exchange for services, the amount of stock-based compensation is excluded as it is subject to change as a result of one-time or non-recurring projects. For the three months ended March 31, 2024, this amount includes a benefit as a result of the resignation of an executive officer. CALCULATION OF NON-GAAP NET INCOME (LOSS) 1) The adjustments represent the amortization of intangible assets related to acquired assets and companies.2) The adjustments represent stock-based compensation expense from continuing operations related to awards of stock options, restricted stock units, or common stock in exchange for services. Although we expect to continue to award stock in exchange for services, the amount of stock-based compensation is excluded as it is subject to change as a result of one-time or non-recurring projects. For the three months ended March 31, 2024, this amount includes a benefit as a result of the resignation of an executive officer.3) For the three months ended March 31, 2025, this adjustment reflects the change in fair value of our interest rate swap of $69,000, one-time corporate projects, including acquisition, divestiture and integration costs of $129.000, corporate re-brand costs of $132,000 and non-recurring accounting fees of $35,000. For the three months ended March 31, 2024, this adjustment gives effect to the change in fair value of our interest rate swap of $205,000, partially offset by one-time corporate projects, including acquisition and integration expenses, incurred during the period of $100,000.4) This adjustment gives effect to the tax impact of all non-GAAP adjustments at the current Federal rate of 21%.5) This adjustment gives effect to discrete items that impact income tax expense. For the three months ended March 31, 2025 and 2024, this relates to additional expense associated with vesting of stock-based compensation awards. CALCULATION OF FREE CASH FLOW AND ADJUSTED FREE CASH FLOW 1) This adjustment gives effect to one-time corporate projects, including acquisition and integration expenses, paid during the periods.2) For the three months ended March 31, 2025, this relates to payments related to our corporate re-brand and other non-recurring accounting fees. For the three months ended March 31, 2024, this relates to payments for non-recurring accounting fees during the period. Conference Call Information To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call. Conference Call Replay Information The replay will be available beginning approximately 1 hour after the completion of the live event. About ACCESS Newswire Inc. We are ACCESS Newswire, a globally trusted Public Relations (PR) and Investor Relations (IR) solutions provider. With a focus on innovation, customer service, and value-driven offerings, ACCESS Newswire empowers brands to connect with their audiences where it matters most. From startups and scale-ups to multi-billion-dollar global brands, we ensure your most important moments make an impact and resonate with your audiences. To learn more visit Forward-Looking Statements Certain statements in this press release are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about the Company's expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "commit," "estimate," "predict," "potential," "outlook," "guidance," "target," "goal," "project," "continue to," "confident," or the negative of those terms or other comparable terminology. The forward-looking statements in this press release include, among other things, our belief that the sale of our Compliance business positions us well as a focused standalone Communications platform subscription company, our goal of having 80% of our revenue come from subscription customers by the end of 2025 and our belief that the stage has been set for faster growth in the quarters ahead. Please see the Company's documents filed or to be filed with the Securities and Exchange Commission at including the Company's Annual Reports filed on Form 10-K, including the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and Quarterly Reports on Form 10-Q, and any amendments thereto for a discussion of certain important risk factors that relate to forward-looking statements contained in this report. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control. These and other important factors may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For Further Information: ACCESS Newswire R. Balbirnie(919)-481-4000brianb@ Hayden IRBrett Maas(646)-536-7331brett@ Hayden IRJames Carbonara(646)-755-7412james@ ACCESS NEWSWIRE INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(in thousands, except share and per share amounts) ACCESS NEWSWIRE INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED)(in thousands, except share and per share amounts) ACCESS NEWSWIRE INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED)(in thousands) SOURCE: ACCESS Newswire Inc.
Associated Press
13-05-2025
- Business
- Associated Press
ACCESS Newswire Reports First Quarter 2025 Results
RALEIGH, NC / ACCESS Newswire / May 13, 2025 / ACCESS Newswire Inc. ( NYSE American:ACCS ) (the 'Company'), a leading communications company, today reported its operating results for the three months ended March 31, 2025. 'There has been a lot of activity in the first quarter of this year, and we're pleased to report a significant increase in Adjusted EBITDA, gross margins and continued positive cash flow from operations. We believe the sale of our Compliance business, which closed at the end of February, positions us well as a focused, standalone Communications platform subscription company - just as we've outlined in our strategic goals. As we move past the Compliance business transition, we can fully turn our attention to our Communication's business growth, product innovation, and further aligning toward our goal of having 75% of our revenue come from subscription customers by the end of 2025,' said Brian R. Balbirnie, ACCESS Newswire's Founder and Chief Executive Officer. Mr. Balbirnie concluded, 'Over the past several months, we've communicated that the shifts in customer counts, revenue, and subscriptions during Q1 would begin to stabilize by quarter's end-and