TheStreet.com, Inc. Reports Fourth Quarter and Full Year 2009 Results

  • Premium Services Revenue Shows First Sequential Quarterly Growth in Seven Quarters on Strong Recent Growth in Bookings;
  • Advertising Revenue Achieves First Year-Over-Year Growth in Six Quarters
  • Adjusted EBITDA Highest in Six Quarters

NEW YORK, Mar 15, 2010 (BUSINESS WIRE) -- TheStreet.com, Inc. (Nasdaq: TSCM)(www.thestreet.com), a leading digital financial media company, today reported financial results for the fourth quarter and full year 2009.

"We are happy to report that we ended 2009 with favorable trends in both our premium services and our advertising-supported businesses," said Daryl Otte, the Company's Chief Executive Officer. "Aggregate bookings for our subscription services and RateWatch businesses grew for the fifth consecutive quarter - and each of the past two quarters showed double-digit percentage increases as compared to the prior year period, after having been down year-over-year in each of the first two quarters of 2009. Bookings are the precursor to premium services revenue, and the growth of bookings in recent quarters has led us to report a sequential increase in premium services revenue for the first time since the first quarter of 2008. We are pleased to be starting 2010 with this momentum from our largest revenue source.

"We also are pleased to report that in the fourth quarter of 2009, our advertising revenue - which excludes the revenue from our former Promotions.com subsidiary - enjoyed the first year-over-year increase in six quarters. We believe that the ad market for our content vertical bottomed in the first quarter of 2009, and we anticipate reporting strong year-over-year gains when we report our first quarter 2010 results in the upcoming weeks.

"Our Adjusted EBITDA(1) for the fourth quarter of 2009, inclusive of our former Promotions.com subsidiary, was the highest in six quarters, as was our Adjusted EBITDA excluding the impact of Promotions.com. As we previously announced, in December 2009, we sold Promotions.com, which had negatively impacted our Adjusted EBITDA during each of the past two fiscal years. Our full-year 2009 Adjusted EBITDA, excluding the impact of Promotions.com, was $8.0 million (our full-year 2009 Adjusted EBITDA including Promotions.com was $5.7 million).

"The just-completed year reflected the brunt of the severe macroeconomic decline that followed the collapse of Lehman Brothers in September 2008. We addressed the challenges posed by this time of crisis and uncertainty in two manners: first, we took aggressive steps to reduce our cost structure and also shed an unprofitable, non-core subsidiary; second, we utilized this period as an opportunity to strengthen our management team and our marketing and operating capabilities. We believe we are very well positioned for success in the coming year, having a strong balance sheet and businesses exhibiting the best performance in many quarters and generating ample free cash flow. We thank our investors for their support, particularly during the period in which we were conducting a review of the accounting in the former Promotions.com subsidiary, and we look forward to reporting on our achievements in the current year," Mr. Otte concluded.

Financial Highlights of Fourth Quarter and Full Year 2009

Note - in February 2010, the Company filed a Form 10-K/A for the year ended December 31, 2008 and a Form 10-Q/A for the quarter ended March 31, 2009 to restate certain items of its consolidated financial statements for the year ended December 31, 2008 and the quarters within such fiscal year and to make certain immaterial corrections for fiscal year 2007 and the quarter ended March 31 2009. The results discussed below reflect the financial results reported in those amended filings.

Fourth Quarter 2009

The Company recorded revenue of $16.5 million in the fourth quarter of 2009, a reduction of 5% as compared to $17.4 million in the fourth quarter of 2008. Operating expenses in the fourth quarter of 2009 were $17.8 million, a reduction of 8% as compared to $19.4 million in the prior year period. Operating expenses included restructuring charges and a loss on disposition of assets totaling $1.3 million in the fourth quarter of 2009 and an intangible asset impairment charge of $2.3 million in the fourth quarter of 2008. The Company had a net loss of $(0.8) million in the fourth quarter of 2009, as compared to a net loss of $(1.4) million in the prior year period. The Company reported basic and diluted net loss per share attributable to common stockholders of $(0.03) and $(0.03), respectively, in the fourth quarter of 2009, as compared with $(0.05) and $(0.05), respectively, in the prior year period. Adjusted EBITDA for the fourth quarter of 2009 was $3.0 million, an increase of 8% as compared to $2.8 million for the prior year period.

