WebMediaBrands (WEBM)

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WebMediaBrands Inc. Reports Fourth Quarter and Full Year 2008 Results

* Monday March 30, 2009, 4:32 pm EDT

* WebMediaBrands Inc

DARIEN, Conn.--(BUSINESS WIRE)--WebMediaBrands Inc. (Nasdaq: WEBM - News), an Internet media company concentrating on BtoB communities, today reported results for the quarter and full year ended December 31, 2008. Formerly known as Jupitermedia Corporation, these results include information related to both WebMediaBrands’s remaining online media business and Jupiterimages (the online images business that was sold on February 23, 2009). See the Segment Information section of this release for detail on each reporting segment. Jupiterimages will be accounted for as a discontinued operation commencing in the first quarter of 2009, and our continuing operations will be comprised solely of our online media business.
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Revenues for the fourth quarter of 2008 were $27.8 million compared to revenues of $36.1 million for the same period in 2007. Net loss was $49.7 million, or $1.38 per diluted share for the fourth quarter of 2008, and included (i) non-cash stock-based compensation expense, legal and other fees related to the recently completed sale of Jupiterimages and the establishment of a valuation allowance on certain deferred tax assets, which totaled $0.23 per diluted share and (ii) non-cash impairment charges of $41.1 million, or $1.14 per diluted share, related to the write-down of goodwill and intangible assets.

Revenues were $128.4 million for 2008 compared to revenues of $140.3 million for 2007. Net loss was $116.7 million, or $3.24 per diluted share, for the full year of 2008 and included (i) non-cash stock-based compensation expense, legal and other fees related to the recently completed sale of Jupiterimages and the establishment of a valuation allowance on certain deferred tax assets, which totaled $0.83 per diluted share and (ii) non-cash impairment charges of $81.1 million, or $2.26 per diluted share, related to the write-down of goodwill and intangible assets.

4th Quarter 2008 Financial Results Conference Call Alert

WebMediaBrands Inc. invites you to participate in its conference call reviewing 2008 fourth quarter and full year results on Monday, March 30, 2009 at 5:00 pm EST.

The conference call number is 888-713-3587 for domestic participants and 913-312-0680 for international participants; pass code "694 8588." Please call five minutes in advance to ensure that you are connected prior to the presentation. The conference call replay will be available until Monday, April 13, 2009. Replay call numbers are 888-203-1112 for domestic participants and 719-457-0820 for international participants: confirmation code: "694 8588."