that has proven true. Excluding the impact of compliance subscription customers, we achieved net subscription growth of 9% for the quarter compared to the prior year. While that's not yet where we want to be, we believe it sets the stage for faster growth in the quarters ahead. I also want to recognize the incredible efforts of our teams, who have driven meaningful progress in internal efficiencies and product innovation-we're genuinely excited about the direction our platform is heading.' First Quarter 2025 Highlights: Key Performance Indicators: Non-GAAP Financial Measures The non-GAAP adjustments referenced herein relate to the exclusion of stock-based compensation, amortization of acquisition-related intangible assets. and other expenses the Company believes to be non-recurring. A reconciliation of GAAP to non-GAAP historical financial measures has been provided in the tables at the end of this press release. We believe that the use of EBITDA from continuing operations, Adjusted EBITDA from continuing operations, non-GAAP net income (loss) from continuing operations, non-GAAP net income (loss) from continuing operations per share, free cash flow and adjusted free cash flow is helpful to its investors. These measures, which are referred to as non-GAAP financial measures, are not prepared in accordance with generally accepted accounting principles in the United States, or GAAP. Our management uses these non-GAAP financial measures as tools for financial and operational decision making and for evaluating our own operating results over different periods of time. EBITDA from continuing operations is calculated by excluding depreciation and amortization, interest expense, net, and income taxes from the loss from continuing operations. Adjusted EBITDA also excludes certain other expenses which the Company believes to be non-recurring as well as the gain or loss on the change in fair value of our interest rate swap. Non-GAAP net income (loss) from continuing operations is calculated by excluding stock-based compensation expense and amortization expense for acquisition-related intangible assets from loss from continuing operations and certain other adjustments noted in the tables below. Non-GAAP net income (loss) from continuing operations per share is calculated by dividing non-GAAP net income (loss) from continuing operations by the weighted-average diluted shares outstanding as presented in the calculation of GAAP net income (loss) from continuing operations per share. Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company's non-cash expenses, we believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows for more meaningful comparisons between its operating results from period to period. For business combinations, we generally allocate a portion of the purchase price to intangible assets. The amount of the allocation is based on estimates and assumptions made by our management and is subject to amortization. The amount of purchase price allocated to intangible assets and the term of its related amortization can vary significantly and are unique to each acquisition and thus we do not believe they are reflective of ongoing operations. Free cash flow, a non-GAAP measure, represents cash flow from continuing operating activities less purchase of property and equipment and capitalized software. Adjusted free cash flow also deducts certain cash payments which the Company believe to be non-recurring in nature. We consider free cash flow and adjusted free cash flow to be liquidity measures that provide useful information to investors about the amount of cash generated or used by the business. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in the industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on our reported financial results. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Investors should review the reconciliation of non-GAAP financial measures to the comparable GAAP financial measures included below and not rely on any single financial measure to evaluate our business. RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES ($ in '000's, except per share amounts) CALCULATION OF EBITDA & ADJUSTED EBITDA (1) This adjustment gives effect to one-time corporate projects, including acquisition and integration expenses, incurred during the periods. (2) For the three months ended March 31, 2025, this adjustment gives effect to the change in fair value of our interest rate swap of $69,000 as well as corporate re-brand costs of $132,000 and non-recurring accounting fees of $35,000. For the three months ended March 31, 2024, this adjustment gives effect to the change in fair value of our interest rate swap of $205,000, partially offset by non-recurring accounting costs of $35,000. (3) The adjustments represent stock-based compensation expense from continuing operations related to awards of stock options, restricted stock units, or common stock in exchange for services. Although we expect to continue to award stock in exchange for services, the amount of stock-based compensation is excluded as it is subject to change as a result of one-time or non-recurring projects. For the three months ended March 31, 2024, this amount includes a benefit as a result of the resignation of an executive officer. CALCULATION OF NON-GAAP NET INCOME (LOSS) 1) The adjustments represent the amortization of intangible assets related to acquired assets and companies. 2) The adjustments represent stock-based compensation expense from continuing operations related to awards of stock options, restricted stock units, or common stock in exchange for services. Although we expect to continue to award stock in exchange for services, the amount of stock-based compensation is excluded as it is subject to change as a result of one-time or non-recurring projects. For the three months ended March 31, 2024, this amount includes a benefit as a result of the resignation of an executive officer. 