Attached files
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| 8-K - FORM 8-K - Mecklermedia Corp | mediabistro_8k.htm |
Exhibit 99.1
Mediabistro Inc. Reports Financial Results
For Its Fourth Quarter and Year Ended December 31, 2013
(New York, NY – March 19, 2014) -- Mediabistro Inc. (Nasdaq: MBIS) today reported results for the fourth quarter and full year ended December 31, 2013.
Highlights for the fourth quarter of 2013 include:
| · | Revenues for the fourth quarter of 2013 were $3.0 million compared to revenues of $3.3 million for the same period in 2012. |
| · | Net loss for the fourth quarter of 2013 was $3.9 million and included a non-cash impairment charge of $2.9 million related to the write-down of goodwill, compared to a net loss of $6.5 million for the same period in 2012. Non-GAAP loss, excluding interest, taxes, depreciation, amortization, impairment and stock-based compensation expense, or EBITDA, was $742,000 during the fourth quarter of 2013 and included losses on the sale of certain assets and investments totaling $336,000. EBITDA loss was $572,000 for the same period in 2012. We track the EBITDA metric and present it here because we believe it helps in the analysis of the performance of our core operations. However, non-GAAP metrics should not be considered as replacements for their closest GAAP counterparts, and you should be aware that different companies might calculate similarly titled metrics in a different way. Non-cash stock-based compensation expense was $59,000 during the fourth quarter of 2013 compared to $147,000 during the same period last year. |
Highlights for the year ended December 31, 2013 include:
| · | Revenues for the year ended December 31, 2013 were $12.5 million compared to revenues of $14.0 million for the year ended December 31, 2012. |
| · | Net loss was $5.7 million for the year ended December 31, 2013, and included a non-cash impairment charge of $2.9 million related to the write-down of goodwill, compared to a net loss of $8.7 million for the year ended December 31, 2012. |
“Our financial results for the fourth quarter included the second iteration of our Inside Bitcoins trade show, held in December in Las Vegas. This trade show was financially successful. While recent events have highlighted the risks of this early-stage market, we remain excited about the long-term growth possibilities of this brand along with our Inside 3D Printing Conference and Expo trade show brand,” stated Alan M. Meckler, Chairman and CEO of Mediabistro Inc. “We also most recently held our first German Inside Bitcoins and Inside 3D Printing Conference and Expo in Berlin during the first quarter of 2014 and we have scheduled inaugural Inside 3D Printing and Inside Bitcoin events throughout the world in 2014, including Brazil, Hong Kong, Australia, Italy, Israel and China, among others. In addition, our second annual New York City Inside 3D Printing Conference and Expo and Inside Bitcoins trade shows will be held in April and there has been significant interest in these events,” added Meckler.
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Mediabistro Inc.
Unaudited Consolidated Condensed Statements of Operations
For the Three Months and Year Ended December 31, 2013 and 2012
(in thousands, except per share amounts)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Revenues | $ | 3,028 | $ | 3,320 | $ | 12,486 | $ | 13,962 | ||||||||
| Cost of revenues | 1,974 | 2,101 | 7,436 | 7,931 | ||||||||||||
| Advertising, promotion and selling | 662 | 772 | 2,407 | 2,692 | ||||||||||||
| General and administrative | 956 | 1,142 | 4,425 | 5,080 | ||||||||||||
| Depreciation | 62 | 71 | 193 | 309 | ||||||||||||
| Amortization | 97 | 131 | 423 | 540 | ||||||||||||
| Impairment | 2,941 | 5,542 | 2,941 | 5,542 | ||||||||||||
| Total operating expenses | 6,692 | 9,759 | 17,825 | 22,094 | ||||||||||||
| Operating loss | (3,664 | ) | (6,439 | ) | (5,339 | ) | (8,132 | ) | ||||||||
| Other loss, net | (237 | ) | (24 | ) | (186 | ) | (240 | ) | ||||||||
| Interest income | – | 1 | 3 | 4 | ||||||||||||
| Interest expense | (114 | ) | (62 | ) | (325 | ) | (271 | ) | ||||||||
| Loss before income taxes | (4,015 | ) | (6,524 | ) | (5,847 | ) | (8,639 | ) | ||||||||
| Provision (benefit) for income taxes | (71 | ) | 4 | (147 | ) | 34 | ||||||||||
| Net loss | $ | (3,944 | ) | $ | (6,528 | ) | $ | (5,700 | ) | $ | (8,673 | ) | ||||
| Loss per share: | ||||||||||||||||
| Basic net loss | $ | (0.65 | ) | $ | (1.09 | ) | $ | (0.95 | ) | $ | (1.45 | ) | ||||
| Diluted net loss | $ | (0.65 | ) | $ | (1.09 | ) | $ | (0.95 | ) | $ | (1.45 | ) | ||||
| Weighted average shares used in computing loss per share: | ||||||||||||||||
| Basic | 6,033 | 6,014 | 6,025 | 5,991 | ||||||||||||
| Diluted | 6,033 | 6,014 | 6,025 | 5,991 | ||||||||||||
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Mediabistro Inc.
