WebMediaBrands Inc. Reports Q3 2009 Results

(Norwalk, CT - November 12, 2009) -- WebMediaBrands Inc. (Nasdaq: WEBM), an Internet media company concentrating on BtoB communities, today reported results for the quarter ended September 30, 2009.

Revenues from continuing operations for the third quarter of 2009 were $4.5 million compared to revenues of $7.6 million for the same period in 2008. Loss from continuing operations was $4.6 million for the third quarter of 2009 compared to $21.8 million for the same period in 2008.

"Despite the continued downturn in the economy, which had an impact on our online advertising sales operations during the third quarter, revenues from our job board operations showed improvement during the third quarter and were up 26% compared to the second quarter of 2009. Also, operating costs in this quarter reflect significant cost savings that we believe will be in effect for the balance of the year and into 2010," stated Alan M. Meckler, Chairman and CEO of WebMediaBrands.

In August 2009 WebMediaBrands entered into an asset purchase agreement to sell its Internet.com division to QuinStreet, Inc. for an aggregate purchase price of $18.0 million in cash, subject to a working capital purchase price adjustment. The Company anticipates consummating the transaction on or about November 30, 2009, subject to stockholder approval.

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. Prior year financial results have been presented to reflect WebMediaBrands's online images segment as a discontinued operation.

Source: WebMediaBrands Inc.