3) For the three months ended March 31, 2025, this adjustment reflects the change in fair value of our interest rate swap of $69,000, one-time corporate projects, including acquisition, divestiture and integration costs of $129.000, corporate re-brand costs of $132,000 and non-recurring accounting fees of $35,000. For the three months ended March 31, 2024, this adjustment gives effect to the change in fair value of our interest rate swap of $205,000, partially offset by one-time corporate projects, including acquisition and integration expenses, incurred during the period of $100,000. 4) This adjustment gives effect to the tax impact of all non-GAAP adjustments at the current Federal rate of 21%. 5) This adjustment gives effect to discrete items that impact income tax expense. For the three months ended March 31, 2025 and 2024, this relates to additional expense associated with vesting of stock-based compensation awards. CALCULATION OF FREE CASH FLOW AND ADJUSTED FREE CASH FLOW 1) This adjustment gives effect to one-time corporate projects, including acquisition and integration expenses, paid during the periods. 2) For the three months ended March 31, 2025, this relates to payments related to our corporate re-brand and other non-recurring accounting fees. For the three months ended March 31, 2024, this relates to payments for non-recurring accounting fees during the period. Conference Call Information To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call. Conference Call Replay Information The replay will be available beginning approximately 1 hour after the completion of the live event. About ACCESS Newswire Inc. We are ACCESS Newswire, a globally trusted Public Relations (PR) and Investor Relations (IR) solutions provider. With a focus on innovation, customer service, and value-driven offerings, ACCESS Newswire empowers brands to connect with their audiences where it matters most. From startups and scale-ups to multi-billion-dollar global brands, we ensure your most important moments make an impact and resonate with your audiences. To learn more visit Forward-Looking Statements Certain statements in this press release are 'forward-looking statements' within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about the Company's expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as 'may,' 'will,' 'could,' 'would,' 'should,' 'expect,' 'plan,' 'anticipate,' 'intend,' 'believe,' 'commit,' 'estimate,' 'predict,' 'potential,' 'outlook,' 'guidance,' 'target,' 'goal,' 'project,' 'continue to,' 'confident,' or the negative of those terms or other comparable terminology. The forward-looking statements in this press release include, among other things, our belief that the sale of our Compliance business positions us well as a focused standalone Communications platform subscription company, our goal of having 80% of our revenue come from subscription customers by the end of 2025 and our belief that the stage has been set for faster growth in the quarters ahead. Please see the Company's documents filed or to be filed with the Securities and Exchange Commission at including the Company's Annual Reports filed on Form 10-K, including the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and Quarterly Reports on Form 10-Q, and any amendments thereto for a discussion of certain important risk factors that relate to forward-looking statements contained in this report. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control. These and other important factors may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For Further Information: ACCESS Newswire Inc. Brian R. Balbirnie (919)-481-4000 [email protected] Hayden IR Brett Maas (646)-536-7331 [email protected] Hayden IR James Carbonara (646)-755-7412 [email protected] ACCESS NEWSWIRE INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) ACCESS NEWSWIRE INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except share and per share amounts) ACCESS NEWSWIRE INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) SOURCE: ACCESS Newswire Inc. press release
Yahoo
25-03-2025
- Business
- Yahoo
ACCESS Newswire Reports Fourth Quarter and Full Year 2024 Results
Revenue increased 1% to $5.8M Adjusted EBITDA increased $900,000 to $871,000 in Q4 2024 Cash flow from operations increased to $353,000 from $(236,000) in Q4 2023 Rebranded to ACCESS Newswire Inc, effective January 27, 2025 Compliance business was sold for $12.5M on February 28, 2025 Subscriptions increased to 1,124 from 1,053 in Q4 2023 RALEIGH, NC / / March 25, 2025 / ACCESS Newswire Inc. (NYSE American:ACCS) (the "Company"), a leading communications company, today reported its operating results for the three months and full year ended December 31, 2024. "Our core business grew modestly in the fourth quarter. During the quarter we executed on several key initiatives, including completion of our rebrand, advancing the strategic sale of our compliance business, which was completed at the end of February, and expanding our subscription business," said Brian R. Balbirnie, ACCESS Newswire's Founder and Chief Executive Officer. "Looking ahead, we now have a singular focus on our communications business, and we believe a defined path toward improving gross margins and EBITDA margins through operational efficiency and subscription growth. Similar to the fourth quarter, our first quarter will include transaction adjustments-both on the balance sheet, with debt repayment, and on the statement of operations, reflecting the discontinued operations of the compliance business. Additionally, as we move beyond the first quarter, we remain committed to optimizing our capital allocation strategy and increasing our customer counts and market share," added Mr. Balbirnie. Fourth Quarter 2024 Highlights: Revenue - Total revenue was $5,826,000, a 1% increase from $5,762,000 in Q4 2023 and a 3% increase from $5,638,000 in Q3 2024. The increase is primarily due to an increase in revenue from our previously branded ACCESSWIRE platform due to an increase in average revenue per release, partially offset by a decrease in revenue from our previously branded Newswire distribution platform. Gross Margin - Gross margin for Q4 2024 was $4,381,000, or 75% of revenue, compared to $4,318,000, also 75% of revenue, during Q4 2023 and $4,228,000, or 75% of revenue, in Q3 2024. Operating Loss - Primarily due to an impairment loss of $14,150,000 related to the