As previously disclosed, the Company sold its Promotions.com subsidiary in December 2009. Excluding the impact of Promotions.com from 2008 and 2009 results, the Company's operating results for the fourth quarter of 2009 were: (i) revenue of $15.3 million, a slight increase from $15.2 million in the fourth quarter of 2008; (ii) operating expenses of $16.5 million, a reduction of 5% as compared to $17.4 million in the prior year period (as noted above, operating expenses included restructuring charges and a loss on disposition of assets totaling $1.3 million in the fourth quarter of 2009 and an intangible asset impairment charge of $2.3 million in the fourth quarter of 2008); (iii) net loss of $(0.7) million, as compared to a net loss of $(1.6) million in the fourth quarter of 2008; and (iv) Adjusted EBITDA of $3.1 million, an increase of 21% as compared to $2.6 million in the prior year period.

Full Year 2009

The Company recorded revenue of $60.2 million the full year 2009, a reduction of 15% as compared to $70.8 million in the full year 2008. Operating expenses in fiscal year 2009 were $93.2 million, an increase of 29% as compared to $72.0 million in the prior year period. Operating expenses in 2009 included charges of $28.1 million (comprising goodwill and intangible asset impairments totaling $22.6 million, a write-down of the carrying value of a long-term investment of $1.5 million, restructuring and other charges of $3.5 million and a loss on disposition of assets of $0.5 million), as compared to charges of $2.3 million (for an intangible asset impairment) in the prior year period. The Company had a net loss of $(47.4) million in fiscal year 2009, as compared to net income of $0.5 million in the prior year period. The Company's net loss in fiscal 2009 reflects the impact of $28.1 million in charges described above, together with the recording of a $16.1 million valuation allowance against the Company's deferred tax assets; no such valuation allowance was recorded in the prior year period. The Company reported basic and diluted net (loss)/income per share attributable to common stockholders of $(1.56) and $(1.56), respectively, in fiscal year 2009, as compared with $0.01 and $0.01, respectively, in the prior year period. Adjusted EBITDA for fiscal year 2009 was $5.7 million, as compared to $10.6 million for the prior year period.

Excluding the impact of the divested Promotions.com subsidiary from 2008 and 2009 results, the Company's operating results for fiscal year 2009 were: (i) revenue of $55.6 million, a reduction of 14% as compared to $64.3 million in fiscal year 2008; (ii) operating expenses of $86.3 million, an increase of 36% as compared to $63.2 million in the prior year period (as noted above, the 2009 figures reflect aggregate charges for goodwill and intangible asset impairments, a write-down of the carrying value of a long-term investment, restructuring and other charges, loss on disposition of assets and deferred tax valuation allowances totaling $44.2 million and $2.3 million in fiscal years 2009 and 2008, respectively); (iii) net loss of $45.2 million, as compared to a net income of $2.8 million in fiscal year 2008; and (iv) Adjusted EBITDA of $8.0 million, as compared to $12.8 million in the prior year period.

TheStreet.com will conduct a conference call Monday, March 15, 2010, at 5:00 p.m. EDT to discuss these preliminary results. To participate in the call, dial (800) 260-8140 (domestic) or (617) 614-3672 (international).The passcode for the call is 63181101.

To access the Web cast of the call please visit: http://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.com

TheStreet.com is a leading digital financial media company. The Company's network includes the following properties: TheStreet, RealMoney, Stockpickr, BankingMyWay, MainStreet and Rate-Watch. For more information and to get stock quotes and business news, visit http://www.thestreet.com.

