LookSmart Announces Fourth Quarter And Full Year 2012 Financial Results

SAN FRANCISCO, April 1, 2013 (GLOBE NEWSWIRE) -- LookSmart, Ltd. (Nasdaq:LOOK), an online search advertising network solutions company, today announced financial results for the fourth quarter and full year ended December 31, 2012.

Revenues for the fourth quarter of 2012 were $4.2 million, down 20.7% year-over-year, from revenue of $5.3 million in the fourth quarter of 2011, and up 7.7% sequentially, from revenues of $3.9 million in the third quarter of 2012. Revenues from the Company's Advertiser Networks for the fourth quarter of 2012 were $3.9 million, down 20.4%, year-over-year, from revenue of $4.9 million in the fourth quarter of 2011 and up 5.4% sequentially, from revenue of $3.7 million in the third quarter of 2012. Revenues from the Company's Publisher Solutions were $0.3 million in the fourth quarter of 2012, down 25% year-over-year, from revenue of $0.4 million in the fourth quarter of 2011, and up 50%, from $0.2 million in the third quarter of 2012.

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. This compares to a net loss for the fourth quarter of 2011 of $1.8 million, or $0.11 per diluted share. Net loss for the third quarter of 2012 was $2.7 million, or $0.15 per diluted share.

For the full year 2012, revenues were $15.7 million, down 43%, from revenue of $27.6 million in 2011. Gross margin was 35% in 2012, compared to 45% in 2011. The Company's net loss in 2012 was $11.0 million, or $0.64 per diluted share compared to net loss of $2.5 million or $0.15 per diluted share in 2011.

"LookSmart is one of the oldest and most robust online advertising platforms," said Michael Onghai, Chief Executive Officer. "It is our intention to reinvigorate our team, work closer with existing and new partners, expand our revenue mix and position our company for profitable revenue growth in the future. We are pleased that the Company bought back 16,784 shares of stock in the fourth quarter of 2012 at an average price of $0.82 per share."

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