|By Business Wire||
|February 27, 2013 04:15 PM EST||
WebMediaBrands Inc. (Nasdaq: WEBM) today reported results for the fourth quarter and full year ended December 31, 2012.
Highlights for the fourth quarter of 2012 include:
- Revenues for the fourth quarter of 2012 were $3.3 million and revenues from trade shows and research increased 24% and 6%, respectively, compared to the same period in 2011.
- Net loss for the fourth quarter of 2012 was $6.5 million and included a non-cash impairment charge of $5.5 million related to the write-down of goodwill, compared to a net loss of $9.1 million for the same period in 2011.
Highlights for the year ended December 31, 2012 include:
- Revenues for the year ended December 31, 2012 were $14.0 million compared to revenues of $12.4 million for the year ended December 31, 2011, an increase of 12%. Revenues from research, trade shows and advertising increased 80%, 35% and 18%, respectively, compared to 2011. Inside Network’s market research and data services business, which includes AppData, contributed $1.7 million in revenues during 2012. We acquired Inside Network in May 2011.
- Net loss was $8.7 million for the year ended December 31, 2012, and included a non-cash impairment charge of $5.5 million related to the write-down of goodwill, compared to a net loss of $11.9 million for the year ended December 31, 2011. Non-GAAP loss, excluding interest, taxes, impairment, depreciation, amortization and stock-based compensation, or EBITDA, was $1.5 million for the year ended December 31, 2012 and included severance-related costs and a loss on the sale of certain assets totaling $402,000. EBITDA loss was $1.6 million for the same period in 2011. Stock-based compensation expense was $528,000 during the year ended December 31, 2012 compared to $991,000 during the same period in 2011.
“Our financial results for the year ended December 31, 2012, included revenue growth of 12%, with our research and trade show businesses leading the way with growth of 80% and 35%, respectively,” stated Alan M. Meckler, Chairman and CEO of WebMediaBrands, Inc. “We have continued to invest in our product offerings, specifically with our research and trade show businesses,” added Meckler. “We remain optimistic and encouraged about the future success and value of our business.”
WebMediaBrands Inc. Fourth Quarter 2012 Financial Results Conference Call Alert
WebMediaBrands Inc. invites you to participate in its conference call reviewing 2012 fourth quarter results on Wednesday, February 27, 2013 at 5:00 pm EST.
The conference call number is 888-437-9445 for domestic participants and 719-325-2329 for international participants; confirmation code “4162863.” Please call five minutes in advance to ensure that you are connected prior to the presentation. The conference call replay will be available until Tuesday, March 5, 2013. Replay call numbers are 888-203-1112 for domestic participants and 719-457-0820 for international participants; confirmation code “4162863.”
Unaudited Consolidated Condensed Statements of Operations
For the Three Months and Year Ended December 31, 2012 and 2011
(in thousands, except per share amounts)
Three Months Ended
|Cost of revenues||2,101||1,897||7,931||7,154|
|Advertising, promotion and selling||772||551||2,692||2,088|
|General and administrative||1,142||1,395||5,080||5,475|
|Contingent acquisition consideration||—||—||—||329|
|Total operating expenses||9,759||12,351||22,094||24,167|
|Other loss, net||(24||)||(2||)||(240||)||(9||)|
|Loss before income taxes||(6,524||)||(9,055||)||(8,639||)||(12,318||)|
|Provision (benefit) for income taxes||4||14||34||(403||)|
|Loss per share:|
|Basic net loss||$||(1.09||)||$||(1.52||)||$||(1.45||)||$||(2.05||)|
|Diluted net loss||$||(1.09||)||$||(1.52||)||$||(1.45||)||$||(2.05||)|
|Weighted average shares used in computing loss per share:|
Shares outstanding and per share data have been adjusted to give
effect to the one-for-seven reverse stock
Unaudited Consolidated Condensed Balance Sheets
December 31, 2012 and 2011
(in thousands, except share and per share amounts)
|Cash and cash equivalents||$||2,210||$||3,438|
