LookSmart Reports Preliminary Fourth Quarter 2010 Results And Announces Restructuring Program
Anticipates revenue in the range of $9.7 million to $9.9 million
Announces New Executive Appointment and Resignations
Restructuring Program to Support Company's Revenue Growth Plan Leveraging New Pricing ModelsSAN FRANCISCO, Jan. 12, 2011 (GLOBE NEWSWIRE) -- LookSmart, Ltd. (Nasdaq:LOOK), an online search advertising network solutions company, today announced preliminary financial results for its fourth quarter and full year ended December 31, 2010. On a preliminary basis, the Company expects revenues for the fourth quarter of 2010 to be in the range of $9.7 million to $9.9 million, compared to revenues of $12.8 million for the fourth quarter of 2009 and revenues of $11.3 million for the third quarter of 2010. Net income for the fourth quarter of 2010 is expected to be in the range of $0.0 million to $0.1 million, or $0.00 to $0.01 per diluted share. This compares to a net loss of $0.9 million in the fourth quarter of 2009, or ($0.05) per diluted share. Net income for the third quarter of 2010 was $0.7 million, or $0.04 per diluted share. On an annual basis, the Company expects revenues for fiscal year 2010 to be in the range of $47.3 to $47.5 million, compared to $51.8 million in fiscal 2009. Net income for fiscal year 2010 is expected to be in the range of $0.8 million to $0.9 million, or about $0.05 per diluted share, compared to net loss of $6.2 million, or ($0.36) per diluted share in fiscal year 2009. Commenting on the preliminary results, Dr. Jean-Yves Dexmier, Executive Chairman and Chief Executive Officer said, "The Yahoo!-Bing Search Alliance integration that was implemented this quarter had a negative impact on our Ad Network revenues. Yahoo! partners are our largest customer group, and all partners were affected by significantly lower revenue-per-click (RPC) following the integration that led to reduced payments and consequently lower revenues to LookSmart. We are working diligently with our customers to help them develop strategies to adjust to the integration and restore their revenue stream."
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