LookSmart Reports Third Quarter 2010 Results
-Achieves Net Income for Second Consecutive Quarter-
-Net Cash from Operating Activities Was $1.8 Million-
SAN FRANCISCO, Nov. 1, 2010 (GLOBE NEWSWIRE) -- LookSmart, Ltd. (Nasdaq:LOOK), an online search advertising network solutions company, today announced financial results for the third quarter ended September 30, 2010.Revenues for the third quarter of 2010 were $11.3 million, compared to $12.5 million in the third quarter of 2009 and $13.0 million in the second quarter of 2010. Net income for the third quarter of 2010 was $0.7 million, or $0.04 per diluted share. This compares to a net loss for the third quarter of 2009 of $1.9 million, or ($0.11) per diluted share. Net income for the second quarter of 2010 was $0.7 million, or $0.04 per diluted share. Income from continuing operations for the third quarter of 2010 was $0.6 million. This compares to a loss from continuing operations in the third quarter of 2009 of $2.1 million, which includes $0.3 million of severance expense and $0.1 million of expenses related to the evaluation of strategic growth alternatives. Income from continuing operations for the second quarter of 2010 was $0.6 million. Commenting on the results, Dr. Jean-Yves Dexmier, Executive Chairman and Chief Executive Officer said, "Our third quarter results reflect the solid progress we have made in transforming our business this year. We continued to manage our traffic acquisition costs, and delivered net income for the second consecutive quarter. At the beginning of the quarter, we released an important upgrade to our platform that included real-time click quality scoring which allows further optimization of the traffic delivered to our advertisers in order to better meet their performance metrics. As anticipated, this upgrade had a negative impact on our overall revenues; however, customers have expressed satisfaction with the current results of our traffic quality initiative and this enables us to drive revenue without sacrificing traffic quality."
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