(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", "Adjusted EBITDA" and "free cash flow." EBITDA is adjusted from results based on GAAP to exclude interest, 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, as well as 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 above information with respect to Promotions.com is presented as a non-GAAP measure for illustrative purposes regarding the disposition of the Company's Promotions.com subsidiary and is not meant to represent a reflection of the operating activities of the Promotions.com subsidiary as if it 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. Historically, Promotions.com was not considered an operating segment and management did not measure and maintain certain separate discrete financial information for Promotions.com, including cash flows for its activities.

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.

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,
Current Assets:     2009         2008  
    (unaudited)     (audited)
Cash and cash equivalents   $ 60,542,494       $ 72,441,294  
Restricted cash     -         516,951  
Accounts receivable, net of allowance for doubtful          
accounts of $276,668 at December 31, 2009 and $531,092 at        
December 31, 2008     5,963,209         11,167,297  
Marketable securities     2,812,400         -  
Other receivables     2,774,898         647,596  
Deferred taxes     -         2,546,743  
Prepaid expenses and other current assets     1,691,038         1,884,247  
Total current assets     73,784,039         89,204,128  
           
Property and equipment, net of accumulated depreciation        
and amortization of $13,263,460 at December 31, 2009        
and $11,250,569 at December 31, 2008     7,493,020         9,672,779  
Marketable securities     17,515,687         1,658,178  
Long term investment     555,000         2,042,970  
Other assets     167,477         122,197  
Goodwill     24,286,616         40,024,076  
Other intangibles, net     8,210,105         13,630,900  
Deferred taxes     -         13,570,047  
Restricted cash     1,702,079         1,762,079  
Total assets   $ 133,714,023       $ 171,687,354  
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
Current Liabilities:          
Accounts payable   $ 2,164,809       $ 280,469  
Accrued expenses     7,894,136         2,784,902  
Deferred revenue     17,306,737         16,495,712  
Other current liabilities     132,682         205,838  
Liabilities of discontinued operations     223,165         225,925  
Total current liabilities     27,721,529         19,992,846  
Other liabilities     1,230,591         79,896  
Total liabilities     28,952,120         20,072,742  
           
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, 2009 and December 31, 2008;        
the aggregate liquidation preference totals $55,000,000 as of        
December 31, 2009 and December 31, 2008     55         55  
Common stock; $0.01 par value; 100,000,000 shares          
authorized; 37,246,362 shares issued and 31,164,628        
shares outstanding at December 31, 2009, and 36,262,546        
shares issued and 30,378,894 shares outstanding at          
December 31, 2008     372,464         362,625  
Additional paid-in capital     271,715,956         271,271,574  
Accumulated other comprehensive income     344,372         (290,000 )
Treasury stock at cost; 6,081,734 shares at December 31, 2009        
and 5,883,652 shares at December 31, 2008     (10,411,952 )       (9,900,284 )
Accumulated deficit     (157,258,992 )       (109,829,358 )
Total stockholders' equity     104,761,903         151,614,612  
           
Total liabilities and stockholders' equity   $ 133,714,023       $ 171,687,354  
                   
THESTREET.COM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
                   
     

For the Three Months Ended
December 31,

 

For the Year Ended
December 31,

        2009       2008       2009       2008  
      (unaudited) (unaudited)   (unaudited) (audited)
Net revenue:                  
Premium services     $ 9,678,530     $ 9,892,368     $ 37,988,579     $ 41,185,988  
Marketing services       6,833,174       7,511,181       22,251,432       29,662,045  
Total net revenue       16,511,704       17,403,549       60,240,011       70,848,033  
                   
