TheStreet Reports Fourth Quarter and Full Year 2010 Results

NEW YORK, Mar 10, 2011 (BUSINESS WIRE) -- TheStreet.com, Inc. (Nasdaq: TST; www.t.st), a leading digital financial media company, today reported financial results for the fourth quarter and full year of 2010. The Company reported revenue of $57.2 million, a net loss of $(5.3) million and Adjusted EBITDA(1) of $1.2 million for the year and revenue of $14.7 million, a net loss of $(1.7) million and Adjusted EBITDA of $0.0 million for the quarter.

"TheStreet's revenue from its ongoing businesses(2) increased 7% in 2010 as compared to the prior year, with advertising revenue up 5% and Premium Services revenue up 7%," said Daryl Otte, the Company's Chief Executive Officer. "As we've previously announced, the Company embarked on a strategic investment program during the year with the commitment to remain Adjusted EBITDA positive for the year, a promise we have fulfilled.

"Perhaps an even better indicator of our confidence is how the business is currently trending. Starting in the back half of the fourth quarter of 2010 and continuing into the first quarter of 2011, we are clearly seeing that our new strategy and related investments are yielding tangible results. Particularly, the size of the audience to our network of sites is growing nicely in part on the strength of natural search improvements; our subscription counts are up, benefitting strongly from growth in our new services; churn rates are improving, a result of improved product quality, technological improvements and the efforts of our telesales organization; and sequential subscription bookings are rebounding sharply, up 20% in the fourth quarter of 2010 over the prior quarter.

"In addition, the advertising pipeline at year end and into 2011 was the strongest we have seen in some time, on the strength of our investments in the sales teams, the introduction of custom marketing packages for our key advertisers and our investment in improving the quality of our sites' page views. It is also important to note that our operating expenses are leveling off as our investments in these programs have matured, with the G&A line declining.

"One disappointment is that while our advertising revenue grew in the full year by 5%, we saw a decline of $0.3 million, or 6%, in the fourth quarter, as compared to the prior year periods. We attribute this largely to a mix of general softness in our core category for the quarter and some execution issues on our part. While these circumstances impacted the year-on-year comparison of the fourth quarter, we are very pleased to note that through work undertaken during the fourth quarter, we began the year with a significantly higher level of commitment from our core advertisers for 2011 as part of the annual 'upfront' sales cycle as compared to our upfront commitments in 2010. We also are pleased to report that we have won commitments from 100% of the top six online brokerages for advertising this year, the first time since 2007.

"Lastly, we note that there has been widespread discussion about a change that Google announced in late February 2011 to its search algorithm, a change intended to better acknowledge the quality of content when ranking search results. While it is too early to comment on any long-term impact of this change for our network of sites, it is expected that sites that produce in-depth, original, high quality content, like TheStreet, will see their rankings elevated. We have been a leading publisher of original, high quality financial content since our launch 15 years ago - we are pleased to see that Google believes that its users have a strong demand for this type of content and we look forward to continuing to satisfy such demand," Mr. Otte concluded.

Financial Highlights of Full Year and Fourth Quarter 2010

The Company's ongoing businesses recorded revenue of $56.7 million during fiscal year 2010, an increase of 7% as compared to the prior year. Including revenue from the Company's former businesses(2), the Company recorded revenue $57.2 million in fiscal year 2010, a decrease of 5% as compared to the prior year. For the fourth quarter of 2010, the Company's revenue was $14.7 million, as compared to revenue in 2009 of $15.0 million (excluding former businesses) and $16.5 million (including former businesses).

 

  • Premium Services revenue from ongoing businesses increased 7% in fiscal year 2010 and 1% in the fourth quarter of 2010, as compared to the respective prior year periods. As the majority of the Company's Premium Services products are sold on an annual subscription basis, Premium Services revenue is largely a function of prior period bookings.
  • Premium Services bookings from ongoing businesses increased 1% each in fiscal year 2010 and in the fourth quarter of 2010, as compared to the respective prior year periods. Bookings grew sequentially by 20% in the fourth quarter of 2010 over the third quarter of 2010.
  • The average number of paid subscriptions reached 90,640 in the fourth quarter of 2010, compared to an average of 83,745 in the fourth quarter of 2009, an increase of 8%.
  • Churn declined to 3.6% in fourth quarter of 2010, compared to 3.8% in the third quarter of 2010 and 4.0% in the fourth quarter of 2009.
  • Marketing Services revenue from ongoing businesses increased 5% in fiscal year 2010 and declined by 6% in the fourth quarter of 2010, compared to the respective prior year periods.
  • The average monthly unique visitors to the Company's network of sites for the fourth quarter of 2010, as measured internally, were up 18% as compared to the prior year period.