tradename associated with Newswire, operating loss was $(14,322,000) for Q4 2024, as compared to operating loss of $(1,131,000) during Q4 2023. Absent the impairment loss, operating expenses were $4,553,000 in Q4 2024 compared to $5,449,000 in Q4 2023. The impairment is associated with our rebrand, in which management determined the appropriate useful life of the tradename was 5 years as opposed to the 15 years originally estimated as part of the original valuation. The decrease in operating expenses is due to lower general and administrative expenses due to lower headcount and stock compensation expense as well as lower sales and marketing expenses due to lower headcount and advertising expense. Net Loss from continuing operations - On a GAAP basis, net loss from continuing operations was $(10,945,000), or $(2.85) per diluted share during Q4 2024, compared to net loss from continuing operations of $(1,512,000), or $(0.40) per diluted share during Q4 2023. Income from discontinued operations, net of taxes - On a GAAP basis, we recorded income from discontinued operations, net of taxes of $750,000, or $0.19 per diluted share, for Q4 2024, compared to $786,000, or $0.21 per diluted share, in Q4 2023. Operating Cash Flows - Cash flows from continuing operations for Q4 2024 were $353,000 compared to cash flows used in continuing operations of $(236,000) in Q4 2023. The increase is due to operational efficiencies which in turn reduced expenses. Non-GAAP Measures from continuing operations - Q4 2024 EBITDA was $770,000, or 13% of revenue, compared to $(834,000), or (14)% of revenue, during Q4 2023. Adjusted EBITDA was $871,000, or 15% of revenue, for Q4 2024 compared to $(27,000), or less than negative 1% of revenue, for Q4 2023. Non-GAAP net income for Q4 2024 was $819,000, or $0.21 per diluted share, compared to a non-GAAP net loss of $(275,000), or $(0.07) per diluted share, during Q4 2023. Adjusted free-cash flow was $413,000 for Q4 2024 compared to $(319,000) for Q4 2023. Full year 2024 Highlights: Revenue - Total revenue was $23,057,000, a 6% decrease from $24,522,000 in 2023. The decrease is primarily related to a decrease in volume from our previously branded Newswire news distribution brand. Gross Margin - Gross margin was $17,440,000, or 76% of revenue, compared to $18,915,000, or 77% of revenue, during 2023. Operating Loss - Operating loss was $(16,319,000) compared to $(2,739,000) in 2023. The increase in operating loss is primarily due to the aforementioned impairment loss of $14,150,000 related to the tradename associated with Newswire. Absent the impairment, total operating expenses decreased $2,045,000 due to lower general and administrative expenses, lower headcount and stock compensation expense as well as lower sales and marketing expenses. Net Loss from continuing operations - On a GAAP basis, net loss from continuing operations was $(13,281,000), or $(3.47) per diluted share during 2024, compared to net loss from continuing operations of $(3,441,000), or $(0.90) per diluted share during 2023. The increase in net loss from continuing operations is primarily related to the impairment loss on the Newswire tradenames noted earlier. Income from discontinued operations, net of taxes - On a GAAP basis, we recorded income from discontinued operations, net of taxes, of $2,488,000, or $0.65 per diluted share, compared to $4,207,000, or $1.10 per diluted share, in 2023. The decrease is due primarily to two significant print and proxy fulfilment jobs that occurred in the prior year but did not reoccur in 2024. Operating Cash Flows - Net operating cash flows provided by continuing operations was $400,000 in 2024 compared to net operating cash flows used in operating activities of $(741,000) in 2023. Non-GAAP Measures from continuing operations - EBITDA for 2024 was $840,000, or 4% of revenue, compared to $(342,000), or (1)% of revenue, during 2023. Adjusted EBITDA for 2024 was $1,895,000, or 8% of revenue, compared to $2,005,000, also 8% of revenue, for 2023. Non-GAAP net income for 2024 was $791,000, or $0.21 per diluted share, compared to non-GAAP net income of $538,000, or $0.14 per diluted share, during 2023. Adjusted free-cash flow was $26,000 for 2024 compared to $(476,000) for 2023. Key Performance Indicators: As of December 31, 2024, we had 12,349 customers who had an active contract during the past twelve months, compared to 11,924 as of December 31, 2023. Subscription customers increased by 71 to 1,124. ARR for subscriptions for quarter was $10,735, up from $9,489 at the end of 2023. Non-GAAP Information Certain Non-GAAP financial measures are included in this press release. In the calculation of these measures, the Company excludes certain items, such as amortization of intangible assets, stock-based compensation, tax impact of adjustments, other unusual items and discrete items impacting income tax expense. The Company believes that excluding such items provides investors and management with a representation of the Company's core operating performance and with information useful in assessing its prospects for the future and underlying trends in the Company's operating expenditures and continuing operations. Management uses such Non-GAAP measures to evaluate financial results and manage operations. The release and the attachments to this release provide a reconciliation of each of the Non-GAAP measures referred to in this release to the most directly comparable GAAP measure. The Non-GAAP financial measures are not meant to be considered a substitute for the corresponding GAAP financial statements and investors should evaluate them carefully. These Non-GAAP financial measures may differ materially from the Non-GAAP financial measures used by other companies. RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES(in thousands, except per share amounts)CALCULATION OF EBITDA & ADJUSTED EBITDA Three Months Ended December 31, 2024 2023 Amount Amount Net loss from continuing operations: $ (10,945 ) $ (1,512 ) Adjustments: Impairment loss on intangible assets 14,150 - Depreciation and amortization 737 697 Interest expense, net 250 309 Income tax benefit (3,422 ) (328 ) EBITDA 770 (834 ) Acquisition and/or integration costs(1) 39 116 Other non-recurring expenses(2) (198 ) 400 Stock-based compensation expense(3) 260 291 Adjusted EBITDA: $ 871 $ (27 ) Full Year Ended December 31, 2024 2023 Amount Amount Net loss from continuing operations: $ (13,281 ) $ (3,441 ) Adjustments: Impairment loss on intangible assets 14,150 - Depreciation and amortization 2,928 2,788 Interest expense, net 1,107 1,249 Income tax benefit (4,064 ) (938 ) EBITDA 840 (342 ) Acquisition and/or integration costs(1) 189 546 Other non-recurring expenses(2) 138 436 Stock-based compensation expense(3) 728 1,365 Adjusted EBITDA: $ 1,895 $ 2,005 (1) This adjustment gives effect to one-time corporate projects, including acquisition and/or integration related expenses, incurred during the periods.