ComScore net losses deepened in 2017 as operational expenses continued to well outpace revenues, the company revealed in a new regulatory filing with the Securities and Exchange Commission.
According to the 10-K filing, comScore’s net losses amounted to about $281.4 million in 2017. The net losses arrive as the company’s $403 million in annual revenues was eclipsed by nearly $700 million in operational expenses, resulting in a $295.5 million operational loss that was offset somewhat by net income and income tax benefits.
The net loss was well ahead of the $117 million lost in 2016 and the $78 million lost in 2015.
The new financial disclosures come from comScore as the company is wrapping up an internal investigation into financial irregularities.
“The completion of our restatement process and the filing of current financials is an important step for our company as it allows us to move forward and focus our full attention on delivering on the vast potential of our business,” said Bill Livek, comScore’s executive vice chairman and president, in a statement. “On behalf of the Board, I’d like to thank our investors, customers and employees for their patience during this process, and assure them that, as a result of this process, we are significantly improving our accounting policies and procedures as we also constantly reinforce ethical compliance throughout our organization. With these matters behind us, we are confident that our strong assets, market-leading technologies and excellent team will enable us to deliver improved services to our customers, stay ahead of our competitors and deliver long-term value to our stockholders.”
ComScore has been busy reshaping its management team and board following the investigation. In September, the company announced the departure of directors William Engel, Russell Fradin, Lisa Gersh, Mark Harris, William Henderson, Ronald Korn and Joshua Peirez. In October, co-founder and CEO Gian Fulgoni announced he would retire from the company in January 2018.
Today, comScore announced that Susan Riley, chair of the board of comScore, is stepping down, effective immediately. The board expects to appoint a chair and, if needed, a lead independent director, concurrent with the conclusion of its search for its new CEO. Riley is staying on to serve as a consultant to the company through the end of 2018.