|Accounts receivable, net of allowances of $16 and $11, respectively||524||489|
|Prepaid expenses and other current assets||503||575|
|Total current assets||3,237||4,502|
|Property and equipment, net of accumulated depreciation of $1,475 and $1,350, respectively||268||477|
|Intangible assets, net of accumulated amortization of $1,144 and $722, respectively||2,305||2,626|
|Investments and other assets||687||1,146|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Accrued payroll and related expenses||493||391|
|Accrued expenses and other current liabilities||649||662|
|Total current liabilities||2,945||2,708|
|Loan from related party||7,647||7,647|
|Deferred income taxes||474||444|
|Other long-term liabilities||—||60|
|Commitments and contingencies:|
|Preferred stock, $.01 par value, 4,000,000 shares authorized, no shares issued||—||—|
|Common stock, $.01 par value, 75,000,000 shares authorized, 6,138,879 and 6,077,911 shares issued and 6,019,594 and 5,958,626 shares outstanding at December 31, 2012 and 2011, respectively||61||61|
|Additional paid-in capital||289,711||289,036|
|Treasury stock, 119,285 shares, at cost||(496||)||(496||)|
|Total stockholders’ equity||4,988||12,986|
|Total liabilities and stockholders’ equity||$||16,071||$||23,867|
Shares outstanding and per share data have been adjusted to give
effect to the one-for-seven reverse stock
Unaudited Consolidated Condensed Statements of Cash Flows
For the Years Ended December 31, 2012 and 2011 (in thousands)
|Year Ended December 31,|
|Cash flows from operating activities:|
|Adjustments to reconcile net loss to net cash used in operating activities:|
|Depreciation and amortization||849||832|
|Provision for losses on accounts receivable||27||15|
|Amortization of debt issuance costs||36||28|
|Deferred income taxes||30||(410||)|
|Changes in current assets and liabilities (net of businesses acquired):|
|Accounts receivable, net||(62||)||135|
|Prepaid expenses and other assets||176||660|
|Accounts payable, accrued expenses and other liabilities||167||(702||)|
|Net cash used in operating activities||(1,143||)||(1,843||)|
|Cash flows from investing activities:|
|Purchases of property and equipment||(117||)||(57||)|
|Acquisitions of businesses, assets and other||(220||)||(9,062||)|
|Proceeds from sale of assets||132||—|
|Net cash used in investing activities||(205||)||(9,119||)|
|Cash flows from financing activities:|
|Borrowings from related party||—||1,750|
|Purchase of treasury stock||—||(390||)|
|Debt issuance costs||(23||)||(26||)|
|Repayment of borrowings from related party||—||(50||)|
|Proceeds from exercise of stock options||143||146|
|Net cash provided by financing activities||120||1,430|
|Effect of exchange rates on cash||—||—|
|Net decrease in cash and cash equivalents||(1,228||)||(9,532||)|
|Cash and cash equivalents, beginning of year||3,438||12,970|
|Cash and cash equivalents, end of year||$||2,210||$||3,438|
|Supplemental disclosures of cash flow:|
|Cash refund of income taxes, net||$||70||$||393|
|Cash paid for interest||$||235||$||629|
About WebMediaBrands Inc.
WebMediaBrands Inc. (Nasdaq: WEBM) (http://www.webmediabrands.com) is a leading Internet media company that provides content, education, and career services to social media, traditional 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, advertising, public relations, publishing, design, and mobile; (ii) InsideNetwork.com, a leading network of online properties providing original market research, data services, news, and job listings on the Facebook platform, on social gaming, and on mobile applications ecosystems; and (iii) SemanticWeb.com, a leading blog providing content, education, community resources and career resources on the commercialization and application of Semantic Technologies, Linked Data, and Big Data. 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 (stocklogos.com) 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.
All current WebMediaBrands press releases can be found online at http://www.webmediabrands.com/corporate/press.html.
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