Millennial Media Reports 2012 Fourth Quarter And Full Year Financial Results

Millennial Media, Inc. (NYSE: MM), the independent leader in mobile advertising, today reported financial results for the fourth quarter and full year ended December 31, 2012.

Financial Results and Business Highlights for the Fourth Quarter of 2012

Revenue: For the fourth quarter of 2012, revenue increased to $58.0 million from $34.5 million for the fourth quarter of 2011, a year over year increase of 67.8%.

Gross Margin: For the fourth quarter of 2012, gross margin improved to 41.2% from gross margin of 39.0% for the fourth quarter of 2011.

Net Income (Loss): For the fourth quarter of 2012, net income attributable to common stockholders, on a GAAP basis, was $2.6 million, compared to net loss attributable to common stockholders of $(1.2) million for the fourth quarter of 2011.

Adjusted EBITDA: For the fourth quarter of 2012, adjusted EBITDA, a non-GAAP financial measure that we define as net income (loss) before interest, taxes, depreciation and amortization, and non-cash stock-based compensation, was $5.6 million compared to adjusted EBITDA of $1.2 million for the fourth quarter of 2011.

Net Income (Loss) per Share: For the fourth quarter of 2012, on a GAAP basis, basic and diluted net income per common share was $0.03, compared to basic and diluted net loss per common share of $(0.07) for the fourth quarter of 2011.

Other Business Metrics: As of December 31, 2012, Millennial Media reached over 400 million monthly unique users globally, including approximately 160 million monthly unique users in the United States alone. As of December 31, 2012, more than 39,000 apps were enabled by mobile app developers to operate on Millennial Media’s platform, and there were more than 350 million proprietary, anonymous user profiles developed.

Financial Results for the Full Year 2012

Revenue: For the full year 2012, revenue increased to $177.7 million from $103.7 million for the full year 2011, an increase of 71.4%.

Gross Margin: For the full year 2012, gross margin improved to 40.5% from gross margin of 38.7% for the full year 2011.

Net Loss: For the full year 2012, net loss attributable to common stockholders, on a GAAP basis, was $(6.8) million, compared to a net loss attributable to common stockholders of $(5.3) million for the full year 2011.

Adjusted EBITDA: For the full year 2012, adjusted EBITDA increased to $4.5 million from $1.8 million for the full year 2011.

Net Loss per Share: For the full year 2012, on a GAAP basis, basic and diluted net loss per common share narrowed to $(0.11), from $(0.32) for the full year 2011.

“Our success in 2012 speaks to the effectiveness of our platform model in delivering highly targeted and compelling mobile advertising solutions. We delivered 68% revenue growth with record profitability in the fourth quarter,” stated Paul Palmieri, co-founder, President and CEO of Millennial Media. “Mobile advertising is still in its early stages of development, and we believe its tremendous growth potential will transform digital advertising. As a native mobile company, we are excited about our leadership position in the market and our business prospects in 2013.”

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