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MeetMe Reports Second Quarter 2013 Financial Results

Stocks in this article: MEET

MeetMe®, Inc. (NYSE MKT: MEET), the public market leader in social discovery, today reported financial results for the second quarter ended June 30, 2013.

Second Quarter 2013 Financial Highlights

  • Revenue was $9.5 million, up 21.5 percent sequentially. Previously the company announced that it anticipated Q2 revenues of approximately $9.0 million.
  • Mobile revenue reached an all-time high at $2.6 million, up 37 percent sequentially and 98 percent year-over-year, and exceeding the previous record set in the seasonally-strong fourth quarter of 2012 by 18.8 percent.
  • Net loss was $2.1 million or $0.05 per share, compared with a net loss of $3.8 million or $0.11 per share in the second quarter of 2012.
  • Adjusted EBITDA was a positive $384,000, up over $2 million sequentially from an Adjusted EBITDA loss of $1.7 million in the first quarter. (See the important discussion about the presentation of non-GAAP financial measures, and reconciliation to the most directly comparable GAAP financial measures, below.)
  • Cash and Cash Equivalents totaled $8.3 million at June 30, 2013.

Geoff Cook, CEO of MeetMe, said, “In the second quarter we believe we demonstrated the strength and potential of our mobile business, while at the same time demonstrating stability in our online business. Sequential revenue growth was significant, and we posted an adjusted EBITDA profit.”

Mr. Cook continued, “We are seeing increasing traction with the new mobile advertising products. Since launching additional native mobile ads on iPhone in July, native advertising impressions increased more than fourfold on that platform compared to the week prior to launch. This launch contributed to the 43% increase in overall iPhone advertising revenue during the same period. With the recent launch of these units on Android, we now reach 90% of our mobile audience with our highest-monetizing and best-performing advertising units.”

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