Operating expense:                  
Cost of services       6,433,677       7,693,809       29,100,204       31,984,778  
Sales and marketing       3,309,492       3,318,847       12,077,546       14,263,199  
General and administrative       5,730,964       4,497,020       18,916,456       17,521,238  
Asset impairment       -       2,325,481       24,137,069       2,325,481  
Depreciation and amortization       1,099,934       1,564,132       4,985,297       5,894,186  
Restructuring and other charges       732,412       -       3,460,914       -  
Loss on disposition of assets       529,708       -       529,708       -  
Total operating expense       17,836,187       19,399,289       93,207,194       71,988,882  
Operating loss       (1,324,483 )     (1,995,740 )     (32,967,183 )     (1,140,849 )
Net interest income       173,831       141,640       949,727       1,573,752  
Gain on sale of marketable securities       -       120,937       295,430       120,937  
Other income       -       -       153,677       -  
(Loss) income from continuing operations before                
income taxes       (1,150,652 )     (1,733,163 )     (31,568,349 )     553,840  
Benefit (provision) for Income taxes       381,113       375,945       (15,845,964 )     (2,040 )
Loss (income) from continuing operations       (769,539 )     (1,357,218 )     (47,414,313 )     551,800  
Discontinued operations:                  
Loss from discontinued operations       (4,868 )     (117 )     (15,321 )     (8,012 )
Net (loss) income       (774,407 )     (1,357,335 )     (47,429,634 )     543,788  
Preferred stock cash dividends       96,424       96,424       385,696       385,696  
Net (loss) income attributable to common stockholders     $ (870,831 )   $ (1,453,759 )   $ (47,815,330 )   $ 158,092  
                   
Basic net (loss) income per share:                  
(Loss) income from continuing operations     $ (0.03 )   $ (0.05 )   $ (1.55 )   $ 0.02  
Loss from discontinued operations       (0.00 )     (0.00 )     (0.00 )     (0.00 )
Preferred stock dividends       (0.00 )     (0.00 )     (0.01 )     (0.01 )
Net (loss) income attributable to common stockholders     $ (0.03 )   $ (0.05 )   $ (1.56 )   $ 0.01  
                   
Diluted net (loss) income per share:                  
(Loss) income from continuing operations     $ (0.03 )   $ (0.05 )   $ (1.55 )   $ 0.02  
Loss from discontinued operations       (0.00 )     (0.00 )     (0.00 )     (0.00 )
Preferred stock dividends       (0.00 )     (0.00 )     (0.01 )     (0.01 )
Net (loss) income attributable to common stockholders     $ (0.03 )   $ (0.05 )   $ (1.56 )   $ 0.01  
                   
Weighted average basic shares outstanding       30,622,363       30,381,156       30,586,460       30,427,421  
Weighted average diluted shares outstanding       30,622,363       30,381,156       30,586,460       30,835,131  
                             
THESTREET.COM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
                                   
    For the Three Months Ended December 31, 2009     For the Three Months Ended December 31, 2008
    Consolidated   Promotions.com  

Excluding
Promotions.
com(1)

    Consolidated   Promotions.com  

Excluding
Promotions.
com(1)

Net revenue:                                  
Premium services   $ 9,678,530       $ -       $ 9,678,530       $ 9,892,368       $ -     $ 9,892,368  
Marketing services     6,833,174         1,231,329         5,601,845         7,511,181         2,162,277       5,348,904  
Total net revenue     16,511,704         1,231,329         15,280,375         17,403,549         2,162,277       15,241,272  
                                   
Operating expense:                                  
Cost of services     6,433,677         851,075         5,582,602         7,693,809         1,296,651       6,397,158  
Sales and marketing     3,309,492         145,206         3,164,286         3,318,847         206,424       3,112,423  
General and administrative     5,730,964         338,014         5,392,950         4,497,020         460,380       4,036,640  
Asset impairment     -         -         -         2,325,481         -       2,325,481  
Depreciation and amortization     1,099,934         -         1,099,934         1,564,132         -       1,564,132  
Restructuring and other charges     732,412         -         732,412         -         -       -  
Loss on disposition of assets     529,708         -         529,708         -         -       -  
Total operating expense     17,836,187         1,334,295         16,501,892         19,399,289         1,963,455       17,435,834  
Operating (loss) income     (1,324,483 )       (102,966 )       (1,221,517 )       (1,995,740 )       198,822       (2,194,562 )
Net interest income     173,831         -         173,831         141,640         -       141,640  
Gain on sale of marketable securities     -         -         -         120,937         -       120,937  
Other income     -         -         -         -         -       -  
(Loss) income from continuing operations before                                  
income taxes     (1,150,652 )       (102,966 )       (1,047,686 )       (1,733,163 )       198,822       (1,931,985 )
Benefit for Income taxes     381,113         -         381,113         375,945         -       375,945  
Loss (income) from continuing operations     (769,539 )       (102,966 )       (666,573 )       (1,357,218 )       198,822       (1,556,040 )
Discontinued operations:                                  
Loss from discontinued operations     (4,868 )       -         (4,868 )       (117 )       -       (117 )
Net (loss) income     (774,407 )       (102,966 )       (671,441 )       (1,357,335 )       198,822       (1,556,157 )
Preferred stock cash dividends     96,424         -         96,424         96,424         -       96,424  
Net (loss) income attributable to common stockholders   $ (870,831 )     $ (102,966 )     $ (767,865 )     $ (1,453,759 )     $ 198,822     $ (1,652,581 )
                                   
