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LookSmart Reports Fourth Quarter And Full Year 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)
     
   
  December 31,
  2010 2009
ASSETS    
Current assets:    
Cash and cash equivalents  $ 22,119  $ 22,933
Short-term investments  3,250  4,780
Total cash, cash equivalents and short-term investments  25,369  27,713
Trade accounts receivable, net   3,267  3,990
Prepaid expenses and other current assets  680  847
Total current assets  29,316  32,550
Long-term investments  1,577  --
Property and equipment, net  3,082  3,717
Capitalized software and other assets, net  1,750  2,080
Total assets  $ 35,725  $ 38,347
     
LIABILITIES & STOCKHOLDERS' EQUITY    
Current liabilities:    
Trade accounts payable  $ 2,503  $ 2,918
Accrued liabilities  2,615  5,477
Deferred revenue and customer deposits  1,004  1,113
Current portion of capital lease obligations  1,048  1,272
Total current liabilities  7,170  10,780
Capital lease and other obligations, net of current portion  902  1,646
Total liabilities  8,072  12,426
Commitment and contingencies    
Stockholders' equity:    
Common stock  17  17
Additional paid-in capital  261,740  260,981
Accumulated other comprehensive gain  1  3
Accumulated deficit  (234,105)  (235,080)
Total stockholders' equity  27,653  25,921
Total liabilities and stockholders' equity  $ 35,725  $ 38,347
LOOKSMART, LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
         
(In thousands, except per share data)
(Unaudited) 
 
  Three Months Ended December 31, Year Ended December 31,
  2010 2009 2010 2009
 Revenue   $ 9,901  $ 12,756  $ 47,479  $ 51,776
 Cost of revenue   5,947  8,605  28,832  33,351
 Gross profit   3,954  4,151  18,647  18,425
 Operating expenses:         
 Sales and marketing   948  1,304  4,331  5,617
 Product development and technical operations   1,941  2,314  9,039  9,831
 General and administrative   1,022  1,612  4,635  9,056
 Restructuring charge   --  --  --  536
 Impairment charge   --  100  --  280
 Total operating expenses   3,911  5,330  18,005  25,320
 Income (loss) from operations   43  (1,179)  642  (6,895)
 Non-operating income (loss), net   (12)  (27)  (20)  59
 Income (loss) from continuing operations before income taxes   31  (1,206)  622  (6,836)
 Income tax (expense) benefit   --  178  (5)  170
 Income (loss) from continuing operations   31  (1,028)  617  (6,666)
 Income from discontinued operations, net of tax   91  93  358  464
 Net income (loss)   $ 122  $ (935)  $ 975  $ (6,202)
 Net income (loss) per share - Basic and Diluted         
 Income (loss) from continuing operations   $ --   $ (0.06)  $ 0.04  $ (0.39)
 Income from discontinued operations, net of tax   0.01  0.01  0.02  0.03
 Net income (loss) per share - Basic and Diluted   $ 0.01  $ (0.05)  $ 0.06  $ (0.36)
 Weighted average shares outstanding used in computing basic  net income (loss) per share   17,221  17,132  17,179  17,108
 Weighted average shares outstanding used in computing diluted  net income (loss) per share   17,345  17,132  17,236  17,108
CONTACT: LookSmart, Ltd.
         Bill O'Kelly, Senior Vice President Operations
         and Chief Financial Officer
         415-348-7208
         bo'kelly@looksmart.net
         
         
         ICR, Inc.
         John Mills, Senior Managing Director
         310-954-1100
         john.mills@icrinc.com

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