WebMediaBrands Inc. (Nasdaq: WEBM) today reported financial
results for the quarter ended March 31, 2011.
Revenues for the first quarter of 2011 were $2.2 million
compared to revenues of $1.9 million for the same period in
2010. Revenues from online job board postings were up 45%
compared to the same period last year. Net loss was $1.3 million
during the first quarter of 2011 compared to a loss of $1.9 million
during the same period in 2010.
“We continued to demonstrate rapid growth during the first
quarter, despite not having the benefit of any trade shows during
the quarter, while continuing to contain our operating expenses,”
stated Alan M. Meckler, Chairman and CEO of WebMediaBrands Inc. “We
anticipate continued growth in the coming quarters as our website
traffic grows along with our various lines of business,” added
Meckler.
During the first quarter, WebMediaBrands announced the
acquisition of the assets of the SemanticOverflow.com website, the
acquisitions of the assets of the FacebookMarketing.de and
Twittercism.com blogs and the acquisition of the trade show and
related assets of the European Semantic Technology Conference.
WebMediaBrands also entered into a joint venture with pedigital
GmbH to launch AllFacebookStats.com.
Also during the first quarter, the Company announced the launch
of its Social Media Boot Camp, an innovative 8-week online
conference and workshop that ran from March 23 – May 11, 2011 and
will run again from June 8 – July 28, 2011.
WebMediaBrands Inc. 1st Quarter 2011 Financial
Results Conference Call Alert
WebMediaBrands Inc. invites you to participate in its conference
call reviewing 2011 first quarter results on Thursday, May 12, 2011
at 12:00 noon EDT.
The conference call number is 888-297-8964 for domestic
participants and 719-325-2150 for international participants;
confirmation code “6387080.” 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
18, 2011. Replay call numbers are 888-203-1112 for domestic
participants and 719-457-0820 for international participants;
confirmation code “6387080.”
WebMediaBrands Inc.
Unaudited Consolidated Condensed
Statements of Operations
For the Three Months Ended March 31,
2010 and 2011
(in thousands, except per share
amounts)
Three Months Ended
March 31,
2010 2011 Revenues $ 1,904 $ 2,246 Cost
of revenues 1,298 1,448 Advertising, promotion and selling 529 432
General and administrative 1,642 1,355 Depreciation 128 84
Amortization 11 118 Total operating expenses
3,608 3,437 Operating loss from continuing operations (1,704
) (1,191 ) Other income, net 8 (4) Interest income 17 35 Interest
expense (230 ) (179 ) Loss from continuing operations
before income taxes (1,909 ) (1,339 ) Provision for income taxes
3 10 Loss from continuing operations (1,912 ) (1,349
) Loss on sale of discontinued operations (6 ) — Net
loss $ (1,918 ) $ (1,349 ) Loss per share: Basic Loss from
continuing operations $ (0.05 ) $ (0.04 ) Income from discontinued
operations — — Net loss $ (0.05 ) $ (0.04 ) Diluted
Loss from continuing operations $ (0.05 ) $ (0.04 ) Income from
discontinued operations — — Net loss $ (0.05 ) $
(0.04 ) Weighted average shares used in computing loss per share:
Basic 37,185 37,977 Diluted 37,185
37,977
WebMediaBrands Inc.
Consolidated Condensed Balance
Sheets
December 31, 2010 and March 31,
2011
(in thousands, except share and per
share amounts)
December 31,
2010
March 31,
2011
(Unaudited) ASSETS Current assets: Cash and cash
equivalents $ 12,970 $ 11,100 Accounts receivable, net of
allowances of $10 and $10, respectively 581 726 Income taxes
receivable 392 189 Prepaid expenses and other current assets
520 591 Total current assets 14,463 12,606 Property
and equipment, net of accumulated depreciation of $1,556 and
$1,198, respectively 728 672 Intangible assets, net of accumulated
amortization of $209 and $327, respectively 1,535 1,814 Goodwill
10,261 10,189 Investments and other assets 1,005
1,338 Total assets $ 27,992 $ 26,619
LIABILITIES AND
STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $
1,210 $ 450 Accrued payroll and related expenses 424 537 Accrued
expenses and other current liabilities 1,447 1,411 Deferred
revenues 817 1,384 Total current liabilities 3,898
3,782 Loan from related party 5,947 5,897 Deferred revenues
19 21 Deferred income taxes 410 418 Other long-term liabilities
57 58 Total liabilities 10,331 10,176
Commitments and contingencies Stockholders’ equity:
Preferred stock, $.01 par value, 4,000,000 shares authorized, no
shares issued — —
Common stock, $.01 par value, 75,000,000
shares authorized, 37,986,851 and 38,101,513 shares
issued at December 31, 2010 and March 31,
2011, respectively
380 381 Additional paid-in capital 281,087 281,217 Accumulated
deficit (263,700 ) (265,049 ) Treasury stock, 65,000 shares, at
cost (106 ) (106 ) Total stockholders’ equity
17,661 16,443 Total liabilities and stockholders’ equity $
27,992 $ 26,619
WebMediaBrands Inc.
Unaudited Consolidated Condensed
Statements of Cash Flows
For the Three Months Ended March 31,
2010 and 2011 (in thousands)
Three Months Ended
March 31,
2010 2011 Cash flows from operating
activities: Net loss $ (1,918 ) $ (1,349 ) Less: Loss on sale of
discontinued operations (6 ) — Loss from continuing
operations (1,912 ) (1,349 ) Adjustments to reconcile net loss to
net cash used in operating activities: Depreciation and
amortization 139 202 Stock-based compensation 45 84 Other, net — (4
) Amortization of debt issue costs 34 8 Deferred income taxes 2 8
Changes in current assets and liabilities (net of businesses
acquired): Accounts receivable, net (180 ) (145 ) Prepaid expenses
and other assets 73 (71 ) Income tax receivable 79 203 Accounts
payable, accrued expenses and other liabilities (21 ) (688 )
Deferred revenues 260 569 Discontinued operations (5 )
— Net cash used in operating activities (1,486 )
(1,183 ) Cash flows from investing activities: Purchases of
property and equipment (12 ) (24 ) Acquisitions of businesses,
assets and other (91 ) (652 ) Net cash used in
investing activities (103 ) (676 ) Cash flows from
financing activities: Repayment of borrowings from related party —
(50 ) Proceeds from exercise of stock options 128 39
Net cash provided by (used in) financing activities 128
(11 ) Effect of exchange rates on cash (1 ) —
Net decrease in cash and cash equivalents (1,462 ) (1,870 ) Cash
and cash equivalents, beginning of period 15,012
12,970 Cash and cash equivalents, end of period $ 13,550 $ 11,100
About WebMediaBrands Inc.
WebMediaBrands Inc. (Nasdaq: WEBM)
(http://www.webmediabrands.com), headquartered in New York, NY, 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) AllCreativeWorld.com, a leading network of online properties
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: risks associated with
acquisitions, including integration of operations; 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
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