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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Webmediabrands (MM) | NASDAQ:WEBM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.19 | 0 | 00:00:00 |
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:
Highlights for the year ended December 31, 2012 include:
“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.”
WebMediaBrands Inc.
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 EndedDecember 31, Year EndedDecember 31, 2012 2011 2012 2011 Revenues $ 3,320 $ 3,375 $ 13,962 $ 12,429 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 Depreciation 71 77 309 319 Amortization 131 142 540 513 Impairment 5,542 8,289 5,542 8,289 Contingent acquisition consideration — — — 329 Total operating expenses 9,759 12,351 22,094 24,167 Operating loss (6,439 ) (8,976 ) (8,132 ) (11,738 ) Other loss, net (24 ) (2 ) (240 ) (9 ) Interest income 1 45 4 86 Interest expense (62 ) (122 ) (271 ) (657 ) Loss before income taxes (6,524 ) (9,055 ) (8,639 ) (12,318 ) Provision (benefit) for income taxes 4 14 34 (403 ) Net loss $ (6,528 ) $ (9,069 ) $ (8,673 ) $ (11,915 ) 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: Basic 6,014 5,976 5,991 5,818 Diluted 6,014 5,976 5,991 5,818Shares outstanding and per share data have been adjusted to give effect to the one-for-seven reverse stocksplit implemented on August 16, 2012.
WebMediaBrands Inc.
Unaudited Consolidated Condensed Balance Sheets
December 31, 2012 and 2011
(in thousands, except share and per share amounts)
December 31,2012 December 31,2011 ASSETS Current assets: 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 Goodwill 9,574 15,116 Investments and other assets 687 1,146 Total assets $ 16,071 $ 23,867 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 509 $ 367 Accrued payroll and related expenses 493 391 Accrued expenses and other current liabilities 649 662 Deferred revenues 1,294 1,288 Total current liabilities 2,945 2,708 Loan from related party 7,647 7,647 Deferred revenues 17 22 Deferred income taxes 474 444 Other long-term liabilities — 60 Total liabilities 11,083 10,881 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, 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 Accumulated deficit (284,288 ) (275,615 ) Treasury stock, 119,285 shares, at cost (496 ) (496 ) Total stockholders’ equity 4,988 12,986 Total liabilities and stockholders’ equity $ 16,071 $ 23,867Shares outstanding and per share data have been adjusted to give effect to the one-for-seven reverse stocksplit implemented on August 16, 2012.
WebMediaBrands Inc.
Unaudited Consolidated Condensed Statements of Cash Flows
For the Years Ended December 31, 2012 and 2011 (in thousands)
Year Ended December 31, 2012 2011 Cash flows from operating activities: Net loss $ (8,673 ) $ (11,915 ) Adjustments to reconcile net loss to net cash used in operating activities: Impairment 5,542 8,289 Depreciation and amortization 849 832 Stock-based compensation 528 991 Provision for losses on accounts receivable 27 15 Other, net 236 (2 ) 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 ) Deferred revenues 1 236 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 $ 629About 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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