(2) For the three months ended December, 31, 2024 and 2023, this adjustment primarily gives effect to a gain or loss recorded on the change in fair value of our interest rate swap. For the year ended December 31, 2024, this adjustment gives effect to a gain recorded on the change in fair value of our interest rate swap of $81,000, as well as, one-time accounting fees, termination benefits and other non-recurring or unusual expenses of $219,000. For the year ended December 31, 2023, this adjustment gives effect to $370,000 payment related to early extinguishment of our Seller Note and one-time non-recurring expenses of $45,000 and a loss on the change in fair value of our interest rate swap of $21,000.(3) The adjustments represent stock-based compensation expense related to awards of stock options, restricted stock units, or common stock in exchange for services. Although we expect to continue to award stock in exchange for services, the amount of stock-based compensation is excluded as it is subject to change as a result of one-time or non-recurring projects. CALCULATION OF NON-GAAP NET INCOME Three Months Ended December 31, 2024 2023 Amount Per diluted share Amount Per diluted share Net loss from continuing operations: $ (10,945 ) $ (2.85 ) $ (1,512 ) $ (0.40 ) Adjustments: Impairment loss on intangible assets(1) 14,150 3.69 - - Amortization of intangible assets(2) 640 0.17 629 0.16 Stock-based compensation expense(3) 260 0.06 291 0.08 Other unusual items(4) (159 ) (0.04 ) 516 0.14 Discrete items impacting income tax(5) - - 103 0.03 Tax impact of adjustments(6) (3,127 ) (0.82 ) (302 ) (0.08 ) Non-GAAP net income (loss): $ 819 $ 0.21 $ (275 ) $ (0.07 ) Weighted average number of common shares outstanding - diluted 3,838 3,826 Full Year Ended December 31, 2024 2023 Amount Per diluted share Amount Per diluted share Net loss from continuing operations: $ (13,281 ) $ (3.47 ) $ (3,441 ) $ (0.90 ) Adjustments: Impairment loss on intangible assets(1) 14,150 3.70 - - Amortization of intangible assets(2) 2,559 0.67 2,559 0.67 Stock-based compensation expense(3) 728 0.19 1,365 0.35 Other unusual items(4) 327 0.08 982 0.26 Discrete items impacting income tax expense(5) 38 0.01 103 0.03 Tax impact of adjustments(6) (3,730 ) (0.97 ) (1,030 ) (0.27 ) Non-GAAP net income: $ 791 $ 0.21 $ 538 $ 0.14 Weighted average number of common shares outstanding - diluted 3,829 3,816 (1) This adjustment represents the impairment loss on intangible assets that was recognized for the year ended December 31, 2024.(2) The adjustments represent the amortization of intangible assets related to acquired assets and companies.(3) The adjustments represent stock-based compensation expense related to awards of stock options, restricted stock units, or common stock in exchange for services. Although we expect to continue to award stock in exchange for services, the amount of stock-based compensation is excluded as it is subject to change as a result of one-time or non-recurring projects.(4) For the three months and full year ended December 31, 2024, this adjustment gives effect to a gain recorded on the change in fair value of our interest rate swap of $205,000 and $81,000, respectively, as well as, one-time accounting fees, termination benefits and other non-recurring or unusual expenses, including acquisition and/or integration expenses of $47,000 and $408,000, respectively. For the three months ended December 31, 2023, this adjustment give effect for the loss on the change in fair value of our interest rate swap of $400,000 and one-time corporate projects, including acquisition and/or integration related expenses of $116,000 incurred during the period. For the year ended December 31, 2023, this adjustment gives effect to $370,000 payment related to early extinguishment of our Seller Note and one-time non-recurring expenses, including acquisition and/or integration expenses of $591,000 and a loss on the change in fair value of our interest rate swap of $21,000.(5) This adjustment eliminates discrete items impacting income tax expense. For the year ended December 31, 2024 and 2023, discrete items relate to additional income tax expense recorded during the period related to the exercise of stock compensation.(6) This adjustment gives effect to the tax impact of all non-GAAP adjustments at the current Federal tax rate of 21%. CALCULATION OF FREE CASH FLOW AND ADJUSTED FREE CASH FLOW Three Months Ended December 31, 2024 2023 Net cash provided by (used in) operating activities (US GAAP) $ 353 $ (236 ) Payments for purchase of fixed assets and capitalized software (60 ) (158 ) Free cash flow (Non-GAAP) 293 (394 ) Cash paid for acquisition and/or integration related items (1) - 75 Cash paid for other unusual items (2) 120 - Adjusted free cash flow (Non-GAAP) $ 413 $ (319 ) Full Year Ended December 31, 2024 2023 Net cash provided by (used in) operating activities from continuing operations (US GAAP) $ 400 $ (741 ) Payments for purchase of fixed assets and capitalized software (616 ) (503 ) Free cash flow (Non-GAAP) (216 ) (1,244 ) Cash paid for acquisition and/or integration related items (1) 23 373 Cash paid for other unusual items (2) 219 395 Adjusted free cash flow (Non-GAAP) $ 26 $ (476 ) (1) This adjustment gives effect to one-time corporate projects, including acquisition and/or integration related expenses, paid during the periods.