The Company’s net loss improved $0.3 million to $(1.5) million in the third quarter of 2011 as compared to a net loss of $(1.8) million in the prior year period. The Company reported basic and diluted net loss per share attributable to common stockholders of $(0.05) and $(0.05), respectively, in the third quarter of 2011, as compared to $(0.06) and $(0.06), respectively, in the prior year period.
Adjusted EBITDA improved $0.8 million to $0.5 million in the third quarter of 2011, as compared to $(0.3) million in the prior year period.
The Company ended the quarter with cash and cash equivalents, restricted cash and marketable securities of $76.8 million, a decrease of $0.6 million as compared to June 30, 2011. The Company achieved free cash flow (1) for the quarter of $0.8 million and for the year to date of $1.8 million.
The Company paid a dividend of 2.5 cents per share during the quarter.Operating Highlights of Third Quarter 2011
- Two of the Company’s most popular premium services, RealMoney and RealMoney Pro (formerly known as RealMoney Silver) were re-launched during the quarter on the Company’s new publishing platform, with a modern user interface and with additional content offerings. Engagement statistics and renewal rates for the services reflect good acceptance by users.
- TheStreet’s sites collectively ranked among the top 10 in its competitive set in September 2011 according to both the comScore and Nielsen third party audience measurement services. TheStreet users continue to show among the highest levels of engagement, measured as time spent per visit, compared to the other nine top ranked competitors, as measured by comScore.
- TheStreet announced a number of new content distribution agreements, significantly expanding the reach of its TheStreet Business Desk product. When these new agreements are fully implemented by early 2012, the total number of instances of the service will exceed 300, including local communities in key markets across 26 states.
- The Marketing Services business launched a number of new advertising offerings designed to increase further advertising effectiveness and user engagement, including early adoption of the Interactive Advertising Bureau’s new “Rising Star” ad units, an enhanced mobile advertising platform and unique sponsorship opportunities.
- Early into the fourth quarter of 2011, TheStreet launched a new daily digest of its content through the iTunes newsstand, the first to do so among its competitive set.