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LookSmart Reports Fourth Quarter And Full Year 2010 Results

Conference Call

LookSmart will host a conference call today at 5:00 p.m. ET to discuss its fourth quarter 2010 financial results. Participating on the call will be Dr. Jean-Yves Dexmier, Executive Chairman and Chief Executive Officer and Bill O'Kelly, Senior Vice President Operations and Chief Financial Officer. To listen to the call from the US, dial 1-877-407-0789; from outside the US, dial 1-201-689-8562. A telephonic replay of the call will be available until Tuesday, February 22, 2011, 11:59 pm ET. To access the replay from the US, dial 1-877-870-5176and enter passcode 365851; from outside the US, dial 1-858-384-5517 and enter passcode 365851. The call will also be available live by webcast on LookSmart's Investor Relations website at http://investor.shareholder.com/looksmart/.

About LookSmart, Ltd.

LookSmart is an online search advertising network solutions company that provides performance solutions for online search advertisers and online publishers. LookSmart offers advertisers targeted, pay-per-click (PPC) search advertising and contextual search advertising via its Advertiser Networks; and an Ad Center platform for customizable private-label advertiser solutions for online publishers. LookSmart is based in San Francisco, California. For more information, visit www.looksmart.com or call 415-348-7500.

The LookSmart, Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8717

GAAP to Non-GAAP Reconciliation

We provide a reconciliation of GAAP net income (loss) to non-GAAP net income (loss) below:

GAAP to Non-GAAP Reconciliation      
  Three Months Ended
(000's) December 31, 2010 (unaudited) September 30, 2010 (unaudited) December 31, 2009 (unaudited)
GAAP Net income (loss)  $ 122  $ 718  $ (935)
Add: Stock based compensation from continuing operations  125  222  226
Subtract: Income from discontinued operations  (91)  (89)  (93)
Add: Impairment charges  --   --   100
Non-GAAP net income (loss)  $ 156  $ 851  $ (702)
       
       
  Year Ended December 31,  
(000's) 2010 2009  
GAAP Net income (loss)  $ 975  $ (6,202)  
Add: Stock based compensation from continuing operations  679  1,617  
Subtract: Income from discontinued operations  (358)  (464)  
Add: Impairment charges  --   280  
Non-GAAP net income (loss)  $ 1,296  $ (4,769)  

Use of Non-GAAP Measures

Regulation G, "Conditions for Use of Non-GAAP Financial Measures," and other provisions of the Securities Exchange Act of 1934, as amended, define and prescribe the conditions for use of certain non-GAAP financial information. LookSmart provides "non-GAAP net income (loss)," which is a non-GAAP financial measure. Non-GAAP net income (loss) consists of net income (loss) before (a) income from discontinued operations; (b) share-based compensation expense; and (c) impairment charges.

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