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LookSmart Reports Second Quarter 2010 Results

The statements presented in this press release speak only as of the date of the release. Please note that except as required by applicable law we undertake no obligation to revise or update publicly any forward-looking statements for any reason.

NOTE: "LookSmart" is a trademark of LookSmart, Ltd., and/or its subsidiaries in the U.S. and other countries. All other trademarks mentioned are the property of their respective owners.

LOOKSMART, LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)    
  June 30, 2010 December 31, 2009
ASSETS    
Current assets:    
Cash and cash equivalents  $ 24,457  $ 22,933
Short-term investments  1,000  4,780
Total cash, cash equivalents and short-term investments  25,457  27,713
Trade accounts receivable, net   4,929  3,990
Prepaid expenses and other current assets  756  847
Total current assets  31,142  32,550
Property and equipment, net  3,873  3,717
Capitalized software and other assets, net  1,990  2,080
Total assets  $ 37,005  $ 38,347
     
LIABILITIES & STOCKHOLDERS' EQUITY    
Current liabilities:    
Trade accounts payable  $ 2,821  $ 2,918
Accrued liabilities  4,088  5,477
Deferred revenue and customer deposits  1,022  1,113
Current portion of long-term obligations  1,267  1,272
Total current liabilities  9,198  10,780
Capital lease and other obligations, net of current portion  1,398  1,646
Total liabilities  10,596  12,426
Commitment and contingencies    
Stockholders' equity:    
Convertible preferred stock, $0.001 par value; Authorized: 5,000 shares at June 30, 2010 and December 31, 2009; Issued and Outstanding: none at June 30, 2010 and December 31, 2009  --  --
Common stock, $0.001 par value; Authorized: 200,000 shares at June 30, 2010 and December 31, 2009; Issued and Outstanding: 17,157 shares and 17,145 shares at June 30, 2010 and December 31, 2009, respectively  17  17
Additional paid-in capital  261,337  260,981
Accumulated other comprehensive gain  --  3
Accumulated deficit  (234,945)  (235,080)
Total stockholders' equity  26,409  25,921
Total liabilities and stockholders' equity  $ 37,005  $ 38,347
  LOOKSMART, LTD. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (In thousands, except per share data) (Unaudited)  
  Three Months ended June 30, Six Months ended June 30,
  2010 2009 2010 2009
 Revenue   $13,017  $13,223  $26,303  $26,477
 Cost of revenue   7,525  7,990  16,561  16,092
 Gross profit   5,492  5,233  9,742  10,385
 Operating expenses:         
 Sales and marketing   1,275  1,474  2,429  2,839
 Product development and technical operations   2,473  2,485  4,917  5,098
 General and administrative   1,197  2,303  2,436  5,672
 Restructuring charge   --  229  --  229
 Impairment charge   --  180 --  180
 Total operating expenses   4,945  6,671  9,782  14,018
 Income (loss) from operations   547  (1,438)  (40)  (3,633)
 Non-operating income (expense), net   19  22  2  76
 Income (loss) from continuing operations before income taxes   566  (1,416)  (38)  (3,557)
 Income tax expense (benefit)   (1)  --  5  8
 Income (loss) from continuing operations   567  (1,416)  (43)  (3,565)
 Income from discontinued operations, net of tax   85  130  178  239
 Net income (loss)   $ 652  $ (1,286)  $ 135  $ (3,326)
  Net income (loss) per share - Basic         
 Income (loss) from continuing operations   $ 0.04  $ (0.09)  $ --   $ (0.20)
 Income from discontinued operations, net of tax   --   0.01  0.01  0.01
 Net income (loss) per share   $ 0.04  $ (0.08)  $ 0.01  $ (0.19)
  Net income (loss) per share - Diluted         
 Income (loss) from continuing operations   $ 0.04  $ (0.09)  $ --   $ (0.20)
 Income from discontinued operations, net of tax   --   0.01  0.01  0.01
 Net income (loss) per share   $ 0.04  $ (0.08)  $ 0.01  $ (0.19)
 Weighted average shares outstanding used in computing basic  net loss per share   17,157  17,102  17,151  17,089
 Weighted average shares outstanding used in computing diluted  net loss per share   17,192  17,102  17,168  17,089
CONTACT:  LookSmart, Ltd.
          Steve Markowski, Chief Financial Officer
          415-348-7206
          smarkowski@looksmart.net

          ICR, Inc.
          John Mills, Senior Managing Director
          310-954-1100
          john.mills@icrinc.com

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