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

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

NEW YORK--(BUSINESS WIRE)-- Mediabistro Inc. (NAS: 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 22nd and 23rd 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   20122013   2012
Revenues$3,963$4,040$6,483$7,725
Cost of revenues2,2972,1093,8544,152
Advertising, promotion and selling7136651,1891,306
General and administrative1,1471,3132,3072,632
Depreciation4180105160
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), net8(3)4(3)
Interest income1122
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, respectively633524
Prepaid expenses and other current assets 522 503
Total current assets2,8273,237
 
Property and equipment, net of accumulated depreciation of $1,461 and $1,475, respectively191268
Intangible assets, net of accumulated amortization of $1,193 and $1,144, respectively2,2492,305
Goodwill9,5749,574
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 expenses500493
Accrued expenses and other current liabilities993649
Deferred revenues 1,493 1,294
Total current liabilities3,5242,945
 
Loan from related party7,6477,647
Deferred revenues1817
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

6161
Additional paid-in capital289,878289,711
Accumulated deficit(285,618)(284,288)
Treasury stock, 119,285 shares at cost (496) Read Full Story

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