Adjusted EBITDA                                  
Net (loss) income     (774,407 )       (102,966 )       (671,441 )       (1,357,335 )       198,822       (1,556,157 )
Net interest income     (173,831 )       -         (173,831 )       (141,640 )       -       (141,640 )
Gain on sale of marketable securities     -         -         -         (120,937 )       -       (120,937 )
Benefit for Income taxes     (381,113 )       -         (381,113 )       (375,945 )       -       (375,945 )
Depreciation and amortization     1,099,934         -         1,099,934         1,564,132         -       1,564,132  
EBITDA     (229,417 )       (102,966 )       (126,451 )       (431,725 )       198,822       (630,547 )
Other income     -         -         -         -         -       -  
Asset impairment     -         -         -         2,325,481         -       2,325,481  
Restructuring and other charges     732,412         -         732,412         -         -       -  
Costs of review of Promotions.com accounting     530,858         -         530,858                    
Transaction costs     881,188         -         881,188         -         -       -  
Noncash compensation     580,751         (3,164 )       583,915         897,877         11,696       886,181  
Loss on disposition of assets     529,708         -         529,708         -         -       -  
Adjusted EBITDA     3,025,500         (106,130 )       3,131,630         2,791,633         210,518       2,581,115  
                                   
(1) The above information with respect to Promotions.com is presented as a non-GAAP measure for illustrative purposes regarding the disposition of the Company's Promotions.com subsidiary and is not meant to represent a reflection of the operating activities of the Promotions.com subsidiary as if it was on a fully stand-alone basis. Promotions.com was a legal subsidiary of the Company whose activities were a part of the combined results of the Company. Historically, Promotions.com was not considered an operating segment and management did not measure and maintain certain separate discrete financial information for Promotions.com, including cash flows for its activities. The column "Excluding Promotions.com" gives effect to the disposition of the Promotions.com subsidiary as if such disposition had taken place on the first day of such respective period.
                       
THESTREET.COM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
                         
    For the Year Ended December 31, 2009   For the Year Ended December 31, 2008
    Consolidated   Promotions.com  

Excluding
Promotions.
com(1)

  Consolidated   Promotions.com  

Excluding
Promotions.
com(1)

    (unaudited)   (unaudited)   (unaudited)   (audited)   (unaudited)   (unaudited)
Net revenue:                        
Premium services   $ 37,988,579     $ -     $ 37,988,579     $ 41,185,988     $ -     $ 41,185,988  
Marketing services     22,251,432       4,614,188       17,637,244       29,662,045       6,536,160       23,125,885  
Total net revenue     60,240,011       4,614,188       55,625,823       70,848,033       6,536,160       64,311,873  
                         
