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-Achieves Positive Net Income- -Net Cash from Operating Activities Was $1.3 Million-
SAN FRANCISCO, Aug. 3, 2010 (GLOBE NEWSWIRE) -- LookSmart, Ltd. (Nasdaq:LOOK), an online search advertising network solutions company, today announced financial results for the second quarter ended June 30, 2010.
Revenues for the second quarter of 2010 were $13.0 million, compared to $13.2 million in the second quarter of 2009 and $13.3 million in the first quarter of 2010. Net income for the second quarter of 2010 was $0.7 million, or $0.04 per diluted share. This compares to a net loss for the second quarter of 2009 of $1.3 million, or ($0.8) per diluted share. Net loss for the first quarter of 2010 was $0.5 million, or ($0.03) per diluted share.
Income from continuing operations for the second quarter of 2010 was $0.6 million. This compares to a loss from continuing operations in the second quarter of 2009 of $1.4 million, which includes a $0.2 million impairment charge and $0.2 million of expense related to the evaluation of strategic growth alternatives. Loss from continuing operations for the first quarter of 2010 was $0.6 million, which includes $0.2 million of severance expense.
Commenting on the results, Dr. Jean-Yves Dexmier, Executive Chairman and Chief Executive Officer said, "We are pleased with our second quarter results that mark our return to profitability. We focused on lowering traffic acquisition costs while continuing to increase traffic quality. These key strategic initiatives enabled us to generate positive net income and increase overall customer satisfaction. We still have a lot of work ahead of us and remain intensely focused on further enhancing our offerings. We believe that the integration of new optimization techniques with our strong existing AdCenter platform should result in long-term growth and sustainable profitability for the benefit of our advertisers and our publishers."