The Company's ongoing businesses recorded adjusted EBITDA of $1.2 million in the fiscal year 2010, down from $6.5 million in the prior year. Including the Company's former businesses, Adjusted EBITDA was $1.2 million in fiscal year 2010, down from $5.7 million in the prior year. For the fourth quarter of 2010, the Company recorded breakeven EBITDA compared to $3.0 million in the prior period.

The Company had a net loss from its ongoing businesses of $(5.4) million and $(1.7) million in fiscal year 2010 and the fourth quarter of 2010, respectively, as compared to a net loss from its ongoing businesses of $(46.9) million and $(0.8) million during the respective prior year periods. Including the Company's former businesses, the Company had a net loss of $(5.3) million and $(1.7) million in fiscal year 2010 and the fourth quarter of 2010, respectively, as compared to a net loss of $(47.7) million and $(0.8) million during the respective prior year periods.

The Company ended the quarter with cash and cash equivalents, restricted cash and marketable securities of $78.6 million, a decrease of $1.1 million as compared to September 30, 2010.

TheStreet will conduct a conference call Thursday, March 10, 2011, at 4:30 p.m. Eastern Time to discuss these preliminary results. To participate in the call, dial (866) 578-5801 (domestic) or (617) 213-8058 (international). The passcode for the call is 54007907.

To access the Web cast of the call please visit:
www.thestreet.com/investor-relations/index.html?detailInclude=IROL-IRhome

(Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)

About TheStreet

TheStreet.com, Inc. is a leading digital financial media company that distributes its content through online, social media, tablet and mobile channels. The Company's network of brands include: TheStreet, RealMoney, Stockpickr, Action Alerts PLUS, Options Profits, ETF Profits, MainStreet and Rate-Watch. For more information on TheStreet's business, visit www.t.st. For financial and business news, actionable trading ideas, stock quotes and more, visit TheStreet.com via your web browser, follow TheStreet on Facebook and Twitter, visit TheStreet.mobi from your mobile device and access TheStreet through all major tablet platforms.

(1) To supplement the Company's financial statements presented in accordance with generally accepted accounting principles ("GAAP"), TheStreet.com, Inc. uses non-GAAP measures of certain components of financial performance, including "EBITDA" and "Adjusted EBITDA". EBITDA is adjusted from results based on GAAP to exclude interest, income taxes, depreciation and amortization. This non-GAAP measure is provided to enhance investors' overall understanding of the Company's current financial performance and its prospects for the future. Specifically, the Company believes that the non-GAAP EBITDA results are an important indicator of the operational strength of the Company's business and provide an indication of the Company's ability to service debt and fund capital expenditures. EBITDA eliminates the uneven effect of considerable amounts of noncash depreciation of tangible assets and amortization of certain intangible assets that were recognized in business combinations. Adjusted EBITDA further eliminates the impact of noncash stock compensation and impairment expenses, restructuring charges and other non-standard one-time charges. A limitation of these measures, however, is that they do not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in the Company's businesses. Management evaluates the investments in such tangible and intangible assets through other financial measures, such as capital expenditure budgets and investment spending levels. The Company believes that this non-GAAP financial measure is an important indicator of the Company's financial results because it gives investors a view of the Company's ability to generate cash.

The above information with respect to the Company's ongoing businesses is presented as a non-GAAP measure for illustrative purposes regarding the exclusion of the former businesses. These excluded results are not meant to represent a reflection of the operating activities of the divested Promotions.com subsidiary or the divested B&I Business (defined below) as if either was on a fully stand-alone basis. Promotions.com was a legal subsidiary of the Company whose activities were part of the combined results of the Company and the B&I Business was operated by the Company directly. Historically, neither Promotions.com nor the B&I Business were considered an operating segment and management did not measure and maintain certain separate discrete financial information for Promotions.com or the B&I Business, including cash flows for the activities of either.

