WebMediaBrands Inc. Reports Results For Its Fourth Quarter Ended December 31, 2009
(Norwalk, CT - March 30, 2010) -- WebMediaBrands Inc. (Nasdaq: WEBM) today reported results for the quarter ended December 31, 2009.
Revenues for the fourth quarter of 2009 were $1.7 million compared to revenues of $1.8 million for the same period in 2008. Operating expenses, excluding impairment, for the fourth quarter of 2009 were $3.5 million compared to $7.6 million for the same period in 2008. Loss from continuing operations was $13.2 million during the fourth quarter of 2009 compared to $13.5 million during the same period in 2008. Loss from continuing operations during the fourth quarter of 2009 included a non-cash impairment charge of $12.6 million related to the write-down of goodwill, intangible assets and building and land.
"Revenues from our online advertising sales operations improved during the fourth quarter and were up 54% compared to the third quarter of 2009 and 148% for the same period in 2008. In addition, revenues from our job board operations continued to show steady improvement and were up 7% compared to the fourth quarter of 2008. Also, operating costs in this quarter reflect cost savings that we believe will continue into 2010," stated Alan M. Meckler, Chairman and CEO of WebMediaBrands.
In November 2009, WebMediaBrands completed the sale of the assets related to its Internet.com business to QuinStreet, Inc. for an aggregate purchase price of $18.0 million in cash, subject to a working capital purchase price adjustment. Prior year financial results have been presented to include WebMediaBrands's Internet.com business as a discontinued operation for the periods presented.
In February 2009, WebMediaBrands completed the sale of its online images business to Getty Images, Inc. Prior year financial results have been presented to reflect WebMediaBrands’s online images segment as a discontinued operation for the periods presented.
WebMediaBrands Inc. 4th Quarter 2009 Financial Results Conference Call Alert
WebMediaBrands Inc. invites you to participate in its conference call reviewing 2009 fourth quarter results on Tuesday, March 30, 2010 at 5:00 pm EDT.
The conference call number is 877-795-3613 for domestic participants and 719-325-4802 for international participants; confirmation code "4239586." Please call five minutes in advance to ensure that you are connected prior to the presentation. The conference call replay will be available until Tuesday, April; 13, 2010. Replay call numbers are 888-203-1112 for domestic participants and 719-457-0820 for international participants; confirmation code "4239586."
About WebMediaBrands Inc.
WebMediaBrands Inc. (Nasdaq: WEBM, www.webmediabrands.com) is an Internet media company that provides content, education, trade shows and online job board services to media and business professionals.
"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."
All current WebMediaBrands press releases can be found online at www.webmediabrands.com/corporate/press.html
Director of Marketing