SOURCE: Diligent Board Member Services

Diligent Board Member Services

October 12, 2010 09:00 ET

Record Breaking Quarter Reported by Diligent Board Member Services, the World's Leading Board Portal Provider

NEW YORK, NY--(Marketwire - October 12, 2010) -  Diligent Board Member Services, (www.boardbooks.com) released its quarterly update for the period ended September 30, 2010, reporting the best quarter ever in the firms eight year history.

Highlights include a net of 41 new board portal clients added during the third quarter of 2010, compared to 30 for the third quarter of 2009, an improvement of 37%. Diligent now has 397 clients and more than 10,400 users of the Boardbooks portal, reinforcing the firm's position as the global leader in board portals.

Net sales revenue was $US 2.19 million for the third quarter of 2010, compared to $US 1.3 million for the third quarter of 2009, a growth of 68%. Total annualized license fees were $US 8.46 million at the end of the third quarter of 2010, compared to $US 5.56 million at the end of the third quarter of 2009 -- a growth of 52% in annual recurring revenue.

"Diligent Boardbooks'® continued leadership position among board portal companies is driven by its ability to efficiently deliver leading edge technology in a timely manner to an increasingly sophisticated target market which understands the benefits of a Software-as-a- Service (SaaS) model," said President and CEO Alex Sodi."Our ability to offer the best technology options to our customers was recently demonstrated by the release of Boardbooks for the iPad." 

Diligent also delivered on the promise to be cash flow break even by the 3rd quarter of 2010. "This is a noteworthy milestone for the company," said Steve Ruse, Chief Financial Officer. "It sets the stage for an exciting chapter in Diligent's development as a public company."

About Diligent Board Member Services, Inc (NZSE: DIL) www.boardbooks.com

Diligent Board Member Services provides company directors, executives and administrators with Diligent Boardbooks®, an easy-to-use system of securely compiling, distributing, viewing, and archiving materials within a Software-as-a-Service (SaaS) model. 

This document contains forward-looking statements within the meaning of the safe harbor provisions of the Securities Litigation Reform Act of 1995. Terms such as "expect," "believe," "continue," and "grow," as well as similar comments, are forward-looking in nature. Although the Company believes its growth plans are based upon reasonable assumptions, it can give no assurances that such expectations can be attained. Factors that could cause actual results to differ materially from the Company's expectations include: general business and economic conditions, competitive factors, raw materials purchasing, and fluctuations in demand. Please refer to the Company's Securities and Exchange Commission filings for further information.

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