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LookSmart Reports Third 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)    
  September  30, 2010 December  31, 2009
ASSETS    
Current assets:    
Cash and cash equivalents  $ 22,297  $ 22,933
Short-term investments  4,497  4,780
Total cash, cash equivalents and short-term investments  26,794  27,713
Trade accounts receivable, net   3,316  3,990
Prepaid expenses and other current assets  896  847
Total current assets  31,006  32,550
Property and equipment, net  3,411  3,717
Capitalized software and other assets, net  1,871  2,080
Total assets  $ 36,288  $ 38,347
     
LIABILITIES & STOCKHOLDERS' EQUITY    
Current liabilities:    
Trade accounts payable  $ 2,331  $ 2,918
Accrued liabilities  3,247  5,477
Deferred revenue and customer deposits  987  1,113
Current portion of capital lease obligations  1,180  1,272
Total current liabilities  7,745  10,780
Capital lease and other obligations, net of current portion  1,146  1,646
Total liabilities  8,891  12,426
Commitment and contingencies    
Stockholders' equity:    
Convertible preferred stock, $0.001 par value; Authorized: 5,000 shares at September 30, 2010 and December 31, 2009; Issued and Outstanding: none at September 30, 2010 and December 31, 2009  --  --
Common stock, $0.001 par value; Authorized: 80,000 shares and 200,000 shares at September 30, 2010 and December 31, 2009, respectively; Issued and Outstanding: 17,221 shares and 17,145 shares at September 30, 2010 and December 31, 2009, respectively  17  17
Additional paid-in capital  261,607  260,981
Accumulated other comprehensive gain  --  3
Accumulated deficit  (234,227)  (235,080)
Total stockholders' equity  27,397  25,921
Total liabilities and stockholders' equity  $ 36,288  $ 38,347
 
  LOOKSMART, LTD. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (In thousands, except per share data)  (Unaudited)
  Three Months Ended September 30, Nine Months Ended September 30,
  2010 2009 2010 2009
 Revenue   $ 11,275  $ 12,543  $ 37,578  $ 39,020
 Cost of revenue   6,324  8,654  22,885  24,746
 Gross profit   4,951  3,889  14,693  14,274
 Operating expenses:         
 Sales and marketing   954  1,474  3,383  4,313
 Product development and technical operations   2,181  2,419  7,098  7,517
 General and administrative   1,177  1,772  3,613  7,444
 Restructuring charge   --  307               --  536
 Impairment charge   --  --    --  180
 Total operating expenses   4,312  5,972  14,094  19,990
 Income (loss) from operations   639  (2,083)  599  (5,716)
 Non-operating income (loss), net   (10)  10  (8)  86
 Income (loss) from continuing operations before income taxes   629  (2,073)  591  (5,630)
 Income tax expense   --  --  5  8
 Income (loss) from continuing operations   629  (2,073)  586  (5,638)
 Income from discontinued operations, net of tax   89  132  267  371
 Net income (loss)   $ 718  $ (1,941)  $ 853  $ (5,267)
 Net income (loss) per share - Basic         
 Income (loss) from continuing operations   $ 0.04  $ (0.12)  $ 0.03  $ (0.33)
 Income from discontinued operations, net of tax   --   0.01  0.02  0.02
 Net income (loss) per share   $ 0.04  $ (0.11)  $ 0.05  $ (0.31)
 Net income (loss) per share - Diluted         
 Income (loss) from continuing operations   $ 0.04  $ (0.12)  $ 0.03  $ (0.33)
 Income from discontinued operations, net of tax   --   0.01  0.02  0.02
 Net income (loss) per share   $ 0.04  $ (0.11)  $ 0.05  $ (0.31)
 Weighted average shares outstanding used in computing basic  net income (loss) per share   17,192  17,120  17,165  17,100
 Weighted average shares outstanding used in computing diluted  net income (loss) per share   17,261  17,120  17,195  17,100
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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