Marchex’s Archeo Revenue $14.5M In 2014; Horowitz Steps Down As CEO; Pete Christothoulou Takes Over

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Marchex (MCHX)  reported its earnings for the 4th Quarter and the full year of 2014, after the market closed today and also announced that Russell Horowitz who has been the CEO of the company for the last 12 years is stepping down as CEO  but will remain on the board.

Marchex co-founder Pete Christothoulou was named CEO.

The company also announced that former Market Leader CEO Ian Morris has joined the board.

In 2014 Marchex’s Archeo division had revenue of $14.5 million including domain gains and sales down from $21.2 Million in 2013.  It should be noted that in September 2013, upon the launch of its domain marketplace, Marchex commenced recognizing domain sales as revenue.
Q4 2014 Financial Highlights

  • GAAP revenue was $33.3 million for the fourth quarter of 2014, compared to $39.7 million for the fourth quarter of 2013.
  • GAAP net income from continuing operations was $571,000 for the fourth quarter of 2014, compared to GAAP net income from continuing operations of $597,000 for the fourth quarter of 2013.
  • GAAP net income from continuing operations attributable to common stockholders per diluted share was $0.01 for the fourth quarter of 2014. This compares to GAAP net income from continuing operations attributable to common stockholders per diluted share of $0.02 for the fourth quarter of 2013.

Full Year 2014 Financial Highlights

  • GAAP revenue was $182.6 million for 2014, compared to $152.6 million for 2013.
  • GAAP net loss from continuing operations was $19.4 million for 2014, which includes the effect of a non-cash charge to income tax expense of $22.3 million for a valuation allowance on our deferred tax assets recorded in the third quarter, compared to GAAP net income from continuing operations of $957,000 for 2013.
  • GAAP net loss from continuing operations attributable to common stockholders per diluted share was $0.49 for 2014. This compares to GAAP net income from continuing operations attributable to common stockholders per diluted share of $0.03 for 2013.

Marchex is down 65% over the past 12 months, giving it a market value of $173 million.

About Michael Berkens

Michael Berkens, Esq. is the founder and Editor-in-Chief of TheDomains.com. Michael is also the co-founder of Worldwide Media Inc. which sold around 70K domain to Godaddy.com in December 2015 and now owns around 8K domain names . Michael was also one of the 5 Judges selected for the the Verisign 30th Anniversary .Com contest.