LookSmart Reports Preliminary Fourth Quarter 2010 Results And Announces Restructuring Program
Dr. Dexmier continued, "We are committed to taking the necessary steps to ensure that 2011 is another profitable year for LookSmart. To help offset the impact of the Yahoo!-Bing integration, we are accelerating our revenue growth plan leveraging our new pricing models, following positive initial response from our direct customer base in the last weeks of the quarter. In addition, we have also taken action to reduce our operating costs and allow for a rebalancing of our resources in connection with the revenue growth plan, which includes realigning our human capital to better serve our restructured business model."
LookSmart also announced the implementation of a restructuring program, and has taken steps to reduce headcount by approximately 20 full-time positions. The restructuring will result in anticipated pre-tax first quarter 2011 charges of $0.9 million. Concurrently, on January 12, 2011, Steve Markowski, Chief Financial Officer, and Gill Brown, Vice President of Advertiser Network Sales and LookSmart, Ltd. (the "Company") determined that Mr. Markowski and Mr. Brown would separate from the Company effective January 13 th and January 12 th respectively. The Company has appointed Bill O'Kelly to the position of Senior Vice President Operations and Chief Financial Officer. The Company will be providing additional details regarding its restructuring program on its fourth quarter conference call.
Mr. O'Kelly joined LookSmart in November, 2010, as a consultant. He has over 30 years of experience in accounting and financial and operations management, including the position of Chief Financial Officer and Chief Operating Officer at Senetek PLC, a publicly traded life sciences and consumer products company. Mr. O'Kelly served in this role from April 2006 to March 2010. From March 2005 to April 2006, he served as a financial consultant to Netopia, (a Motorola company). Prior to that, he served as Chief Financial Officer at Agentis Software, Vice President and Treasurer at Informix Software, Chief Financial Officer at Chemical Supplier Technology and Corporate Controller at Air Liquide America. Mr. O'Kelly began his career as a CPA with Ernst & Young. He holds a Bachelor of Science in Accounting from the University of Florida.
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