Unaudited Consolidated Condensed Balance Sheets
December 31, 2013 and 2012
(in thousands, except share and per share amounts)
| December 31, 2013 | December 31, 2012 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,232 | $ | 2,210 | ||||
| Accounts receivable, net of allowances of $3 and $16, respectively | 557 | 524 | ||||||
| Prepaid expenses and other current assets | 769 | 503 | ||||||
| Total current assets | 2,558 | 3,237 | ||||||
| Property and equipment, net of accumulated depreciation of $1,530 and $1,475, respectively | 430 | 268 | ||||||
| Intangible assets, net of accumulated amortization of $1,208 and $1,144, respectively | 1,946 | 2,305 | ||||||
| Goodwill | 6,633 | 9,574 | ||||||
| Investments and other assets | 637 | 687 | ||||||
| Total assets | $ | 12,204 | $ | 16,071 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 445 | $ | 509 | ||||
| Accrued payroll and related expenses | 511 | 493 | ||||||
| Accrued expenses and other current liabilities | 1,092 | 649 | ||||||
| Deferred revenues | 1,120 | 1,294 | ||||||
| Total current liabilities | 3,168 | 2,945 | ||||||
| Loan from related party, net of discount of $454 | 8,341 | 7,647 | ||||||
| Deferred revenues | 16 | 17 | ||||||
| Deferred income taxes | 481 | 474 | ||||||
| Total liabilities | 12,006 | 11,083 | ||||||
| Commitments and contingencies: | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, $.01 par value, 4,000,000 shares authorized, no shares issued | – | – | ||||||
| Common stock, $.01 par value, 18,750,000 shares authorized, 6,176,661 and 6,138,879 shares issued and 6,057,376 and 6,019,594 shares outstanding at December 31, 2013 and 2012, respectively | 62 | 61 | ||||||
| Additional paid-in capital | 290,620 | 289,711 | ||||||
| Accumulated deficit | (289,988 | ) | (284,288 | ) | ||||
| Treasury stock, 119,285 shares, at cost | (496 | ) | (496 | ) | ||||
| Total stockholders’ equity | 198 | 4,988 | ||||||
| Total liabilities and stockholders’ equity | $ | 12,204 | $ | 16,071 | ||||
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Mediabistro Inc.
Unaudited Consolidated Condensed Statements of Cash Flows
For the Years Ended December 31, 2013 and 2012 (in thousands)
| Year Ended December 31, | ||||||||
| 2013 | 2012 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (5,700 | ) | $ | (8,673 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Impairment | 2,941 | 5,542 | ||||||
| Depreciation and amortization | 616 | 849 | ||||||
| Stock-based compensation | 337 | 528 | ||||||
| Provision for losses on accounts receivable | 4 | 27 | ||||||
| Other, net | 200 | 236 | ||||||
| Amortization of debt issuance costs | 30 | 36 | ||||||
| Deferred income taxes | 7 | 30 | ||||||
| Changes in current assets and liabilities (net of businesses acquired): | ||||||||
| Accounts receivable, net | (37 | ) | (62 | ) | ||||
| Prepaid expenses and other assets | (160 | ) | 176 | |||||
| Accounts payable, accrued expenses and other liabilities | 125 | 167 | ||||||
| Deferred revenues | (175 | ) | 1 | |||||
| Net cash used in operating activities | (1,812 | ) | (1,143 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | (90 | ) | (117 | ) | ||||
| Acquisitions of intangible assets and other development costs | (347 | ) | (220 | ) | ||||
| Proceeds from sale of assets and other | 178 | 132 | ||||||
| Net cash used in investing activities | (259 | ) | (205 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Borrowings from related party | 1,148 | – | ||||||
| Debt issuance costs | (164 | ) | (23 | ) | ||||
| Proceeds from exercise of stock options | 109 | 143 | ||||||
| Net cash provided by financing activities | 1,093 | 120 | ||||||
| Net decrease in cash and cash equivalents | (978 | ) | (1,228 | ) | ||||
| Cash and cash equivalents, beginning of year | 2,210 | 3,438 | ||||||
| Cash and cash equivalents, end of year | $ | 1,232 | $ | 2,210 | ||||
| Supplemental disclosures of cash flow: | ||||||||
| Cash refund of income taxes, net | $ | 53 | $ | 70 | ||||
| Cash paid for interest | $ | 295 | $ | 235 | ||||
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About Mediabistro Inc.
Mediabistro Inc. (Nasdaq: MBIS) is a leading Internet media company that provides services for social media, traditional media, and creative professionals. Mediabistro is a leading producer of 3D printing and Bitcoin trade shows. Service offerings include an online job board, news and analysis, trade shows and events, online and in-person courses, and research products.
"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: recent turmoil and trading platform closures in the Bitcoin market; the competitive environment in which Mediabistro competes; and the unpredictability of Mediabistro’s future revenues, expenses, cash flows and stock prices. For a more detailed discussion of such risks and uncertainties, refer to Mediabistro’s 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 Mediabistro assumes no obligation to update the forward-looking statements after the date hereof, except as required by law.
All current Mediabistro press releases can be found online at http://www.mediabistro.com/corporate/press.html
For information on Mediabistro, contact:
Natalie Bonacasa
press@mediabistro.com
212-547-7870
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