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Geeknet Announces Second Quarter Financial Results And Departure Of President And CEO Scott Kauffman

  • Ken Langone Named Executive Chairman and Interim CEO  
  • Board of Directors approves 1:10 Reverse Stock Split Subject to Shareholder Approval  
  • Announces Change in Ticker Symbol to GKNT Effective Thursday, August 5, 2010

MOUNTAIN VIEW, Calif., Aug. 4, 2010 (GLOBE NEWSWIRE) -- Geeknet, Inc. (Nasdaq:LNUX), the online network for the global geek community, today announced financial results for the quarter ended June 30, 2010 and the resignation of President and CEO Scott Kauffman. The Company also announced that Chairman of the Board Ken Langone has been named Executive Chairman and Interim CEO.

Total revenue for the second quarter of 2010 was $15.3 million compared to $11.8 million of revenue for the second quarter of 2009.  Net loss for the second quarter of 2010 was $2.5 million or $0.04 per share compared to a net loss of $3.6 million or $0.06 per share, for the same period a year ago.

Adjusted EBITDA loss for the second quarter of 2010 was $1.3 million, compared to an adjusted EBITDA loss of $1.2 million for the same period a year ago.  A reconciliation of net loss as reported to adjusted EBITDA loss is included in this release.

Second Quarter Highlights:
  • E-commerce revenue increased 42 percent to $10.6 million for the second quarter of 2010, compared to $7.4 million for the second quarter of 2009. E-commerce orders shipped increased by 43 percent in the second quarter of 2010 as compared with the same period last year.
  • Media revenue increased 9 percent to $4.8 million for the second quarter of 2010, compared to $4.3 million for the second quarter of 2009.  Revenue for the second quarter of 2010 included $2.4 million from our premium advertising products compared to $1.6 million of revenue from premium advertising products for the same period last year.
  • Total cash and investments at the end of the second quarter 2010 was $28.0 million.

"Both our ecommerce and media business grew in the second quarter, resulting in a 30% combined top-line increase," said Ken Langone, Executive Chairman, Geeknet.  "ThinkGeek continued its tremendous success, driving strong results across the board. Our media business is gaining traction with modest year-over-year growth as we continue to improve the underlying metrics and expand our premium advertising."

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