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LookSmart Announces First Quarter 2013 Financial Results

SAN FRANCISCO, May 15, 2013 (GLOBE NEWSWIRE) -- LookSmart, Ltd. (Nasdaq:LOOK), an online search advertising network solutions company, today announced financial results for the first quarter ended March 31, 2013.

Revenues for the first quarter of 2013 were $2.0 million, down 50.2% year-over-year, from revenue of $4.0 million in the first quarter of 2012, and down 52.4% sequentially, from revenues of $4.2 million in the fourth quarter of 2012. Revenues from the Company's Advertiser Networks for the first quarter of 2013 were $1.7 million, down 52.3%, year-over-year, from revenue of $3.6 million in the first quarter of 2012 and down 55.3% sequentially, from revenue of $3.9 million in the fourth quarter of 2012. Revenues from the Company's Publisher Solutions were $0.3 million in the first quarter of 2013, down 29.7% year-over-year, from revenue of $0.4 million in the first quarter of 2012, and down 12.3%, from $0.3 million in the fourth quarter of 2012.

Net loss for the first quarter of 2013 was $1.5 million, or $0.08 per diluted share. This compares to a net loss for the first quarter of 2012 of $2.1 million, or $0.12 per diluted share. Net loss for the fourth quarter of 2012 was $3.9 million, or $0.23 per diluted share, which included a $2.3 million ($0.13 per diluted share) expense for impairment of operating assets.

"Our goal is to become cash flow positive as soon as possible, and then we will continue to compare all capital allocation alternatives to buying our own stock. While revenues have dropped, our operating expenses have also improved substantially, resulting in a substantial decrease in cash burn. We have begun the process of bringing ownership thinking to our employees. LookSmart continues to work closely with our current and new partners to position LookSmart for profitable revenue growth," said Michael Onghai, Chief Executive Officer.

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