2009 PressPress Releases
WEBMEDIABRANDS INC. REPORTS RESULTS FOR ITS FIRST QUARTER ENDED MARCH 31, 2009
(Darien, CT - May 14, 2009) -- WebMediaBrands Inc. (Nasdaq: WEBM), an Internet media company concentrating on BtoB communities, today reported results for the quarter ended March 31, 2009.
In February 2009, WebMediaBrands completed the sale of its Online images business to Getty Images, Inc. for an aggregate purchase price of $96.0 million in cash, subject to a working capital purchase price adjustment. As a result of the sale, these financial results reflect WebMediaBrands's Online images segment as a discontinued operation and continuing operations are comprised solely of the Online media business, in accordance with Statement of Financial Accounting Standards No. 144. Prior year financial results have been presented to reflect WebMediaBrands Online images segment as a discontinued operation.
Revenues from our continuing operations for the first quarter of 2009 were $5.8 million compared to revenues of $8.4 million for the same period in 2008. Operating loss from continuing operations was $8.0 million, or $0.22 per share, for the first quarter of 2009 and included non-cash stock-based compensation expense, impairment and restructuring charges, which totaled $3.6 million or $0.10 per share. Net loss for the first quarter of 2009, including the results of the discontinued operation, was $8.7 million and included a gain of $7.1 million related to the sale of the Online images business.
"Our ad sales and job board operations had significant declines due primarily to economic conditions. Our online education business, however, had growth on a year over year basis. Also, operating costs in this quarter do not reflect significant cost savings that will take place over the balance of the year and into 2010", stated Alan M. Meckler, Chairman and CEO of WebMediaBrands.
WebMediaBrands Inc. 1st Quarter 2009 Financial Results Conference Call Alert
WebMediaBrands Inc. invites you to participate in its conference call reviewing 2009 first quarter results on Thursday, May 14, 2009 at 5:00 pm EST.
The conference call number is (877) 874-1586 for domestic participants and (719) 325-4821 for international participants; pass code "477 5876". Please call five minutes in advance to ensure that you are connected prior to the presentation. The conference call replay will be available until Thursday, May 28, 2009. Replay call numbers are (888) 203-1112 for domestic participants and (719) 457-0820 for international participants; pass code "477 5876."
In April 2009, WebMediaBrands acquired the assets of Brandsoftheworld.com (www.brandsoftheworld.com). Brandsoftheworld.com is a user generated content site where readers view and download more than 160,000 vector format brands and logos. The site has over 2 million unique visitors and over 30 million page views per month. Terms of the acquisition were not disclosed.
About WebMediaBrands Inc.
WebMediaBrands Inc. (Nasdaq: WEBM, www.webmediabrands.com), headquartered in Darien, CT, is an Internet media company concentrating on BtoB communities. WebMediaBrands has three online communities: Internet.com for IT managers and Web developers; Mediabistro.com for media professionals and Graphics.com for design and creative professionals. All three communities offer job boards, marketplaces, online education offerings and events.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release that are not historical facts are "forward-looking statements" under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The potential risks and uncertainties address a variety of subjects including, for example, the competitive environment in which WebMediaBrands competes; the unpredictability of WebMediaBrands's future revenues, expenses, cash flows and stock prices; and WebMediabrands's dependence on a limited number advertisers. For a more detailed discussion of such risks and uncertainties, refer to WebMediaBrands' reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934. The forward-looking statements included herein are made as of the date of this press release, and WebMediaBrands assumes no obligation to update the forward-looking statements after the date hereof, except as required by law.
All current WebMediaBrands press releases can be found online at www.webmediabrands.com/corporate/press.html.
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