Active Network (ACTV) CEO Landa Resigns; Prelim. Q1 Revs Top Views
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Active Network (NYSE: ACTV) announced several changes in its senior leadership as the Company continues to focus on strengthening its long-term operational and financial performance. The Company also announced strong first quarter 2013 revenue and Adjusted EBITDA that was better than previously provided guidance. Detailed first quarter 2013 financial results will be announced on May 2, 2013.
Jon Belmonte, a former Chief Media Officer and Chief Operating Officer at the Company, has been named interim Chief Executive Officer, effective immediately. He succeeds Matthew Landa, who has resigned as CEO. In addition, David Alberga has resigned as Executive Chairman of the Company and as Chairman of the Board of Directors, effective immediately. Messrs. Landa and Alberga will both remain members of the Board; their terms expire at the Company’s Annual Meetings of Stockholders in 2013 and 2014, respectively. Mr. Belmonte has been nominated by the Board to serve as a director and will stand for election at the Company’s 2013 Annual Meeting of Stockholders.
The ACTIVE Network Board has initiated a search process and will retain a leading executive search firm to identify a permanent CEO. The search process will include a full review of internal and external candidates.
ACTIVE Network today announced selected preliminary results for the first quarter of 2013. First quarter total net revenue increased year-over-year by 12% to $106 million. Net loss narrowed year-over-year by 25% to $15.2 million and Adjusted EBITDA, a non-GAAP financial measure, was $6.1 million, a record for the first quarter.
The Street is looking for Q1 revs of $104.9 million and a loss of 18 cents per share.
Jon Belmonte, a former Chief Media Officer and Chief Operating Officer at the Company, has been named interim Chief Executive Officer, effective immediately. He succeeds Matthew Landa, who has resigned as CEO. In addition, David Alberga has resigned as Executive Chairman of the Company and as Chairman of the Board of Directors, effective immediately. Messrs. Landa and Alberga will both remain members of the Board; their terms expire at the Company’s Annual Meetings of Stockholders in 2013 and 2014, respectively. Mr. Belmonte has been nominated by the Board to serve as a director and will stand for election at the Company’s 2013 Annual Meeting of Stockholders.
The ACTIVE Network Board has initiated a search process and will retain a leading executive search firm to identify a permanent CEO. The search process will include a full review of internal and external candidates.
ACTIVE Network today announced selected preliminary results for the first quarter of 2013. First quarter total net revenue increased year-over-year by 12% to $106 million. Net loss narrowed year-over-year by 25% to $15.2 million and Adjusted EBITDA, a non-GAAP financial measure, was $6.1 million, a record for the first quarter.
The Street is looking for Q1 revs of $104.9 million and a loss of 18 cents per share.
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