Onvia reported 2012 revenue down 5% to $22 million vs. $23.2 million in 2011. Fourth quarter revenue declines 1% over same period last year.
Gross margin at 84% in both 2012 and 2011. Adjusted EBITDA decreased to $3.0 million vs. $3.8 million in 2011. Annual Contract Value grows 2% to $18.8 million.
The company stated that revenues are a lagging indicator of current operations because we mainly recognize revenue over 12 month subscriptions. Due to this policy, the impact of operational improvements is not immediately reflected in its financial results. If the Small/Medium business sales channel (SMB) continues to improve as expected, Oniva anticipates year over year revenue growth to be positive in early 2013
Onvia tracks, analyzes and reports the spending of tens of thousands of federal, state and local government agencies, giving companies a single source for conducting open, intelligent and efficient business with government.
Source: Onvia Press Release