The above measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. The non-GAAP measure included in this press release has been reconciled to the nearest GAAP measure.

(2) The Company's ongoing businesses exclude (i) the Company's former Promotions.com subsidiary, which the Company divested in December 2009; (ii) the banking and insurance ratings business ("B&I Business") of TheStreet Ratings, which the Company divested in May 2010; and (iii) revenue derived from the global research legal settlement that expired in July 2009 (collectively, the "former businesses").

All statements contained in this press release other than statements of historical facts are deemed forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, including those described in the Company's filings with the Securities and Exchange Commission, that could cause actual results to differ materially from those reflected in the forward-looking statements. All forward-looking statements contained herein are made as of the date of this press release. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results or occurrences. The Company disclaims any obligation to update these forward-looking statements, whether as a result of new information, future developments or otherwise.

 
THESTREET.COM, INC.
CONSOLIDATED BALANCE SHEETS
         
ASSETS   December 31, 2010   December 31, 2009
Current Assets:        
Cash and cash equivalents   $ 20,089,660     $ 60,542,494  

Accounts receivable, net of allowance for doubtful
accounts of $238,228 at December 31, 2010 and
$276,668 at December 31, 2009

    6,623,261       5,963,209  
Marketable securities     26,502,945       2,812,400  
Other receivables     663,968       2,774,898  
Prepaid expenses and other current assets     1,785,007       1,691,038  
Total current assets     55,664,841       73,784,039  
         

Property and equipment, net of accumulated depreciation
and amortization of $12,845,359 at December 31, 2010
and $13,263,460 at December 31, 2009

    10,887,732       7,493,020  
Marketable securities     30,302,428       17,515,687  
Long term investment     -       555,000  
Other assets     243,611       167,477  
Goodwill     24,057,616       24,286,616  
Other intangibles, net     6,725,462       8,210,105  
Restricted cash     1,660,370       1,702,079  
Total assets   $ 129,542,060     $ 133,714,023  
         
LIABILITIES AND STOCKHOLDERS' EQUITY        
Current Liabilities:        
Accounts payable   $ 2,455,894     $ 2,164,809  
Accrued expenses     8,239,064       7,894,136  
Deferred revenue     17,431,381       17,306,737  
Other current liabilities     184,328       132,682  
Liabilities of discontinued operations     1,871       223,165  
Total current liabilities     28,312,538       27,721,529  
Deferred tax liability     288,000       288,000  
Other liabilities     2,948,181       1,230,591  
Total liabilities     31,548,719       29,240,120  
         
Stockholders' Equity:        

Preferred stock; $0.01 par value; 10,000,000 shares
authorized; 5,500 shares issued and 5,500 shares
outstanding at December 31, 2010 and December 31, 2009;
the aggregate liquidation preference totals $55,000,000 as of
December 31, 2010 and December 31, 2009

    55       55  

Common stock; $0.01 par value; 100,000,000 shares
authorized; 37,775,381 shares issued and 31,667,600
shares outstanding at December 31, 2010, and 37,246,362
shares issued and 31,164,628 shares outstanding at
December 31, 2009

    377,754       372,464  
Additional paid-in capital     270,644,658       271,715,956  
Accumulated other comprehensive income     331,311       344,372  

Treasury stock at cost; 6,107,781 shares at December 31, 2010
and 6,081,734 shares at December 31, 2009

    (10,478,838 )     (10,411,952 )
Accumulated deficit     (162,881,599 )     (157,546,992 )
Total stockholders' equity     97,993,341       104,473,903  
         
Total liabilities and stockholders' equity   $ 129,542,060     $ 133,714,023  
                 
                 
THESTREET.COM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
                 
    For the Three Months Ended December 31,   For the Year Ended December 31,
    2010   2009   2010   2009
Net revenue:                
Premium services   $ 9,432,205     $ 9,678,530     $ 38,597,877     $ 37,988,579  
Marketing services     5,253,194       6,833,174       18,588,502       22,251,432  
Total net revenue     14,685,399       16,511,704       57,186,379       60,240,011  
                 
