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WebMediaBrands Inc. Reports Financial Results For Its First Quarter Ended March 31, 2013



  WebMediaBrands Inc. Reports Financial Results For Its First Quarter Ended
  March 31, 2013

Business Wire

NEW YORK -- May 2, 2013

WebMediaBrands Inc. (Nasdaq: WEBM) today reported financial results for the
quarter ended March 31, 2013.

Financial Results for the first quarter of 2013 include:

  * Revenues for the first quarter of 2013 were $2.5 million compared to
    revenues of $3.7 million for the same period in 2012.
  * Net loss for the first quarter of 2013 was $924,000 compared to a net loss
    of $617,000 for the same period in 2012.

“Our financial results for the first quarter were partially impacted by the
fact that we did not run any trade shows during the quarter,” stated Alan M.
Meckler, Chairman and CEO of WebMediaBrands Inc. “By comparison, we ran three
trade shows during the same period in 2012, including our Inside Social Apps
trade show, which is not scheduled to run until June of this year. We are very
excited about the recently concluded launch event of our newest trade show,
Inside 3D Printing Conference and Expo, which took place on April 22^nd and
23^rd in New York City. This trade show was critically and financially
successful and, as a result, we will be running this event in Chicago, San
Jose, and Singapore later this year, and intend to expand to additional
locations in 2014,” added Meckler.

WebMediaBrands Inc. First Quarter 2013 Financial Results Conference Call Alert

WebMediaBrands Inc. invites you to participate in its conference call
reviewing 2013 first quarter results on Thursday, May 2, 2013 at 5:00 pm ET.

The conference call number is 888-438-5525 for domestic participants and
719-325-2464 for international participants; confirmation code 1025769. Please
call five minutes in advance to ensure that you are connected prior to the
presentation. The conference call replay will be available until Tuesday, May
7, 2013. Replay call numbers are 888-203-1112 for domestic participants and
719-457-0820 for international participants; confirmation code 1025769.

 
WebMediaBrands Inc.
Unaudited Consolidated Condensed Statements of Operations
For the Three Months Ended March 31, 2013 and 2012
(in thousands, except per share amounts)
                                   
                                       Three Months Ended

                                       March 31,
                                       2013                    2012
Revenues                               $    2,520              $   3,685
                                                                            
Cost of revenues                            1,557                  2,043
Advertising, promotion and                  476                    641
selling
General and administrative                  1,160                  1,319
Depreciation                                64                     80
Amortization                                109                    136
Total operating expenses                    3,366                  4,219
                                                                            
Operating loss                              (846     )             (534    )
Other loss, net                             (4       )             —
Interest income                             1                      1
Interest expense                            (63      )             (73     )
                                                                            
Loss before income taxes                    (912     )             (606    )
Provision for income taxes                  12                     11
                                                                            
Net loss                               $    (924     )         $   (617    )
                                                                            
Loss per share:
Basic net loss                         $    (0.15    )         $   (0.10   )
Diluted net loss                       $    (0.15    )         $   (0.10   )
Weighted average shares used in
computing loss per share:
Basic                                       6,023                  5,956
Diluted                                     6,023                  5,956
                                                                            
Shares outstanding and per share data have been adjusted to give effect to the
one-for-seven reverse stock
split implemented on August 16, 2012.
 

 
WebMediaBrands Inc.
Consolidated Condensed Balance Sheets
March 31, 2013 and December 31, 2012
(in thousands, except share and per share amounts)
                                                               
                                                March 31,
                                                2013            December 31,
                                                (unaudited)     2012
ASSETS
Current assets:
Cash and cash equivalents                       $  1,626        $  2,210
Accounts receivable, net of allowances of $8       451             524
and $16, respectively
Prepaid expenses and other current assets          764             503
Total current assets                               2,841           3,237
                                                                              
Property and equipment, net of accumulated
depreciation of $1,520 and                         229             268
$1,475, respectively
Intangible assets, net of accumulated
amortization of $1,090 and $1,144,                 2,245           2,305
respectively
Goodwill                                           9,574           9,574
Investments and other assets                       673             687
Total assets                                    $  15,562       $  16,071
                                                                              
