WebMediaBrands Inc. Reports Financial Results For Its Fourth Quarter and Full Year Ended December 31, 2010; Fourth Quarter Revenues Increase 62%; Annual Revenues Increase 47%
(New York, NY - March 2, 2011) -- WebMediaBrands Inc. (Nasdaq: WEBM) today reported financial results for the quarter and full year ended December 31, 2010.
Revenues for the fourth quarter of 2010 were $2.7 million compared to revenues of $1.7 million for the same period in 2009. Revenues from online job board postings, online advertising sales and trade shows were up 65%, 36% and 321%, respectively, compared to the same period last year. Loss from continuing operations was $465,000 during the fourth quarter of 2010 compared to a loss of $13.2 million during the same period in 2009.
Revenues for the full year of 2010 were $9.0 million compared to revenues of $6.1 million for the same period in 2009. Revenues from online job board postings, online advertising sales and trade shows were up 79%, 77% and 114%, respectively, compared to 2009. Operating expenses, excluding impairment, for the full year of 2010 were $13.8 million compared to $19.2 million during 2009, and loss from continuing operations was $5.0 million for the full year of 2010 compared to a loss of $33.6 million during 2009.
"Year-over-year and sequential quarterly revenue growth were the continuing story for our company during the fourth quarter, demonstrating the strength of our growing community. Our social media and traditional media content drives readers to our related services, including our online job board, trade shows, advertising and online education," stated Alan M. Meckler, Chairman and CEO of WebMediaBrands, Inc. "We plan to make additional acquisitions and to organically add to our offerings this year and expect that these investments will show positive results in both the short and long term," added Meckler.
During the fourth quarter, WebMediaBrands announced the acquisition of the 10000Words.net blog and the TVSpy.com website. WebMediaBrands also announced the launch of its AllFacebook Services Directory and the launch of its AllTwitter blog.
In November 2010, Quinstreet, Inc. paid WebMediaBrands $1.7 million to satisfy the final terms of the sale of the assets of its Internet.com business, which resulted in a one-time gain of $2.0 million during the fourth quarter of 2010.
In December 2010, WebMediaBrands closed on the sale of its property in Peoria, Illinois for $1.5 million in cash, net of closing costs.
WebMediaBrands Inc. 4th Quarter 2010 Financial Results Conference Call Alert
WebMediaBrands Inc. invites you to participate in its conference call reviewing 2010 fourth quarter results on Wednesday, March 2, 2011 at 5:00 pm EDT.
The conference call number is 888-634-7543 for domestic participants and 719-325-2370 for international participants; confirmation code "5268790." Please call five minutes in advance to ensure that you are connected prior to the presentation. The conference call replay will be available until Monday, March 7, 2011. Replay call numbers are 888-203-1112 for domestic participants and 719-457-0820 for international participants; confirmation code "5268790."
About WebMediaBrands Inc.
WebMediaBrands Inc. is a leading Internet media company that provides content, education and career services to media and creative professionals through a portfolio of vertical online properties, communities and trade shows. The Company's online business includes: (i) mediabistro.com, a leading blog network providing content, education, community and career resources (including the industry's leading online job board) about major media industry verticals including new media, social media, Facebook, TV news, sports news, advertising, public relations, publishing, design, mobile and the Semantic Web; and (ii) a leading network of online properties, including BrandsoftheWorld.com and AdsoftheWorld.com, providing content, education, community, career and other resources for creative and design professionals. The Company's online business also includes community, membership and e-commerce offerings including a freelance listing service, a marketplace for designing and purchasing logos and premium membership services. The Company's trade show and educational offerings include conferences, online and in-person courses and video subscription libraries on topics covered by the Company's online business.
"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: general economic conditions; the competitive environment in which WebMediaBrands competes; and the unpredictability of WebMediaBrands's future revenues, expenses, cash flows and stock prices. 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.
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