Geeknet Reports Q3 2009 Financial Results

MOUNTAIN VIEW, Calif., Nov. 4 -- Geeknet, Inc. (Nasdaq: LNUX), formerly known as SourceForge, Inc., today announced financial results for its third quarter ended September 30, 2009.

Total revenue for the third quarter of 2009 was $10.8 million compared to $11.5 million of revenue for the third quarter of 2008. Net loss for the third quarter of 2009 was $4.5 million or $0.08 per share compared to a net loss of $2.7 million or $0.04 per share, for the same period a year ago.

Adjusted EBITDA loss for the third quarter of 2009 was $3.4 million, compared to adjusted EBITDA loss of $1.4 million for the same period a year ago. A reconciliation of our net loss as reported to adjusted EBITDA is included in this release.

"Today's announcement that we have renamed our company Geeknet is the latest development in the rapid transformation of our business," said Scott L. Kauffman, President & CEO, Geeknet. "While I am disappointed in our media results this quarter, I am pleased with the continued growth of ThinkGeek. And with Geeknet as our calling card on Madison Avenue, we are now able to craft a more holistic and compelling story for the advertising community that will clearly define our audience and lead to more media revenue."

Third Quarter Highlights:

* Media revenue was $3.7 million for the third quarter of 2009, compared to $5.1 million for the third quarter of 2008. Revenue for the third quarter of 2009 included $1.6 million from our premium advertising products compared to $0.8 million of premium revenue for the same period last year.
* E-commerce revenue was $7.1 million for the third quarter of 2009, compared to $6.4 million for the third quarter of 2008.
* Total cash and investments balance, including restricted cash, at the end of the third quarter of 2009 was $35.6 million.

Supplemental schedules of the Company's quarterly statements of operations and operational statistics for the quarterly periods in the year ended December 31, 2008 and the nine months ended September 30, 2009 are available on the Company's web site at geek.net/cyresults.

Source: Geeknet