Operating expense:                
Cost of services     6,584,437       6,433,677       25,557,162       29,100,204  
Sales and marketing     4,551,870       3,309,492       15,841,470       12,077,546  
General and administrative     4,049,472       5,730,964       18,052,633       18,916,456  
Depreciation and amortization     1,466,552       1,099,934       4,692,520       4,985,297  
Asset impairments     -       -       555,000       24,137,069  
Restructuring and other charges     -       732,412       -       3,460,914  
Loss (gain) on disposition of assets     -       529,708       (1,318,607 )     529,708  
Total operating expense     16,652,331       17,836,187       63,380,178       93,207,194  
Operating loss     (1,966,932 )     (1,324,483 )     (6,193,799 )     (32,967,183 )
Net interest income     203,674       173,831       846,157       949,727  
Gain on sales of marketable securities     -       -       -       295,430  
Other income     -       -       20,374       153,677  
Loss from continuing operations before income taxes     (1,763,258 )     (1,150,652 )     (5,327,268 )     (31,568,349 )
Benefit (provision) for income taxes     -       381,113       -       (16,133,964 )
Loss from continuing operations     (1,763,258 )     (769,539 )     (5,327,268 )     (47,702,313 )
Discontinued operations:                
Gain (loss) from discontinued operations     16,091       (4,868 )     (7,339 )     (15,321 )
Net loss     (1,747,167 )     (774,407 )     (5,334,607 )     (47,717,634 )
Preferred stock cash dividends     96,424       96,424       385,696       385,696  
Net loss attributable to common stockholders   $ (1,843,591 )   $ (870,831 )   $ (5,720,303 )   $ (48,103,330 )
                 
Basic net loss per share:                
Loss from continuing operations   $ (0.06 )   $ (0.03 )   $ (0.17 )   $ (1.56 )
Gain (loss) from discontinued operations     0.00       (0.00 )     (0.00 )     (0.00 )
Net loss     (0.06 )     (0.03 )     (0.17 )     (1.56 )
Preferred stock dividends     (0.00 )     (0.00 )     (0.01 )     (0.01 )
Net loss attributable to common stockholders   $ (0.06 )   $ (0.03 )   $ (0.18 )   $ (1.57 )
                 
Diluted net loss per share:                
Loss from continuing operations   $ (0.06 )   $ (0.03 )   $ (0.17 )   $ (1.56 )
Gain (loss) from discontinued operations     0.00       (0.00 )     (0.00 )     (0.00 )
Net loss     (0.06 )     (0.03 )     (0.17 )     (1.56 )
Preferred stock dividends     (0.00 )     (0.00 )     (0.01 )     (0.01 )
Net loss attributable to common stockholders   $ (0.06 )   $ (0.03 )   $ (0.18 )   $ (1.57 )
                 
Weighted average basic shares outstanding     31,660,752       30,622,363       31,593,341       30,586,460  
Weighted average diluted shares outstanding     31,660,752       30,622,363       31,593,341       30,586,460  
                                 
 
THESTREET.COM, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
         
    For the Year Ended December 31,
    2010   2009
Cash Flows from Operating Activities:        
Net loss   $ (5,334,607 )   $ (47,717,634 )
Loss from discontinued operations     7,339       15,321  
Loss from continuing operations     (5,327,268 )     (47,702,313 )
Adjustments to reconcile loss from continuing operations        
to net cash provided by operating activities:        
Stock-based compensation expense     2,336,443       2,739,566  
Provision for doubtful accounts     62,559       408,425  
Depreciation and amortization     4,692,520       4,985,297  
Valuation allowance on deferred taxes     -       16,404,790  
Impairment charges     555,000       24,137,069  
Restructuring and other charges     -       451,695  
Deferred rent     1,703,614       1,233,700  
Gain on disposal of equipment     (20,600 )     -  
(Gain) loss on disposition of assets     (1,318,607 )     529,708  
Changes in operating assets and liabilities:        
Accounts receivable     (672,611 )     2,386,497  
Other receivables     314,054       (275,665 )
Prepaid expenses and other current assets     (129,121 )     (5,316 )
Other assets     (97,115 )     18,616  
Accounts payable     292,477       1,865,890  
Accrued expenses     659,907       4,722,270  
Deferred revenue     488,571       2,143,804  
Other current liabilities     50,455       194,847  
Other liabilities     15,167       (11,206 )
Net cash provided by continuing operations     3,605,445       14,227,674  
Net cash used in discontinued operations     (228,633 )     (18,081 )
Net cash provided by operating activities     3,376,812       14,209,593  
Cash Flows from Investing Activities:        
Purchase of marketable securities     (130,963,472 )     (29,204,799 )
Sale of marketable securities     94,473,125       11,169,263  
Sale of Promotions.com     1,746,876       1,000,000  
Purchase of Kikucall, Inc.     -       (3,816,521 )
Sale of certain assets of TheStreet Ratings     1,348,902       -  
Capital expenditures     (6,717,749 )     (1,956,355 )
Proceeds from the sale of fixed assets     43,300       -  
Net cash used in investing activities     (40,069,018 )     (22,808,412 )
         
