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Mediabistro Inc. Reports Financial Results For Its Second Quarter Ended June 30, 2013

Stocks in this article: MBIS

Mediabistro Inc. (Nasdaq: MBIS) today reported financial results for the quarter ended June 30, 2013.

Financial results for the second quarter of 2013 include:

  • Revenues were $4.0 million for the second quarter of each of 2013 and 2012.
  • Net loss for the second quarter of 2013 was $406,000, compared to a net loss of $346,000 for the same period of 2012.

“Our financial results for the second quarter included the launch event of our newest trade show, Inside 3D Printing Conference and Expo, which took place on April 22 nd and 23 rd in New York City. This trade show was critically and financially successful and we are very excited about the growth possibilities of the event brand,” stated Alan M. Meckler, Chairman and CEO of Mediabistro Inc. “We also most recently completed our Summer Inside 3D Printing Conference and Expo held in Chicago in early July and we are eagerly anticipating our upcoming Fall, Asia-Pacific and Brazil iterations scheduled for San Jose, Singapore, and Sao Paulo later this year,” added Meckler.

Mediabistro Inc. Second Quarter 2013 Financial Results Conference Call Alert

Mediabistro Inc. invites you to participate in its conference call reviewing 2013 second quarter results on Wednesday, July 31, 2013 at 5:00 pm ET.

The conference call number is 888-500-6950 for domestic participants and 719-325-2494 for international participants; confirmation code “2951805”. Please call five minutes in advance to ensure that you are connected prior to the presentation. The conference call replay will be available until Monday, August 5, 2013. Replay call numbers are 888-203-1112 for domestic participants and 719-457-0820 for international participants; confirmation code “2951805”.

 

Mediabistro Inc.

Unaudited Consolidated Condensed Statements of Operations

For the Three and Six Months Ended June 30, 2013 and 2012

(in thousands, except per share amounts)

 
          Three Months Ended

June 30,

      Six Months Ended

June 30,

2013       2012 2013       2012
Revenues $ 3,963 $ 4,040 $ 6,483 $ 7,725
Cost of revenues 2,297 2,109 3,854 4,152
Advertising, promotion and selling 713 665 1,189 1,306
General and administrative 1,147 1,313 2,307 2,632
Depreciation 41 80 105 160
Amortization   105   136   214   272
Total operating expenses   4,303   4,303   7,669   8,522
 
Operating loss (340 ) (263 ) (1,186 ) (797 )
Other income (loss), net 8 (3 ) 4 (3 )
Interest income 1 1 2 2
Interest expense   (64 )   (73 )   (127 )   (146 )
 
Loss before income taxes (395 ) (338 ) (1,307 ) (944 )
Provision for income taxes   11   8   23   19
 
Net loss $ (406 ) $ (346 ) $ (1,330 ) $ (963 )

 

Loss per share:

Basic net loss $ (0.07 ) $ (0.06 ) $ (0.22 ) $ (0.16 )
Diluted net loss $ (0.07 ) $ (0.06 ) $ (0.22 ) $ (0.16 )
 
Weighted average shares used in computing loss per share:
Basic   6,022   5,983   6,023   5,969
Diluted   6,022   5,983   6,023   5,969
 

Shares outstanding and per share data have been adjusted to give effect to the one-for-seven reverse stock split implemented on August 16, 2012.

 

Mediabistro Inc.

Consolidated Condensed Balance Sheets

June 30, 2013 and December 31, 2012

(in thousands, except share and per share amounts)

 
          June 30,

2013

(Unaudited)

      December 31,

2012

ASSETS  
Current assets:
Cash and cash equivalents $ 1,672 $ 2,210
Accounts receivable, net of allowances of $8 and $16, respectively 633 524
Prepaid expenses and other current assets   522   503
Total current assets 2,827 3,237
 
Property and equipment, net of accumulated depreciation of $1,461 and $1,475, respectively 191 268
Intangible assets, net of accumulated amortization of $1,193 and $1,144, respectively 2,249 2,305
Goodwill 9,574 9,574
Investments and other assets   666   687
Total assets $ 15,507 $ 16,071
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 538 $ 509
Accrued payroll and related expenses 500 493
Accrued expenses and other current liabilities 993 649
Deferred revenues   1,493   1,294
Total current liabilities 3,524 2,945
 
Loan from related party 7,647 7,647
Deferred revenues 18 17
Deferred income taxes   493   474
Total liabilities   11,682   11,083
 
Commitments and contingencies
 
Stockholders’ equity:
Preferred stock, $.01 par value, 4,000,000 shares authorized, no shares issued and outstanding

Common stock, $.01 par value, 18,750,000 shares authorized, 6,141,768 and 6,138,879 shares

issued and 6,022,483 and 6,019,594 shares outstanding at June 30, 2013 and December 31, 2012,

respectively

61 61
Additional paid-in capital 289,878 289,711
Accumulated deficit (285,618 ) (284,288 )
Treasury stock, 119,285 shares at cost   (496 )   (496 )
Total stockholders’ equity   3,825   4,988
Total liabilities and stockholders’ equity $ 15,507 $ 16,071
 
 

Mediabistro Inc.

Unaudited Consolidated Condensed Statements of Cash Flows

For the Six Months Ended June 30, 2013 and 2012

(in thousands)

 
        Six Months Ended

June 30,

2013       2012
Cash flows from operating activities:
Net loss $ (1,330 ) $ (963 )
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization 319 432
Stock-based compensation 159 259
Provision for losses on accounts receivable 4 20
Amortization of debt issuance costs 19 17
Other loss, net 12
Deferred income taxes 18 16
Changes in assets and liabilities:
Accounts receivable, net (113 ) (106 )
Prepaid expenses and other assets (18 ) 200
Accounts payable, accrued expenses and other liabilities 379 99
Deferred revenues   200     150
Net cash provided by (used in) operating activities   (351 )   124
Cash flows from investing activities:
Purchases of property and equipment (33 ) (47 )
Purchases of intangible assets and other development costs   (161 )   (77 )
Net cash used in investing activities   (194 )   (124 )
Cash flows from financing activities:
Proceeds from exercise of stock options   7     119
Net cash provided by financing activities   7     119
Net increase (decrease) in cash and cash equivalents (538 ) 119
Cash and cash equivalents, beginning of period   2,210     3,438
Cash and cash equivalents, end of period $ 1,672   $ 3,557
 

About Mediabistro Inc.

Mediabistro Inc. (Nasdaq: MBIS) is a leading Internet media company that provides services for social media, traditional media, and creative professionals, as well as for innovators in the 3D printing and mobile app industries. Our service offerings include an online job board, news and analysis, trade shows and events, online and in-person courses, and research products.

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