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable                                $  437          $  509
Accrued payroll and related expenses               311             493
Accrued expenses and other current                 796             649
liabilities
Deferred revenues                                  1,717           1,294
Total current liabilities                          3,261           2,945
                                                                              
Loan from related party                            7,647           7,647
Deferred revenues                                  18              17
Deferred income taxes                              484             474
Total liabilities                                  11,410          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          61              61
6,019,594 shares outstanding at
March 31, 2013 and December 31, 2012,
respectively
Additional paid-in capital                         289,799         289,711
Accumulated deficit                                (285,212 )      (284,288  )
Treasury stock, 119,285 shares, at cost            (496     )      (496      )
Total stockholders’ equity                         4,152           4,988
Total liabilities and stockholders’ equity      $  15,562       $  16,071
                                                                              

 
WebMediaBrands Inc.
Unaudited Consolidated Condensed Statements of Cash Flows
For the Three Months Ended March 31, 2013 and 2012 (in thousands)
                                                        
                                                         Three Months Ended

                                                         March 31,
                                                         2013        2012
Cash flows from operating activities:
Net loss                                                 $ (924  )   $ (617  )
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation and amortization                              173         216
Stock-based compensation                                   81          122
Provision for losses on accounts receivable                5           9
Other, net                                                 3           8
Amortization of debt issuance costs                        10          9
Deferred income taxes                                      10          9
Changes in current assets and liabilities (net of
businesses acquired):
Accounts receivable, net                                   68          (139  )
Prepaid expenses and other assets                          (257  )     7
Accounts payable, accrued expenses and other               (123  )     (55   )
liabilities
Deferred revenues                                          423         307
Net cash used in operating activities                      (531  )     (124  )
Cash flows from investing activities:
Purchases of property and equipment                        (12   )     (32   )
Acquisitions of businesses, assets and other               (48   )     (35   )
Net cash used in investing activities                      (60   )     (67   )
Cash flows from financing activities:
Proceeds from exercise of stock options                    7           44
Net cash provided by financing activities                  7           44
Net decrease in cash and cash equivalents                  (584  )     (147  )
Cash and cash equivalents, beginning of period             2,210       3,438
Cash and cash equivalents, end of period                 $ 1,626     $ 3,291
                                                                              

About WebMediaBrands Inc.

WebMediaBrands Inc. (Nasdaq: WEBM) (http://www.webmediabrands.com) is a
leading Internet media company that provides content, education, and career
services to social media, traditional media, and creative professionals
through a portfolio of vertical online properties, communities, and trade
shows. The Company's online business includes: (i) mediabistro.com, a leading
blog network providing content, education, community, and career resources
(including the industry's leading online job board) about major media industry
verticals including new media, social media, Facebook, TV news, advertising,
public relations, publishing, design, and mobile; (ii) InsideNetwork.com, a
leading network of online properties providing original market research, data
services, news, and job listings on the Facebook platform, on social gaming,
and on mobile applications ecosystems; and (iii) SemanticWeb.com, a leading
blog providing content, education, community resources and career resources on
the commercialization and application of Semantic Technologies, Linked Data,
and Big Data. The Company's online business also includes community,
membership and e-commerce offerings including a freelance listing service, a
marketplace for designing and purchasing logos (stocklogos.com) and premium
membership services. The Company's trade show and educational offerings
include conferences, online and in-person courses, and video subscription
libraries on topics covered by the Company's online business.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Statements in this press release that are not historical facts 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: general economic conditions; the competitive environment in which
WebMediaBrands competes; and the unpredictability of WebMediaBrands’s future
revenues, expenses, cash flows and stock prices. For a more detailed
discussion of such risks and uncertainties, refer to WebMediaBrands’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 WebMediaBrands assumes no obligation
to update the forward-looking statements after the date hereof, except as
required by law.

All current WebMediaBrands press releases can be found online at
www.webmediabrands.com/corporate/press.html.

Company information may also be found at our Twitter account, @webmediabrands
and at our Chairman's Twitter account, @alanmeckler. Links to these Twitter
accounts can also be found online at www.webmediabrands.com.

Contact:

WebMediaBrands Inc.
Ashley Taylor Anderson
press@webmediabrands.com
212-547-7870
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