WebMediaBrands Inc. Reports Financial Results For Its First Quarter Ended March 31, 2012; First Quarter Revenues Increase 64%
WebMediaBrands Inc. (Nasdaq: WEBM) today reported financial results for the quarter ended March 31, 2012.
Highlights for the first quarter of 2012 include:
|Revenues for the first quarter of 2012 were $3.7 million compared to revenues of $2.2 million for the same period in 2011, an increase of 64%, and included $1.1 million from Inside Network, which we acquired in May 2011. Revenues from advertising and education, excluding the impact of the Inside Network acquisition, increased 25% and 18%, respectively, compared to the same period last year. Inside Network’s market research and data services business, which includes AppData, contributed $438,000 in revenues during the first quarter of 2012.|
|Net loss for the first quarter of 2012 was $617,000, compared to a net loss of $1.3 million for the same period last year. Non-GAAP loss, excluding interest, taxes, depreciation, amortization and stock option-related expense, or EBITDA, was $188,000 during the first quarter of 2012, compared to a loss of $903,000 for the same period last year. We track this metric and present it here because we believe it helps in the analysis of the performance of our core operations. Non-cash stock option-related expense was $130,000 during the first quarter of 2012 compared to $84,000 during the first quarter of 2011.|
“Our first quarter demonstrated continued progress towards being cash flow positive, with significant year-over-year and sequential quarterly revenue growth,” stated Alan M. Meckler, Chairman and CEO of WebMediaBrands, Inc. “The acquisition of Inside Network has expanded our product offerings, and revenues from Inside Network’s research and advertising businesses have continued to grow. The Inside Social Apps trade show took place in February and it was critically and financially successful. We anticipate continued growth in 2012 led by our in-depth strength in covering Facebook, social media, apps and the Semantic Web,” added Meckler.
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