Getty Images (NYSE: GYI) reported that Q1 revenues grew 6 percent to $213 million compared to $201 million in the previous year. It also said that Q1 net income was $38.0 million. And while its proposed purchase of rival Jupitermedia didn’t happen, Getty’s acquisitions of entertainment image specialist WireImage and royalty-free image distributor PunchStock did come through. PunchStock joins other sites in Getty’s arsenal, including GettyImages.com and istockphoto.com, which it said will help it better compete in the growing online creative image buying marketplace. The company also noted before the call:
—Royalty-free imagery revenue grew 13 percent.
—Editorial imagery revenue grew 16 percent.
—Selling, General and Administrative expenses were $81.4 million, or 38.3 percent of revenue. The expenses include costs associated with the terminated acquisition of Jupitermedia. Earnings release | Webcast
Rafat adds: Getty also announced its third recent acquisition: PunchStock, based in Madison, Wis., which offers simpler licensing and search…this adds a third stock image unit to the company, supplementing Getty’s core business and the newer iStockphoto acquired in 2006. More info here.