HSW International Reports Fourth Quarter And Full Year 2010 Results
ATLANTA, March 29, 2011 (GLOBE NEWSWIRE) -- HSW International, Inc. (Nasdaq:HSWI), a leading developer and operator of next-generation web publishing platforms combining traditional web publishing with social media, today reported its financial results for the fourth quarter and year ended December 31, 2010.
For the fourth quarter of 2010, HSW International reported revenue of $1.8 million, compared to $2.0 million for the fourth quarter of 2009, when the company recognized six months of revenue for web services provided to Sharecare. The fourth-quarter 2010 loss from operations was $(1.5) million, an improvement from the loss from operations of $(2.0) million in the comparable period of 2009. The net loss for the fourth quarter of 2010 improved to $(1.7) million, or $(0.31) per share, compared to the net loss of $(2.5) million, or $(0.47) per share, that was reported in the fourth quarter of 2009.
For the full year 2010, HSW International reported revenue of $6.7 million, compared to $2.3 million for the full year of 2009. The 194% increase is due to providing a full year of web services for Sharecare, a Web 3.0 healthcare platform launched in October 2010, as well as web services to other customers. Gross profit for the year was $1.3 million, compared to a loss of $(0.6) million in 2009. The 2010 loss from operations was $(4.5) million, an improvement from the loss from operations of $(12.0) million for the full year of 2009. The net loss for the year 2010 was $(5.9) million, or $(1.10) per share, compared to $(11.9) million for 2009, or $(2.22) per share, for 2009. Included in the net loss for both periods is a net loss associated with the company's stake in Sharecare in the amount of $(1.5) million for 2010 and $(0.8) million for 2009."2010 was a transition year for HSWI as we shifted our focus back to the U.S. from our overseas ventures in order to get in front of a new growth curve that we believe is taking shape in the web publishing industry," said Greg Swayne, chairman and chief executive officer of HSW International. "Social media is changing the landscape for digital publishers, creating burgeoning opportunities for the development of new concepts. Having developed the platform for clients including Sharecare, HSWI has proven expertise in bringing to fruition Web 3.0 concepts that combine traditional web publishing with social media."
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