TheStreet.com Posts Loss, Revenue Declines

Updated from 4:04 p.m. EST

TheStreet.com Inc. (TSCM), a New York-based financial media company that publishes this Web site, reported a loss for the fourth quarter and said Thursday that revenue declined 17% from the same period a year earlier.

For the quarter ended Dec. 31, revenue fell to $16.5 million from $19.9 million in the fourth quarter of 2007. Analysts were expecting revenue of $17.3 million.

The company reported a loss of $100,000, excluding a noncash intangible asset impairment charge of $2.3 million and a noncash income tax benefit of $100,000. On a per-share basis, the company broke even, matching the consensus estimate carried by Thomson Reuters. In the final quarter last year, TheStreet.com earned $4.7 million, or 16 cents a share.

The net loss for the quarter was $2.4 million, or 8 cents a share.

Earnings before interest, taxes, depreciation and amortization, excluding the $2.3 million noncash impairment charge and stock compensation costs of $900,000, or adjusted EBITDA, was $1.8 million, a decrease of 69% from last year.

"The market environment is clearly difficult for both our marketing services and our premium research subscription products," said Thomas J. Clarke Jr., chief executive officer of TheStreet.com. "While forward visibility into each business line is extremely limited, we remain focused on ensuring that our costs are in line with the current revenue environment. We have reduced our headcount throughout 2008 by 11%, and our operating expenses declined by 6% sequentially. We will continue to aggressively manage costs and maintain our strong balance sheet."