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MEDIABISTRO INC

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Mediabistro Inc : Mediabistro Inc. Reports Financial Results For Its Third Quarter Ended September 30, 2013

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11/07/2013 | 01:42pm EDT
2013 Press

Mediabistro Inc. Reports Financial Results For Its Third Quarter Ended September 30, 2013

(New York, NY - November 6, 2013) - Mediabistro Inc. (Nasdaq:MBIS) today reported financial results for the quarter ended September 30, 2013.

Financial results for the third quarter of 2013 include:

  • Revenues for the third quarter of 2013 were $3.0 million compared to revenues of $2.9 million for the same period in 2012.
  • Net loss for the third quarter of 2013 was $426,000, compared to a net loss of $1.2 million for the same period in 2012. Non-GAAP loss, excluding interest, taxes, depreciation, amortization and stock-based compensation expense, or EBITDA, was $184,000 during the third quarter of 2013, compared to a loss of $773,000 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. Non-cash stock-based compensation expense was $120,000 during the third quarter of 2013.

"Our financial results for the third quarter included two iterations of our newest trade show, Inside 3D Printing Conference and Expo, which took place during the month of July in Chicago and during the month of September in San Jose. These trade shows continue to be critically and financially successful and we are very excited about the growth possibilities of this brand," stated Alan M. Meckler, Chairman and CEO of Mediabistro Inc. "We also most recently held our first international Inside 3D Printing Conference and Expo in Singapore in October and we are continuing to schedule additional Inside 3D Printing events throughout the world in 2014, including Germany, Brazil and Australia, among others. Also during the third quarter, we successfully launched our Inside Bitcoins trade show in New York City. This trade show was also financially successful and we have now planned to run this show in Las Vegas, Berlin and additional cities," added Meckler.

Mediabistro Inc.

Unaudited Consolidated Condensed Statements of Operations

For the Three and Nine Months Ended September 30, 2013 and 2012

(inthousands, except per share amounts)

Three Months Ended
September 30,

Nine Months Ended
 September 30,

2013

2012

2013

2012

Revenues

$

2,975

$

2,917

$

9,458

$

10,642

Cost of revenues

1,608

1,678

5,462

5,830

Advertising, promotion and selling

556

614

1,745

1,920

General and administrative

1,162

1,306

3,469

3,938

Depreciation

26

78

131

238

Amortization

112

137

326

409

Total operating expenses

3,464

3,813

11,133

12,335

Operating loss

(489

)

(896

)

(1,675

)

(1,693

)

Other income (loss), net

47

(213

)

51

(216

)

Interest income

1

1

3

3

Interest expense

(84

)

(63

)

(211

)

(209

)

Loss before income taxes

(525

)

(1,171

)

(1,832

)

(2,115

)

Provision (benefit) for income taxes

(99

11

(76

30

Net loss

$

(426

)

$

(1,182

)

$

(1,756

)

$

(2,145

)

Loss per share:

Basic net loss

$

(0.07

)

$

(0.20

)

$

(0.29

)

$

(0.36

)

Diluted net loss

$

(0.07

)

$

(0.20

)

$

(0.29

)

$

(0.36

)

Weighted average shares used in computing loss per share:

Basic

6,022

6,009

6,023

5,983

Diluted

6,022

6,009

6,023

5,983

Mediabistro Inc.

Consolidated Condensed Balance Sheets

September 30, 2013 and December 31, 2012

(inthousands, except share and per share amounts)

September 30,
2013
(Unaudited)

December 31,
2012

ASSETS

Current assets:

Cash and cash equivalents

$

876

$

2,210

Accounts receivable, net of allowances of $7 and $16, respectively

554

524

Prepaid expenses and other current assets

799

503

Total current assets

2,229

3,237

Property and equipment, net of accumulated depreciation of $1,486 and $1,475, respectively

489

268

Intangible assets, net of accumulated amortization of $1,304 and $1,144, respectively

2,172

2,305

Goodwill

9,574

9,574

Investments and other assets

808

687

Total assets

$

15,272

$

16,071

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable

$

627

$

509

Accrued payroll and related expenses

374

493

Accrued expenses and other current liabilities

1,083

649

Deferred revenues

1,360

1,294

Total current liabilities

3,444

2,945

Loan from related party

7,795

7,647

Deferred revenues

17

17

Deferred income taxes

497

474

Total liabilities

11,753

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 September 30, 2013 and December 31, 2012, respectively

61

61

Additional paid-in capital

289,998

289,711

Accumulated deficit

(286,044

)

(284,288

)

Treasury stock, 119,285 shares at cost

(496

)

(496

)

Total stockholders' equity

3,519

4,988

Total liabilities and stockholders' equity

$

15,272

$

16,071

Mediabistro Inc.

Unaudited Consolidated Condensed Statements of Cash Flows

For the Nine Months Ended September 30, 2013 and 2012

(inthousands)

Nine Months Ended
September 30,

2013

2012

Cash flows from operating activities:

Net loss

$

(1,756

)

$

(2,145

)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

457

647

Stock-based compensation

278

380

Provision for losses on accounts receivable

4

27

Amortization of debt issuance costs

27

27

Other, net

(41

210

Deferred income taxes

22

25

Changes in assets and liabilities:

Accounts receivable, net

(35

)

(155

)

Prepaid expenses and other assets

(289

)

130

Accounts payable, accrued expenses and other liabilities

141

(195

Deferred revenues

66

265

Net cash used in operating activities

(1,126

)

(784

Cash flows from investing activities:

Purchases of property and equipment

(68

)

(91

)

Purchases of intangible assets and other development costs

(195

)

(186

)

Proceeds from sale of assets and other

53

-

Net cash used in investing activities

(210

)

(277

)

Cash flows from financing activities:

Debt issuance costs

(153

(23

)

Borrowings from related party

148

-

Proceeds from exercise of stock options

7

125

Net cash provided by financing activities

2

102

Net decrease in cash and cash equivalents

(1,334

(959

Cash and cash equivalents, beginning of period

2,210

3,438

Cash and cash equivalents, end of period

$

876

$

2,479



Mediabistro Inc. (Nasdaq: MBIS) is a leading Internet media company that provides services for social media, traditional media, and creative professionals, as well as for innovators in the 3D printing and mobile app industries. Service offerings include an online job board 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 explicitly made in, or implied by, this press release that are not historical facts, including the near-term trading price and long-term strategic value of the Company's common stock, 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 recent unusual trading activity in, and relatively illiquid and highly volatile market for, Mediabistro common stock; risks associated with Mr. Meckler's control of the Company and its debt to him; risks associated with the stockholder rights plan and other anti-takeover measures currently in place or that might be implemented in the future; general economic conditions; the competitive environment in which the Company operates; and the unpredictability of future revenues, expenses, cash flows and stock prices. For a more detailed discussion of such risks and uncertainties, refer to the Company'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://corporate.mediabistro.com/corporate/press.html.


For information on Mediabistro Inc., contact:


Don O'Neill
doneill@mediabistro.com
203-662-2980

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