(2) For the year ended December 31, 2024, this adjustment gives effect to payments for one-time accounting fees, termination benefits and other non-recurring or unusual expenses. During the year ended December 31, 2023, this adjustment is primarily related to a one-time payment of $370,000 related to the early termination of the note payable associated with the Newswire acquisition. Conference Call Information To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call. Date: March 25, 2025 Time: 9:00 a.m. eastern time Toll & Toll Free: 973-528-0011 | 888-506-0062 Access Code: 292516 Live Webcast: Conference Call Replay Information The replay will be available beginning approximately 1 hour after the completion of the live event. Toll & Toll Free: 919-882-2331| 877-481-4010 Passcode: 52150 Webcast Replay & Transcript About ACCESS Newswire Inc. We are ACCESS Newswire, a globally trusted Public Relations (PR) and Investor Relations (IR) solutions provider. With a focus on innovation, customer service, and value-driven offerings, ACCESS Newswire empowers brands to connect with their audiences where it matters most. From startups and scale-ups to multi-billion-dollar global brands, we ensure your most important moments make an impact and resonate with your audiences. To learn more visit Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words "believe," "anticipate," "estimate," "expect," "goal," "intend," "plan," "project," "prospects," "outlook," "target" and similar words or expressions, or future or conditional verbs, such as "will," "should," "would," "may," and "could," are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance, or achievements to be materially different from any anticipated results, performance, or achievements for many reasons. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company's forward-looking statements, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2024, including but not limited to the discussion under "Risk Factors" therein, which the Company filed with the SEC and which may be viewed at For Further Information: ACCESS Newswire R. Balbirnie(919)-481-4000brianb@ Hayden IRBrett Maas(646)-536-7331brett@ Hayden IRJames Carbonara(646)-755-7412james@ ACCESS NEWSWIRE INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(in thousands, except share and per share amounts) As of December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 4,103 $ 5,714 Accounts receivable (net of allowance for credit losses of $1,059 and $721, respectively) 3,351 3,005 Income tax receivable - 232 Other current assets 1,234 1,134 Current assets held for sale 1,338 1,419 Total current assets 10,026 11,504 Capitalized software (net of accumulated amortization of $3,644 and $3,424, respectively) 934 556 Fixed assets (net of accumulated depreciation of $914 and $765, respectively) 365 495 Right-of-use asset - leases (See Note 10) 766 1,022 Other long-term assets 158 101 Goodwill 19,043 19,043 Intangible assets (net of accumulated amortization of $7,024 and $4,465, respectively) 11,976 28,685 Deferred tax asset 3,793 - Non-current assets held for sale 3,577 3,746 Total assets $ 50,638 $ 65,152 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,423 $ 1,180 Accrued expenses 1,699 1,838 Income taxes payable 56 11 Current portion of long-term debt 4,000 4,000 Deferred revenue 4,743 4,750 Current liabilities held for sale 893 871 Total current liabilities 12,814 12,650 Long-term debt (net of debt discount of $70 and $87, respectively) (see Note 6) 11,930 15,913 Deferred income tax liability - 139 Lease liabilities - long-term (See Note 10) 668 1,009 Other long-term liabilities - 21 Total liabilities 25,412 29,732 Stockholders' equity: Preferred stock, $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and 2023, respectively. - - Common stock $0.001 par value, 20,000,000 shares authorized, 3,838,743 and 3,815,212 shares issued and outstanding as of December 31, 2024 and 2023, respectively. 4 4 Additional paid-in capital 24,259 23,531 Other accumulated comprehensive loss (178 ) (49 ) Retained earnings 1,141 11,934 Total stockholders' equity 25,226 35,420 Total liabilities and stockholders' equity $ 50,638 $ 65,152 ACCESS NEWSWIRE INC AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except share and per share amounts) For the Three Months Ended For the Year Ended December 31, December 31, December 31, December 31, 2024 2023 2024 2023 (unaudited) (unaudited) Revenues $ 5,826 $ 5,762 $ 23,057 $ 24,522 Cost of revenues 1,445 1,444 5,617 5,607 Gross profit 4,381 4,318 17,440 18,915 Operating costs and expenses: General and administrative 1,626 2,154 7,000 8,354 Sales and marketing expenses 1,474 1,952 7,080 8,028 Product development 777 661 2,821 2,544 Depreciation and amortization 676 682 2,708 2,728 Impairment loss on intangible assets 14,150 - 14,150 - Total operating costs and expenses 18,703 5,449 33,759 21,654 Operating loss (14,322 ) (1,131 ) (16,319 ) (2,739 ) Interest expense, net (250 ) (309 ) (1,107 ) (1,249 ) Other expense 205 (400 ) 81 (391 ) Loss before taxes (14,367 ) (1,840 ) (17,345 ) (4,379 ) Income tax expense (benefit) (3,422 ) (328 ) (4,064 ) (938 ) Net loss from continuing operations (10,945 ) (1,512 ) (13,281 ) (3,441 ) Income from discontinued operations, net of taxes 750 786 2,488 4,207 Net income (loss) $ (10,195 ) $ (726 ) $ (10,793 ) $ 766 Loss from continuing operations - basic $ (2.85 ) $ (0.40 ) $ (3.47 ) $ (0.90 ) Loss from continuing operations - diluted $ (2.85 ) $ (0.40 ) $ (3.47 ) $ (0.90 ) Income from discontinued operations - basic $ 0.19 $ 0.21 $ 0.65 $ 1.10 Income from discontinued operations - diluted $ 0.19 $ 0.21 $ 0.65 $ 1.10 Income (loss) per share - basic $ (2.66 ) $ (0.19 ) $ (2.82 ) $ 0.20 Income (loss) per share - fully diluted $ (2.66 ) $ (0.19 ) $ (2.82 ) $ 0.20 Weighted average number of common shares outstanding - basic 3,837 3,813 3,827 3,802 Weighted average number of common shares outstanding - fully diluted 3,838 3,826 3,829 3,816 ACCESS NEWSWIRE INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands, except share and per share amounts) Years Ended December 31, 2024 2023 Cash flows from operating activities Net (loss)income $ (10,793 ) $ 766 