2009 PressPress Releases
WEBMEDIABRANDS INC. REPORTS RESULTS
FOR ITS THIRD QUARTER ENDED SEPTEMBER 30, 2009
(Norwalk, CT - November 12, 2009) -- WebMediaBrands Inc. (Nasdaq: WEBM), an Internet media company concentrating on BtoB communities, today reported results for the quarter ended September 30, 2009.
Revenues from continuing operations for the third quarter of 2009 were $4.5 million compared to revenues of $7.6 million for the same period in 2008. Loss from continuing operations was $4.6 million for the third quarter of 2009 compared to $21.8 million for the same period in 2008.
"Despite the continued downturn in the economy, which had an impact on our online advertising sales operations during the third quarter, revenues from our job board operations showed improvement during the third quarter and were up 26% compared to the second quarter of 2009. Also, operating costs in this quarter reflect significant cost savings that we believe will be in effect for the balance of the year and into 2010," stated Alan M. Meckler, Chairman and CEO of WebMediaBrands.
In August 2009 WebMediaBrands entered into an asset purchase agreement to sell its Internet.com division to QuinStreet, Inc. for an aggregate purchase price of $18.0 million in cash, subject to a working capital purchase price adjustment. The Company anticipates consummating the transaction on or about November 30, 2009, subject to stockholder approval.
In February 2009 WebMediaBrands completed the sale of its online images business to Getty Images, Inc. for an aggregate purchase price of $96.0 million in cash, subject to a working capital purchase price adjustment. As a result of the sale, these financial results reflect WebMediaBrands's online images segment as a discontinued operation, and continuing operations are comprised solely of the online media business. Prior year financial results have been presented to reflect WebMediaBrands's online images segment as a discontinued operation.
WebMediaBrands Inc. 3rd Quarter 2009 Financial Results Conference Call Alert
WebMediaBrands Inc. invites you to participate in its conference call reviewing 2009 third quarter results on Thursday, November 12, 2009 at 5:00 pm EST.
The conference call number is 800-967-7134 for domestic participants and 719-457-1506 for international participants; pass code "677 5406." Please call five minutes in advance to ensure that you are connected prior to the presentation. The conference call replay will be available until Thursday, November 26, 2009. Replay call numbers are 888-203-1112 for domestic participants and 719-457-0820 for international participants; pass code "677 5406."
About WebMediaBrands Inc.
WebMediaBrands Inc. (Nasdaq: WEBM, www.webmediabrands.com) is an Internet media company concentrating on BtoB communities. WebMediaBrands has three online communities: Internet.com for IT managers and Web developers; Mediabistro.com for media professionals and Graphics.com for design and creative professionals. All three communities offer job boards, marketplaces, online education offerings and events
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release that are not historical facts are "forward-looking statements" under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The potential risks and uncertainties address a variety of subjects including, for example, the successful completion of the sale of the Internet.com business to QuinStreet, Inc.; general economic conditions; the competitive environment in which WebMediaBrands competes; the unpredictability of WebMediaBrands's future revenues, expenses, cash flows and stock prices; and WebMediaBrands's dependence on a limited number of advertisers. For a more detailed discussion of such risks and uncertainties, refer to WebMediaBrands's reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934. The forward-looking statements included herein are made as of the date of this press release, and WebMediaBrands assumes no obligation to update the forward-looking statements after the date hereof, except as required by law.
All current WebMediaBrands press releases can be found online at www.webmediabrands.com/corporate/press.html.
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