Although the company believes that the expectations reflected in the forward-looking statements are reasonable, the company cannot guarantee future results or occurrences.
The company disclaims any obligation to update these forward-looking statements, whether as a result of new information, future developments or otherwise.
You may obtain copies of the company's filings with the SEC at the commission's website, www.sec.gov.
Any additional information related to matters discussed today will be also set forth in the company's report on Form 10-K which the company expects to file shortly.Now I will turn the call over to Daryl Otte. Daryl R. Otte Thanks, Erica. Hi, everyone, and welcome to our fourth quarter and full year 2011 earnings call. As you will have seen from the earnings release we sent out earlier today, our results for the quarter were somewhat mixed, showing excellent progress strategically, yet with some lingering issues in monetization, particularly in the areas of advertising sales and new subscription account acquisition. The monetization challenges were driven both by market environments and execution. In the face of these challenges, we remain disciplined on the expense side by reducing headcount and bringing down G&A cost by 12% year-over-year. This enabled us to increase our spending in editorial and sales and marketing to further the strategies needed to transform and modernize the business, while delivering on our goals for positive adjusted EBITDA and operating cash flow for the quarter and the year. Throughout the year, but particularly in Q4, we delivered tangible progress in the rollout of our key strategic initiatives, namely TheStreet business desk, our mobile products and institutional premium services. These initiatives are all engineered to bring our high-quality and engaging content to new incremental audiences, both within the financial vertical for retail and am-pro investors and beyond our traditional vertical to the broader business news market.
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