WebMediaBrands Inc. Reports Results For Its First Quarter Ended March 31, 2010
(Norwalk, CT - May 12, 2010) -- WebMediaBrands Inc. (Nasdaq: WEBM) today reported results for the quarter ended March 31, 2010.
Revenues for the first quarter of 2010 were $1.9 million compared to revenues of $1.5 million for the same period in 2009. Operating expenses for the first quarter of 2010 were $3.6 million compared to $8.6 million for the same period in 2009. Loss from continuing operations was $1.9 million during the first quarter of 2010 compared to $14.7 million during the same period in 2009.
"Revenues continued to show growth during the first quarter and were up 24% compared to the first quarter of 2009. Revenues from our online advertising sales and job board operations were up 142% and 63%, respectively, compared to the first quarter of 2009," stated Alan M. Meckler, Chairman and CEO of WebMediaBrands. "We have been developing blog content dealing with social media, social networks and social gaming and have made investments in our events business over the past several quarters. We expect the benefits of these investments to be apparent in future quarters," added Meckler.
In February 2009, WebMediaBrands completed the sale of its online images business to Getty Images, Inc. Prior year financial results have been presented to include the WebMediaBrands's online images business as a discontinued operation for the periods presented.
In November 2009, WebMediaBrands completed the sale of the assets related to its Internet.com business to QuinStreet, Inc. Prior year financial results have been presented to include WebMediaBrands's Internet.com business as a discontinued operation for the periods presented.
WebMediaBrands Inc. 1st Quarter 2010 Financial Results Conference Call Alert
WebMediaBrands Inc. invites you to participate in its conference call reviewing 2010 first quarter results on Thursday, May 13, 2010 at 11:00 am EDT.
The conference call number is 877-675-4749 for domestic participants and 719-325-4838 for international participants; confirmation code "5683457." Please call five minutes in advance to ensure that you are connected prior to the presentation. The conference call replay will be available until Wednesday, May 27, 2010. Replay call numbers are 888-203-1112 for domestic participants and 719-457-0820 for international participants; confirmation code: "5683457."
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