WebMediaBrands Inc. Reports Results For Its Third Quarter Ended September 30, 2010; Revenue Increases 32%; Job Board Increases 83%
(New York, NY - November 3, 2010) -- WebMediaBrands Inc. (Nasdaq: WEBM) today reported results for the quarter ended September 30, 2010.
Revenues for the third quarter of 2010 were $1.9 million compared to revenues of $1.5 million for the same period in 2009, an increase of 32%. Revenues from job board postings and online advertising sales were up 83% and 25%, respectively, compared to the same period last year. Operating expenses, excluding impairment, for the third quarter of 2010 were $3.2 million compared to $3.7 million for the same period last year. Loss from continuing operations was $1.7 million during the third quarter of 2010 compared to $3.8 million during the same period in 2009. Loss from continuing operations during the third quarter of 2010 included an impairment charge of $319,000 related to the write-down of the Company’s building and land in Peoria, Illinois. In October 2010, WebMediaBrands entered into an agreement to sell the property for $1.8 million and the Company expects the transaction to close during the fourth quarter of 2010.
"Our third quarter demonstrated significant year-over-year growth in revenues and reductions in operating expenses," stated Alan M. Meckler, Chairman and CEO of WebMediaBrands. "We are excited by the growth of our business and our new product offerings. We continue to develop and acquire blogs and other properties dealing with social media, traditional media and other related topics. We expect these investments to continue to show positive results in future quarters," added Meckler.
During the third quarter, WebMediaBrands announced the acquisition of the Semantic Technology Conference (SemTech) and related SemanticUniverse blog, the launch of its SportsNewser blog and the launch of its SocialTimes Pro research service. WebMediaBrands also recently announced the launch of CreativePro, a new online training program for advertising and design professionals.
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.
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. 3rd Quarter 2010 Financial Results Conference Call Alert
WebMediaBrands Inc. invites you to participate in its conference call reviewing 2010 third quarter results on Wednesday, November 3, 2010 at 5:00 pm EDT.
The conference call number is 877-675-4753 for domestic participants and 719-325-4926 for international participants; confirmation code "3856984." 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, November 8, 2010. Replay call numbers are 888-203-1112 for domestic participants and 719-457-0820 for international participants; confirmation code “3856984.”
About WebMediaBrands Inc.
WebMediaBrands Inc. is an Internet media company that provides content, education, trade shows, and online job board services to media and business professionals. The company’s online business includes mediabistro.com, a leading blog network providing content, career, and educational resources about major media markets and industry verticals including new media, TV news, advertising, public relations, publishing, design, mobile, and the semantic web.
All current WebMediaBrands press releases can be found online at www.webmediabrands.com/corporate/press.html
For information about WebMediaBrands contact:
Director of Marketing