Operating expense:                        
Cost of services     29,100,204       4,088,461       25,011,743       31,984,778       6,073,520       25,911,258  
Sales and marketing     12,077,546       837,414       11,240,132       14,263,199       610,599       13,652,600  
General and administrative     18,916,456       1,959,291       16,957,165       17,521,238       2,060,575       15,460,663  
Asset impairment     24,137,069       -       24,137,069       2,325,481       -       2,325,481  
Depreciation and amortization     4,985,297       -       4,985,297       5,894,186       -       5,894,186  
Restructuring and other charges     3,460,914       -       3,460,914       -       -       -  
Loss on disposition of assets     529,708       -       529,708       -       -       -  
Total operating expense     93,207,194       6,885,166       86,322,028       71,988,882       8,744,694       63,244,188  
Operating (loss) income     (32,967,183 )     (2,270,978 )     (30,696,205 )     (1,140,849 )     (2,208,534 )     1,067,685  
Net interest income     949,727       -       949,727       1,573,752       -       1,573,752  
Gain on sale of marketable securities     295,430       -       295,430       120,937       -       120,937  
Other income     153,677       -       153,677       -       -       -  
(Loss) income from continuing operations before                        
income taxes     (31,568,349 )     (2,270,978 )     (29,297,371 )     553,840       (2,208,534 )     2,762,374  
Benefit for Income taxes     (15,845,964 )     -       (15,845,964 )     (2,040 )     -       (2,040 )
Loss (income) from continuing operations     (47,414,313 )     (2,270,978 )     (45,143,335 )     551,800       (2,208,534 )     2,760,334  
Discontinued operations:                        
Loss from discontinued operations     (15,321 )     -       (15,321 )     (8,012 )     -       (8,012 )
Net (loss) income     (47,429,634 )     (2,270,978 )     (45,158,656 )     543,788       (2,208,534 )     2,752,322  
Preferred stock cash dividends     385,696       -       385,696       385,696       -       385,696  
Net (loss) income attributable to common stockholders   $ (47,815,330 )   $ (2,270,978 )   $ (45,544,352 )   $ 158,092     $ (2,208,534 )   $ 2,366,626  
                         
Adjusted EBITDA                        
Net (loss) income   $ (47,429,634 )   $ (2,270,978 )   $ (45,158,656 )   $ 543,788     $ (2,208,534 )   $ 2,752,322  
Net interest income     (949,727 )     -       (949,727 )     (1,573,752 )     -       (1,573,752 )
Gain on sale of marketable securities     (295,430 )     -       (295,430 )     (120,937 )     -       (120,937 )
Benefit for Income taxes     15,845,964       -       15,845,964       2,040       -       2,040  
Depreciation and amortization     4,985,297       -       4,985,297       5,894,186       -       5,894,186  
EBITDA     (27,843,530 )     (2,270,978 )     (25,572,552 )     4,745,325       (2,208,534 )     6,953,859  
Other income     (153,677 )     -       (153,677 )     -       -       -  
Asset impairment     24,137,069       -       24,137,069       2,325,481       -       2,325,481  
Restructuring and other charges     3,460,914       -       3,460,914       -       -       -  
Costs of review of Promotions.com accounting     1,838,636       -       1,838,636       -       -       -  
Transaction costs     996,036       -       996,036       -       -       -  
Noncash compensation     2,739,566       8,954       2,730,612       3,537,085       43,930       3,493,155  
Loss on disposition of assets     529,708       -       529,708       -       -       -  
Adjusted EBITDA   $ 5,704,722     $ (2,262,024 )   $ 7,966,746     $ 10,607,891     $ (2,164,604 )   $ 12,772,495  
                         
(1) The above information with respect to Promotions.com is presented as a non-GAAP measure for illustrative purposes regarding the disposition of the Company's Promotions.com subsidiary and is not meant to represent a reflection of the operating activities of the Promotions.com subsidiary as if it was on a fully stand-alone basis. Promotions.com was a legal subsidiary of the Company whose activities were a part of the combined results of the Company. Historically, Promotions.com was not considered an operating segment and management did not measure and maintain certain separate discrete financial information for Promotions.com, including cash flows for its activities. The column "Excluding Promotions.com" gives effect to the disposition of the Promotions.com subsidiary as if such disposition had taken place on the first day of such respective period.

SOURCE: TheStreet.com, Inc.

TheStreet.com, Inc.
Gregory Barton, 212-321-5484
IR@thestreet.com

TheStreet, Inc.: (TST)   $0.91

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Friday, May 26, 2017 - 04:00 PM

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