Cash Flows from Financing Activities:        
Cash dividends paid on common stock     (3,349,755 )     (3,200,949 )
Cash dividends paid on preferred stock     (385,696 )     (385,696 )
Restricted cash     41,709       516,951  
Purchase of treasury stock     (66,886 )     (230,287 )
Net cash used in financing activities     (3,760,628 )     (3,299,981 )
Net decrease in cash and cash equivalents     (40,452,834 )     (11,898,800 )
Cash and cash equivalents, beginning of period     60,542,494       72,441,294  
Cash and cash equivalents, end of period   $ 20,089,660     $ 60,542,494  
         

Supplemental disclosures of cash flow information:

       
         
Cash payments made for interest   $ 1,720     $ 9,803  
Cash payments made for income taxes   $ -     $ 85,000  
         

Noncash investing and financing activities:

       
Stock issued for business combinations   $ -     $ 1,425,382  
Receipt of note for sale of Promotions.com   $ -     $ 2,127,184  

Treasury shares received in settlement of
Promotions.com working capital and debt adjustment

  $ -     $ 281,381  
                 
                         
THESTREET.COM, INC.
SCHEDULE OF PRO FORMA ADJUSTMENTS AND RECONCILIATION TO ADJUSTED EBITDA
                         
    For the Three Months Ended December 31, 2010   For the Three Months Ended December 31, 2009
       

Pro Forma

 

Pro Forma

     

Pro Forma

 

Pro Forma

    As Reported  

Adjustments

 

Results

  As Reported  

Adjustments

 

Results

Net revenue:                        
Premium services   $ 9,432,205     $ 2,000   $ 9,430,205     $ 9,678,530     $ 318,444     $ 9,360,086  
Marketing services     5,253,194       -     5,253,194       6,833,174       1,231,329       5,601,845  
Total net revenue     14,685,399       2,000     14,683,399       16,511,704       1,549,773       14,961,931  
Operating expense:                        
Cost of services     6,584,437       -     6,584,437       6,433,677       1,017,706       5,415,971  
Sales and marketing     4,551,870       -     4,551,870       3,309,492       167,919       3,141,573  
General and administrative     4,049,472       -     4,049,472       5,730,964       351,625       5,379,339  
Depreciation and amortization     1,466,552       -     1,466,552       1,099,934       -       1,099,934  
Restructuring and other charges     -       -     -       732,412       -       732,412  

Loss on disposition of assets

    -       -     -       529,708       -       529,708  
Total operating expense     16,652,331       -     16,652,331       17,836,187       1,537,250       16,298,937  
Operating loss   $ (1,966,932 )   $ 2,000   $ (1,968,932 )   $ (1,324,483 )   $ 12,523     $ (1,337,006 )
                         
Net loss   $ (1,747,167 )   $ 2,000   $ (1,749,167 )   $ (774,407 )   $ 12,523     $ (786,930 )
                         
                         
Net loss   $ (1,747,167 )   $ 2,000   $ (1,749,167 )   $ (774,407 )   $ 12,523     $ (786,930 )
Net interest income     (203,674 )     -     (203,674 )     (173,831 )     -       (173,831 )

Provision for income taxes

    -       -     -       (381,113 )     -       (381,113 )
Depreciation and amortization     1,466,552       -     1,466,552       1,099,934       -       1,099,934  
EBITDA     (484,289 )     2,000     (486,289 )     (229,417 )     12,523       (241,940 )
Noncash compensation     529,360       -     529,360       580,751       (172 )     580,923  
Restructuring and other charges     -       -     -       732,412       -       732,412  

Loss on disposition of assets

    -       -     -       529,708       -       529,708  
Transaction related costs     (28,374 )     -     (28,374 )     1,412,046       -       1,412,046  
Adjusted EBITDA   $ 16,697     $ 2,000   $ 14,697     $ 3,025,500     $ 12,351     $ 3,013,149  
                         
Note: Pro forma adjustments for 2010 exclude TheStreet Ratings revenue from global research. Pro forma adjustments for 2009 also exclude the Company's December 2009 divesture of our Promotions.com subsidiary and the May 2010 divestiture of our Banking and Insurance Ratings product line.
                         
