Monotype Imaging Holdings Inc. (TYPE, Financial) filed Quarterly Report for the period ended 2010-09-30.
Monotype Imaging Holdings Inc. has a market cap of $330.5 million; its shares were traded at around $9.43 with a P/E ratio of 24.2 and P/S ratio of 3.6. TYPE is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Marketing and Selling. Marketing and selling expense was $6.7 million and $5.8 million in the three months ended September 30, 2010 and 2009, respectively, an increase of $0.9 million, or 16.2%. Personnel and personnel related expenses increased $0.8 million, in the third quarter of 2010, as compared to the same period in 2009, mainly the result of higher variable compensation due to a higher sales volume.
Research and Development. Research and development expense was $3.9 million and $3.4 million in the three months ended September 30, 2010 and 2009, respectively, an increase of $0.5 million or 17.4%. Personnel and personnel related expenses increased $0.8 million in the three months ended September 30, 2010, as compared to the same period in 2009, mainly the result of an increase in variable compensation and higher salary expense.
General and Administrative. General and administrative expense was $4.1 million and $3.6 million in the three months ended September 30, 2010 and 2009, respectively, an increase of $0.5 million, or 15.1%. Personnel and personnel related expenses increased $0.5 million in the third quarter of 2010, as compared to the same period in 2009, mainly the result of variable compensation.
Interest expense, net of interest income was $1.1 million and $1.0 million in the three months ended September 30, 2010 and 2009, respectively, an increase of $0.1 million or 7.4%. The increase in interest expense was the result of an increase in the interest rates on the outstanding debt. At September 30, 2010, the blended interest rate on our credit facility arranged by Wells Fargo Foothill, or our Amended and Restated Credit Agreement, was 4.0%, as compared to a blended rate of 3.0% at September 30, 2009. The interest rate on our outstanding debt was increased by one percentage point in connection with an amendment of our credit facility in October 2009. The increase was mostly offset by lower total debt outstanding in the third quarter of 2010, as compared to the same period in 2009. Total debt outstanding, net of unamortized financing costs, at September 30, 2010 was $78.5 million, as compared to $99.2 million at September 30, 2009.
Loss (gain) on derivatives was a loss of $1.6 million in the three months ended September 30, 2010, as compared to a loss of $1.1 million in the three months ended September 30, 2009, the net result of changes to the market value of our swap contracts. In the third quarter of 2010, we recorded losses of $1.2 million on our currency swap contract and $0.4 million on our interest rates swap contracts. The loss in the third quarter of 2009 consisted of a $0.9 million loss on our currency swap and a $0.2 million loss on our interest rate swap contract.
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Monotype Imaging Holdings Inc. has a market cap of $330.5 million; its shares were traded at around $9.43 with a P/E ratio of 24.2 and P/S ratio of 3.6. TYPE is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Creative professional revenue was $6.9 million and $6.7 million for the three months ended September 30, 2010 and 2009, respectively, an increase of $0.2 million, or 2.6%, primarily due to an increase in non-web revenue. Non-web revenue which includes custom and direct, increased $0.2 million in the third quarter of 2010, as compared to the same period in 2009, primarily the result of increased direct sales to our enterprise customers.Marketing and Selling. Marketing and selling expense was $6.7 million and $5.8 million in the three months ended September 30, 2010 and 2009, respectively, an increase of $0.9 million, or 16.2%. Personnel and personnel related expenses increased $0.8 million, in the third quarter of 2010, as compared to the same period in 2009, mainly the result of higher variable compensation due to a higher sales volume.
Research and Development. Research and development expense was $3.9 million and $3.4 million in the three months ended September 30, 2010 and 2009, respectively, an increase of $0.5 million or 17.4%. Personnel and personnel related expenses increased $0.8 million in the three months ended September 30, 2010, as compared to the same period in 2009, mainly the result of an increase in variable compensation and higher salary expense.
General and Administrative. General and administrative expense was $4.1 million and $3.6 million in the three months ended September 30, 2010 and 2009, respectively, an increase of $0.5 million, or 15.1%. Personnel and personnel related expenses increased $0.5 million in the third quarter of 2010, as compared to the same period in 2009, mainly the result of variable compensation.
Interest expense, net of interest income was $1.1 million and $1.0 million in the three months ended September 30, 2010 and 2009, respectively, an increase of $0.1 million or 7.4%. The increase in interest expense was the result of an increase in the interest rates on the outstanding debt. At September 30, 2010, the blended interest rate on our credit facility arranged by Wells Fargo Foothill, or our Amended and Restated Credit Agreement, was 4.0%, as compared to a blended rate of 3.0% at September 30, 2009. The interest rate on our outstanding debt was increased by one percentage point in connection with an amendment of our credit facility in October 2009. The increase was mostly offset by lower total debt outstanding in the third quarter of 2010, as compared to the same period in 2009. Total debt outstanding, net of unamortized financing costs, at September 30, 2010 was $78.5 million, as compared to $99.2 million at September 30, 2009.
Loss (gain) on derivatives was a loss of $1.6 million in the three months ended September 30, 2010, as compared to a loss of $1.1 million in the three months ended September 30, 2009, the net result of changes to the market value of our swap contracts. In the third quarter of 2010, we recorded losses of $1.2 million on our currency swap contract and $0.4 million on our interest rates swap contracts. The loss in the third quarter of 2009 consisted of a $0.9 million loss on our currency swap and a $0.2 million loss on our interest rate swap contract.
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