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Geeknet Announces Fourth Quarter Financial Results

FAIRFAX, Va., Feb. 15, 2011 (GLOBE NEWSWIRE) -- Geeknet, Inc. (Nasdaq:GKNT), the online network for the global geek community, today announced financial results for the quarter and year ended December 31, 2010.

Total revenue for the fourth quarter of 2010 was $50.0 million compared to $32.6 million of revenue for the fourth quarter of 2009. Net income for the fourth quarter of 2010 was $4.7 million or $0.75 per diluted share compared to net income of $1.5 million or $0.25 per share, for the same period a year ago. Adjusted EBITDA for the fourth quarter of 2010 was $5.7 million, compared to adjusted EBITDA of $2.8 million for the same period a year ago. A reconciliation of net income (loss) as reported to adjusted EBITDA is included in this release.

Fourth Quarter Highlights:
  • E-commerce revenue increased 60 percent to $44.7 million for the fourth quarter of 2010, compared to $27.9 million for the fourth quarter of 2009. E-commerce orders shipped increased by 72 percent in the fourth quarter of 2010 as compared with the same period last year.
  • Media revenue increased 12 percent to $5.3 million for the fourth quarter of 2010, compared to $4.7 million for the fourth quarter of 2009.
  • Total cash and investments at the end of the fourth quarter 2010 was $35.3 million.

"Geeknet closed 2010 with a stellar fourth quarter. ThinkGeek grew revenue by 60% and our media business demonstrated early signs of traction with our new strategy as evidence by its solid growth over last year," said Ken Langone, Executive Chairman, Geeknet. "Our 44% growth in revenue for the full year demonstrates the strength of our community and our marketing efforts. We look forward to continued success in 2011 as we remain focused on growing top line revenue and increasing profitability."

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