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LookSmart Reports Fourth Quarter And Full Year 2010 Results

-Achieves Net Income for Third Consecutive Quarter-

-$0.7 Million Cash Generated From Operating Activities-

SAN FRANCISCO, Feb. 8, 2011 (GLOBE NEWSWIRE) -- LookSmart, Ltd. (Nasdaq:LOOK), an online search advertising network solutions company, today announced financial results for the fourth quarter and full year ended December 31, 2010.

Revenues for the fourth quarter of 2010 were $9.9 million, compared to $12.8 million in the fourth quarter of 2009 and $11.3 million in the third quarter of 2010. Net income for the fourth quarter of 2010 was $0.1 million, or $0.01 per diluted share. This compares to a net loss for the fourth quarter of 2009 of $0.9 million, or ($0.05) per diluted share. Net income for the third quarter of 2010 was $0.7 million, or $0.04 per diluted share.

Income from continuing operations for the fourth quarter of 2010 was $31,000. This compares to a loss from continuing operations in the fourth quarter of 2009 of $1.0 million. Income from continuing operations for the third quarter of 2010 was $0.6 million.

For the full year 2010, revenues were $47.5 million, compared to $51.8 million in 2009. Gross margin improved to 39.3% in 2010, compared to 35.6% in 2009. Income from continuing operations in 2010 was $0.6 million, compared to a loss of $6.8 million in 2009. Net income in 2010 was $1.0 million, or $0.06 per diluted share, compared to a net loss of $6.2 million, or ($0.36) per diluted share in 2009. 

Commenting on the results, Dr. Jean-Yves Dexmier, Executive Chairman and Chief Executive Officer said, "As we previously announced, our fourth quarter revenue was negatively impacted by the Yahoo!-Bing Search Alliance integration that was implemented during the quarter. We continue to work diligently with our customers to help them develop strategies to adjust to the integration and restore their revenue streams."

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