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LookSmart Reports Second Quarter 2010 Results

Capital expenditures, including capitalization of internally developed software, in the second quarter of 2010 were $0.3 million, compared to $0.4 million in the second quarter of 2009, and $1.1 million in the first quarter of 2010. Depreciation and amortization from continuing operations in the second quarter of 2010 was $0.8 million, compared to $0.8 million in the second quarter of 2009 and $0.7 million in the first quarter 2010. 

The Company ended the quarter with $25.5 million in cash, cash equivalents, and investments, a decrease of $2.3 million from $27.7 million at December 31, 2009 and an increase of $0.8 million from $24.7 million at March 31, 2010. This increase is primarily related to our positive operating results for the quarter. Net cash provided by operating activities for the three months ended June 30, 2010 was approximately $1.3 million.

Q2 2010 Key Metrics Performance

  • Total paid clicks for the second quarter of 2010 were 190 million, compared to 207 million for the second quarter of 2009 and 244 million for the first quarter of 2010.
  • Average Advertising Network revenue per click (RPC) for the second quarter of 2010 was $0.064, an increase from $0.058 in the second quarter of 2009 and $0.051 in the first quarter of 2010.
  • Traffic acquisition costs (TAC) for LookSmart's Ad Network decreased to 58.1 % from 62.1% in the second quarter of 2009 and 67.5% in the first quarter of 2010.

Conference Call

LookSmart will host a conference call today at 5:00 p.m. ET to discuss its second quarter 2010 financial results. Participating on the call will be Dr. Jean-Yves Dexmier, Executive Chairman and Chief Executive Officer and Steve Markowski, Chief Financial Officer. To listen to the call from the US, dial 1-877-407-4018; from outside the US, dial 1-201-689-8471. A telephonic replay of the call will be available until Tuesday, August 17, 2010, 11:59 pm ET. To access the replay from the US, dial 1-877-660-6853 and enter account number 3055, passcode 354294; from outside the US, dial 1-201-612-7415 and enter account number 3055, passcode 354294. The call will also be available live by webcast on LookSmart's Investor Relations website at http://investor.shareholder.com/looksmart/.

About LookSmart, Ltd.

LookSmart is an online search advertising network solutions company that provides performance solutions for online search advertisers and online publishers. LookSmart offers advertisers targeted, pay-per-click (PPC) search advertising and contextual search advertising via its Advertiser Networks; and an Ad Center platform for customizable private-label advertiser solutions for online publishers. LookSmart is based in San Francisco, California. For more information, visit www.looksmart.com or call 415-348-7500.

GAAP to Non-GAAP Reconciliation      
We provide a reconciliation of GAAP net income (loss) to non-GAAP net income (loss) below:
  Three Months Ended
(000's) June 30, 2010 (unaudited) March 30, 2010 (unaudited) June 30, 2009 (unaudited)
GAAP net income (loss)  $ 652  $ (517)  $ (1,286)
Add: Stock based compensation from continuing operations  163  169  515
Add: Income from discontinued operations  (85)  (93)  (130)
Add: Impairment charges  --   --   180
Non-GAAP net income (loss)  $ 730  $ (441)  $ (721)

Use of Non-GAAP Measures

Regulation G, "Conditions for Use of Non-GAAP Financial Measures," and other provisions of the Securities Exchange Act of 1934, as amended, define and prescribe the conditions for use of certain non-GAAP financial information. LookSmart provides "non-GAAP net income (loss)," which is a non-GAAP financial measure. Non-GAAP net income (loss) consists of net income (loss) before (a) income (loss) from discontinued operations; (b) impairment charges; and (c) share-based compensation expense.

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