LookSmart Reports Preliminary Third Quarter 2010 Results
Anticipates Revenue in the Range of $11.1 Million to $11.3 Million Anticipates EPS in the Range of $0.03 to $0.04
SAN FRANCISCO, Oct. 7, 2010 (GLOBE NEWSWIRE) -- LookSmart, Ltd. (Nasdaq:LOOK), an online search advertising network solutions company, today announced preliminary financial results for the third quarter ended September 30, 2010.
On a preliminary basis, the Company expects revenues for the third quarter of 2010 to be in the range of $11.1 million to $11.3 million, compared to revenues of $12.5 million for the third quarter of 2009 and revenues of $13.0 million for the second quarter of 2010. Net income for the third quarter of 2010 is expected to be in the range of $0.5 million to $0.7 million, or $0.03 to $0.04 per diluted share. This compares to a net loss of $1.9 million in the third quarter of 2009, or ($0.11) per diluted share. Net income for the second quarter of 2010 was $0.7 million, or $0.04 per diluted share.Commenting on the preliminary results, Dr. Jean-Yves Dexmier, Executive Chairman and Chief Executive Officer, said, "During the third quarter, we continued to make progress improving the quality of our traffic and are pleased with the positive feedback from our customers. Securing consistent and predictable traffic quality is the first step towards sustainable revenue growth. As we begin the final quarter of the year, we are now focused on driving revenues without sacrificing our traffic quality or operating efficiencies." Dr. Dexmier continued, "In the third quarter, we anticipate achieving positive net income for the second consecutive quarter, which underscores our ability to implement and execute on our initiatives in short order. We will continue to carefully manage our expenses within our revenue and margin growth with the objective of delivering sustainable profitability going forward." Gross margins from continuing operations are expected to be in the range of 42% to 44%. This compares to 31% in the third quarter of 2009 and 42% in the second quarter of 2010. The sequential stability of gross margins reflects our continued utilization of data analytic techniques to optimize the bid price source by source, keyword by keyword, which the Company began implementing in March of this year.
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