                         
THESTREET.COM, INC.
SCHEDULE OF PRO FORMA ADJUSTMENTS AND RECONCILIATION TO ADJUSTED EBITDA
                         
    For the Year Ended December 31, 2010   For the Year Ended December 31, 2009
       

Pro Forma

 

Pro Forma

     

Pro Forma

 

Pro Forma

    As Reported  

Adjustments

 

Results

  As Reported  

Adjustments

 

Results

Net revenue:                        
Premium services   $ 38,597,877     $ 465,008   $ 38,132,869     $ 37,988,579     $ 2,391,900     $ 35,596,679  
Marketing services     18,588,502       -     18,588,502       22,251,432       4,614,188       17,637,244  
Total net revenue     57,186,379       465,008     56,721,371       60,240,011       7,006,088       53,233,923  
Operating expense:                        
Cost of services     25,557,162       345,205     25,211,957       29,100,204       4,852,263       24,247,941  
Sales and marketing     15,841,470       41,510     15,799,960       12,077,546       934,579       11,142,967  
General and administrative     18,052,633       18,774     18,033,859       18,916,456       2,013,672       16,902,784  
Depreciation and amortization     4,692,520       -     4,692,520       4,985,297       -       4,985,297  
Asset impairments     555,000       -     555,000       24,137,069       -       24,137,069  
Restructuring and other charges     -       -     -       3,460,914       -       3,460,914  

(Gain) loss on disposition of assets

    (1,318,607 )     -     (1,318,607 )     529,708       -       529,708  
Total operating expense     63,380,178       405,489     62,974,689       93,207,194       7,800,514       85,406,680  
Operating loss   $ (6,193,799 )   $ 59,519   $ (6,253,318 )   $ (32,967,183 )   $ (794,426 )   $ (32,172,757 )
                         
Net loss   $ (5,334,607 )   $ 59,519   $ (5,394,126 )   $ (47,717,634 )   $ (794,426 )   $ (46,923,208 )
                         
                         
Net loss   $ (5,334,607 )   $ 59,519   $ (5,394,126 )   $ (47,717,634 )   $ (794,426 )   $ (46,923,208 )
Net interest income     (846,157 )     -     (846,157 )     (949,727 )     -       (949,727 )
Gain on sales of marketable securities     -       -     -       (295,430 )     -       (295,430 )
Provision for Income taxes     -       -     -       16,133,964       -       16,133,964  
Depreciation and amortization     4,692,520       -     4,692,520       4,985,297       -       4,985,297  
EBITDA     (1,488,244 )     59,519     (1,547,763 )     (27,843,530 )     (794,426 )     (27,049,104 )
Noncash compensation     2,336,443       -     2,336,443       2,739,566       30,392       2,709,174  
Asset impairments     555,000       -     555,000       24,137,069       -       24,137,069  
Restructuring and other charges     -       -     -       3,460,914       -       3,460,914  
(Gain) loss on disposition of assets     (1,318,607 )     -     (1,318,607 )     529,708       -       529,708  
Other income     (20,374 )     -     (20,374 )     (153,677 )     -       (153,677 )
Transaction related costs     1,177,868       -     1,177,868       2,834,672       -       2,834,672  
Adjusted EBITDA   $ 1,242,086     $ 59,519   $ 1,182,567     $ 5,704,722     $ (764,034 )   $ 6,468,756  
                         
Note: Pro forma adjustments for 2010 exclude the Company's May 2010 divestiture of our Banking and Insurance Ratings product line and TheStreet Ratings revenue from global research. Pro forma adjustments for 2009 also exclude the Company's December 2009 divesture of our Promotions.com subsidiary.
 

SOURCE: TheStreet.com, Inc.

TheStreet.com, Inc.
Thomas Etergino, 212-321-5119
IR@thestreet.com

 

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