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Geeknet Reports Fourth Quarter And Year End 2009 Financial Results

MOUNTAIN VIEW, Calif., Feb. 11 /PRNewswire-FirstCall/ -- Geeknet, Inc. (Nasdaq: LNUX), the online network for the global geek community, today announced financial results for its fourth quarter and year ended December 31, 2009.

(Logo:  http://www.newscom.com/cgi-bin/prnh/20091104/SF04925LOGO)

Total revenue for the fourth quarter of 2009 was $32.6 million compared to $24.8 million of revenue for the fourth quarter of 2008.  Net income for the fourth quarter of 2009 was $1.5 million or $0.03 per share compared to a net income of $2.6 million or $0.04 per share, for the same period a year ago.

Adjusted EBITDA for the fourth quarter of 2009 was $2.8 million, compared to adjusted EBITDA of $2.6 million for the same period a year ago.  A reconciliation of our net income as reported to adjusted EBITDA is included in this release.

"Geeknet closed the year with a solid fourth quarter as we realized some of the benefits associated with our numerous investments in 2009," said Scott L. Kauffman, President and CEO, Geeknet.  "In particular, ThinkGeek delivered record revenues driven by an increased focus on marketing and awareness.  The fourth quarter results validate my belief that our strategy to reinvigorate the company is gaining traction with both our consumers and our advertisers.  We expect these trends to continue in 2010."

Revenue for the twelve months ended December 31, 2009 was $65.6 million compared to $59.4 million for the comparable period in 2008.  Net loss for the twelve months ended December 31, 2009 was $14.0 million or $0.23 per share compared to a net loss of $4.8 million or $0.07 per share for the comparable period a year ago.  Net loss for the year ended December 31, 2009 includes a $1.2 million loss resulting from the write-off of internally developed software and a $4.6 million impairment charge for the Company's investment in CollabNet.  Adjusted EBITDA for the twelve months ended December 31, 2009 was $3.6 million loss compared to adjusted EBITDA of $0.2 million for the comparable period a year ago.

Fourth Quarter Highlights:
  • Media revenue was $4.7 million for the fourth quarter of 2009, compared to $5.1 million for the fourth quarter of 2008.  Revenue for the fourth quarter of 2009 included $2.3 million from our premium advertising products compared to $1.1 million of revenue from premium advertising products for the same period last year.
  • E-commerce revenue increased 42 percent to $27.9 million for the fourth quarter of 2009, compared to $19.7 million for the fourth quarter of 2008.
  • Total cash and investments, including restricted cash, at the end of 2009 was $39.4 million.

Supplemental schedules of the Company's quarterly statements of operations and operational statistics for the quarterly periods in the years ended December 31, 2008 and December 31, 2009 are available on the Company's web site at geek.net/cyresults.

A conference call and audio webcast will be held at 8:00 a.m. PT or 11:00 a.m. ET on February 11, 2010 and may be accessed by calling 877-407-8033 or 201-689-8033 or by visiting geek.net.  Replays of both the telephonic audio and audio webcast will be available for 90 days.  To access the conference call replay, dial 877-660-6853 or 201-612-7415, referencing replay account 286 and call ID 342802.

Use of Non-GAAP Financial Measures

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