Corsis, the online advertising and promotions company acquired by TheStreet.com (NSDQ: TSCM) in August, saw its revenue through the first six months of the year fall to $5.5 million from $6.2 million, according to an SEC filing. Full year revenue for the past twelve months came to $9.7 million. Income followed the same trajectory, slipping to $522,320 from $797,167 over the same period. The filing also indicates that Corsis paid $1.25 million for the site Promotions.com, a deal that closed just days before Corsis’ own sale.
There’s little discussion of why the company’s performance is slipping, though this helps explain why the company chose to sell out.Filing.
Update: To clarify, these numbers don’t include financial data from Promotions.com, as that deal closed after the June 30 reporting period. Thus, as an emailer pointed out, the stated declines in Corsis’ business don’t reflect the complete assets acquired by TheStreet.com.