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.
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|Cash and cash equivalents||$ 22,119||$ 22,933|
|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|
|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|
|Trade accounts payable||$ 2,503||$ 2,918|
|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|
|Commitment and contingencies|
|Additional paid-in capital||261,740||260,981|
|Accumulated other comprehensive gain||1||3|
|Total stockholders' equity||27,653||25,921|
|Total liabilities and stockholders' equity||$ 35,725||$ 38,347|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(In thousands, except per share data)|
|Three Months Ended December 31,||Year Ended December 31,|
|Revenue||$ 9,901||$ 12,756||$ 47,479||$ 51,776|
|Cost of revenue||5,947||8,605||28,832||33,351|
|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|
|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 email@example.com ICR, Inc. John Mills, Senior Managing Director 310-954-1100 firstname.lastname@example.org
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