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Net income from discontinued operations, net of tax (2,488 ) (4,207 ) Loss on impairment of intangible assets 14,150 - Provision for credit losses 1,083 538 Depreciation and amortization 2,928 2,788 Deferred income taxes (3,933 ) (433 ) Stock-based compensation expense - employees and directors 684 1,365 Stock-based compensation expense - consultants 44 - Change in fair value of interest rate swap (81 ) 21 Amortization of debt issuance costs 17 13 Changes in operating assets and liabilities: Decrease (increase) in accounts receivable (1,462 ) (1,150 ) Decrease (increase) in other assets 391 152 Increase (decrease) in accounts payable 245 (60 ) Increase (decrease) in deferred revenue 44 267 Increase (decrease) in accrued expenses and other liabilities (429 ) (801 ) Net cash provided by (used in) operating activities of continuing operations 400 (741 ) Net cash provided by operating activities of discontinued operations 2,760 3,801 Net cash provided by operating activities 3,160 3,060 Cash flows from investing activities Purchase of fixed assets (19 ) (25 ) Capitalized software (597 ) (478 ) Purchase of acquired business, net of cash received (See note 4) - 350 Net cash used in investing activities (616 ) (153 ) Cash flows from financing activities Payment of note payable (see Note 6) (4,000 ) (22,000 ) Proceeds from issuance of term loan (see Note 6) - 19,988 Payment for capitalized debt issuance costs - (88 ) Proceeds from exercise of stock options, net of income taxes - 19 Net cash used in financing activities (4,000 ) (2,081 ) Net change in cash and cash equivalents (1,456 ) 826 Cash and cash equivalents - beginning 5,714 4,832 Currency translation adjustment (155 ) 56 Cash and cash equivalents - ending $ 4,103 $ 5,714 Supplemental disclosures: Cash paid for income taxes $ 342 $ 1,314 Cash paid for interest $ 1,387 $ 1,394 SOURCE: ACCESS Newswire Inc. 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Yahoo
03-03-2025
- Business
- Yahoo
ACCESS Newswire Announces the Sale of its Compliance Business to Equiniti Trust Company, LLC
Transaction Highlights the Strategic Transformation of the Company to a Pure Communications SaaS Subscription Model Transaction creates a focus on the higher growth communications subscription business. $12.5 million total cash consideration, subject to certain post-closing adjustments, with $12 million paid at closing and $500,000 held back for twelve months. $12 million proceeds will be used to immediately pay down debt. The asset sale includes the transfer of the entire compliance team of 11 employees and associated client contracts, intellectual property and other related assets. Refined business model expected to deliver enhanced EBITDA margins. Includes transition services agreement for up to six months to assist Equiniti with the integration of the compliance business. RALEIGH, NORTH CAROLINA / / March 3, 2025 / ACCESS Newswire (NYSE American:ACCS) (the "Company," "ACCESS Newswire," "ACCESS"), a leading communications company, today announced the completion of the sale of its compliance division to Equiniti Trust Company, LLC ("Equiniti") for $12.5 million, subject to certain post-closing adjustments. This transaction, which closed February 28, 2025, is a significant step in ACCESS Newswire's strategic transformation into a pure-play communications SaaS subscription business. "Late in Q4 last year, we conducted a comprehensive market review-not only to evaluate the value of our compliance business but also to explore interest from potential buyers. Our outreach attracted multiple parties with strong interest. It soon became clear that Equiniti was the ideal partner, and we are excited to announce the sale of our compliance business to them," said Brian R. Balbirnie, ACCESS Newswire's Founder, Chairman, and CEO. Balbirnie continued, "We believe this marks a transformative moment for ACCESS, aligning with our strategic vision to lead the communications industry through innovation and investment in our core communications platform. By serving both investor and public relations markets, we aim to meet the evolving needs of our customers and industry. This transaction will enable us to drive growth, strengthen our competitive edge, and deliver exceptional value to our shareholders and customers alike. With our recent rebranding to ACCESS Newswire and the launch of our subscription model, we are now focused on our core mission: becoming the go-to communications platform across all industry segments and sizes." The Company will use the full initial proceeds of $12 million to reduce its outstanding bank debt from $15.3 million to approximately $3.3 million. As a result of the outstanding debt reduction, ACCESS Newswire has also restructured and amended the term loan to reflect its new balance, renewed its line of credit, and reduced its financial covenants. The streamlined business model is expected to set the communications business up to deliver enhanced EBITDA margins and predictable monthly recurring revenue through its subscription-based platform. The transaction enables ACCESS Newswire to focus exclusively on transitioning its over 10,000 customers into its three comprehensive fixed-fee subscriptions: ACCESS IR: Essential investor relations tools and distribution ACCESS PR: Comprehensive press release distribution, public relations, and media outreach All ACCESS: Complete suite of communications solutions subscription In connection with the Company's recent comprehensive rebranding initiative and the sale of the compliance business, the Company will record certain non-cash charges in the fourth quarter of 2024 and first quarter of 2025. The Company will also recognize certain accounting adjustments related to discontinued operations from the sale of the compliance business. These non-cash charges and discontinued operations accounting treatments will be reflected in the Company's upcoming financial statements but are not expected to impact the Company's cash flows or ongoing operations. The Company expects to file its Annual Report on Form 10-K for the year ended December 31, 2024 with the U.S. Securities and Exchange Commission (the "SEC") on or before March 25, 2025. Additionally, the Company will file a Current Report on Form 8-K with the SEC within four business days of February 28, 2025 further describing the sale of the compliance business. About ACCESS Newswire are ACCESS Newswire, a globally trusted Public Relations (PR) and Investor Relations (IR) solutions provider. With a focus on innovation, customer service, and value-driven offerings, ACCESS Newswire empowers brands to connect with their audiences where it matters most. From startups and scale-ups to multi-billion-dollar global brands, we ensure your most important moments make an impact and resonate with your audiences. To learn more visit Forward-Looking StatementsThis press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words "believe," "aim, " "anticipate," "estimate," "expect," "intend," "plan," "project," "prospects," "outlook," and similar words or expressions, or future or conditional verbs, such as "will," "should," "would," "may," and "could," are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance, or achievements to be materially different from any anticipated results, performance, or achievements for many reasons. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company's forward-looking statements, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2023, including but not limited to the discussion under "Risk Factors" therein, which the Company filed with the SEC and which may be viewed at For Further Information: ACCESS Newswire Brian R. Balbirnie 919-481-4000brianb@ Hayden IR Brett Maas (646) 536-7331brett@ Hayden IR James Carbonara(646)-755-7412james@ SOURCE: ACCESS Newswire Inc. 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Associated Press
27-01-2025
- Business
- Associated Press
Issuer Direct Corporation is Now ACCESS Newswire Inc. and Launches Industry's First Pure Communications SaaS Subscription Model
The name change to ACCESS Newswire Inc. and change of NYSE ticker symbol to 'ACCS' is effective as of today, January 27, 2025 RALEIGH, NC / ACCESS Newswire / January 27, 2025 / ACCESS Newswire Inc. (NYSE American:ACCS) (the 'Company' or 'ACCESS Newswire') announced today that the Company has changed its corporate name from Issuer Direct Corporation to ACCESS Newswire Inc., marking a strategic evolution that unifies its communications technology brands under a single identity. The comprehensive rebrand, effective immediately, represents a pivotal moment in the Company's 19-year history. After the name change, ACCESS Newswire remains committed to providing exceptional public relations ('PR') and investor relations ('IR') solutions and delivering the same high level customer service to its existing and future customers. Effective as of the market open today, January 27, 2025, the Company's Common Stock will be listed under the NYSE American Exchange ticker symbol 'ACCS'. No action is required by existing stockholders with respect to the name and ticker symbol changes. 'This transformation goes beyond a simple name change,' said Brian R. Balbirnie, Founder, Chairman, and CEO of the Company. 'By bringing together our strong industry brands - and - under the ACCESS Newswire banner, we are creating a unified communications platform positioned to better serve our global client base.' Along with the rebrand, the Company is launching three comprehensive fixed fee subscriptions designed for modern communications professionals: Packages range from an average $1,000 to $2,500 per month, delivering integrated storytelling, distribution, monitoring and targeted outreach capabilities for communications professionals, and predictable monthly recurring revenue (MRR) for the Company. ACCESS Newswire has outlined an ambitious technology roadmap for 2025: Currently serving more than 12,000 clients globally, we believe ACCESS Newswire is positioned to become the third-largest newswire service by mid-2025. The Company's new brand identity is supported by the tagline 'We love you more,' reflecting its strengthened commitment to customer success and innovation in the communications technology sector. Mr. Balbirnie continued, 'Our volume-based growth strategy has established a strong foundation for our subscription platform launch. With our expanded market presence and new subscription tiers, we believe we are well-positioned to continue our upward trajectory while maintaining operational excellence and healthy margins.' Mr. Balbirnie concluded, 'As we unite our business under the ACCESS Newswire banner, we believe we are creating a multi-brand, multifaceted business that builds on our established legacy, while positioning us for future growth. Our focus is clear: to become the world's leading communications platform through technological innovation and superior customer service.' About ACCESS Newswire We are ACCESS Newswire, a globally trusted Public Relations (PR) and Investor Relations (IR) solutions provider. With a focus on innovation, customer service, and value-driven offerings, ACCESS Newswire empowers brands to connect with their audiences where it matters most. From startups and scale-ups to multi-billion-dollar global brands, we ensure your most important moments make an impact and resonate with your audiences. To learn more about ACCESS Newswire offers visit Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act') (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words 'believe,' 'anticipate,' 'estimate,' 'expect,' 'intend,' 'plan,' 'project,' 'prospects,' 'outlook,' and similar words or expressions, or future or conditional verbs, such as 'will,' 'should,' 'would,' 'may,' and 'could,' are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance, or achievements to be materially different from any anticipated results, performance, or achievements for many reasons. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company's forward-looking statements, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2023, including but not limited to the discussion under 'Risk Factors' therein, which the Company filed with the SEC and which may be viewed at 919-481-4000 Brett Maas Hayden IR (646) 536-7331 [email protected] James Carbonara Hayden IR
