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| SourceForge Reports First Quarter 2009 Financial Results |
Total revenue for the first quarter of 2009 was On a GAAP basis, net loss for the first quarter of 2009 was Non-GAAP loss for the first quarter of 2009 was "This is the first quarter that we are reporting under our new calendar
year end," said
First Quarter Highlights:
-- Media revenue was
Other Media highlights for the first quarter of 2009 as compared to the first quarter of 2008: -- Ad Network revenue increased 49%;
-- Premium product revenue grew 172% to
Supplemental schedules of the Company's quarterly statements of operations
and operational statistics for the quarterly periods in the year ended
A conference call and audio webcast will be held at Use of Non-GAAP Financial Information In addition to reporting financial results in accordance with generally
accepted accounting principles, or GAAP, These non-GAAP financial results are derived from GAAP net loss by
excluding impairment of cost-basis investment charge and stock-based
compensation expenses. Impairment of cost-method investment charge is excluded
from These non-GAAP financial measures are used by management and investors in
addition to and in conjunction with results presented in accordance with GAAP.
These non-GAAP financial measures reflect an additional way of viewing aspects
of About NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are based on management's
current expectations, and involve risks and uncertainties. Forward-looking
statements contained herein include statements regarding growth and investment
strategies, and prospects, for
SOURCEFORGE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months
Ended March 31,
---------------
2009 2008
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Online Media revenue $3,777 $4,585
E-commerce revenue 6,594 6,803
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Net revenue 10,371 11,388
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Online Media cost of revenue 1,907 1,954
E-commerce cost of revenue 5,610 5,773
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Cost of revenue 7,517 7,727
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Gross margin 2,854 3,661
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Operating expenses:
Sales and marketing 2,315 1,887
Research and development 1,594 1,131
General and administrative 2,105 1,956
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Total operating expenses 6,014 4,974
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Operating loss (3,160) (1,313)
Interest and other income (expense), net (4,330) 460
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Loss before income taxes (7,490) (853)
Provision (benefit) for income taxes (64) 63
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Net loss $(7,426) $(916)
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Earnings per share:
Basic and diluted $(0.12) $(0.01)
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Shares used in computing earnings
per share:
Basic and diluted 63,339 67,467
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Reconciliation of net loss as reported
to non-GAAP loss:
Net loss - as reported $(7,426) $(916)
Non cash charges:
Stock-based compensation expense
included in COGS 67 49
Stock-based compensation expense
included in Op Ex. 614 466
Impairment of cost-method investment 4,585 -
----- -----
Non-GAAP loss $(2,160) $(401)
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Non-GAAP earnings per share:
Basic and diluted $(0.03) $(0.01)
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Shares used in computing non-GAAP
per share amounts:
Basic and diluted 63,339 67,467
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SOURCEFORGE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
March 31, December 31,
2009 2008
-------- ------------
ASSETS
Current assets:
Cash, cash equivalents and short-term
investments $36,985 $41,074
Accounts receivable, net 3,533 4,418
Inventories 2,982 3,264
Prepaid expenses and other current
assets 1,841 1,841
--------- --------
Total current assets 45,341 50,597
Property and equipment, net 4,212 4,748
Long-term investments, including long-
term restricted cash 10,452 9,947
Other assets 3,806 8,874
-------- --------
Total assets $63,811 $74,166
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,399 $4,021
Accrued restructuring liabilities 2,902 2,862
Deferred revenue 610 591
Accrued liabilities and other 2,372 2,702
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Total current liabilities 7,283 10,176
Other long-term liabilities 699 1,423
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Total liabilities 7,982 11,599
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Stockholders' equity:
Common stock 65 65
Treasury stock (331) (331)
Additional paid-in capital 799,722 799,037
Accumulated other comprehensive
income 12 9
Accumulated deficit (743,639) (736,213)
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Total stockholders' equity 55,829 62,567
-------- --------
Total liabilities and stockholders'
equity $63,811 $74,166
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SOURCEFORGE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
Three months
ended
March 31,
---------------
2009 2008
------ -----
Cash flows from operating activities:
Net loss $(7,426) $(916)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization 603 456
Stock-based compensation expense 681 515
Provision for bad debts - 42
Provision for excess and obsolete inventory (8) 28
(Gain) loss on sale of assets (226) 1
Gain on sale of investments - (56)
Impairment of investments 4,585 108
Changes in assets and liabilities:
Accounts receivable 885 (202)
Inventories 290 578
Prepaid expenses and other assets (30) (589)
Accounts payable (2,622) (3,117)
Accrued restructuring liabilities (686) (660)
Deferred revenue 19 41
Accrued liabilities and other (330) (95)
Other long-term liabilities 2 6
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Net cash used in operating activities (4,203) (3,860)
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Cash flows from investing activities:
Purchase of property and equipment (66) (573)
Purchases of marketable securities - (25,339)
Sale or maturities of marketable securities 559 47,542
Proceeds from sale of intangible assets, net 172 -
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Net cash provided by investing activities 665 21,630
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Cash flows from financing activities:
Proceeds from issuance of common stock 4 18
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Net cash provided by financing activities 4 18
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Cash flows from discontinued operations:
Net cash provided by operating activities - 42
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Net cash provided by discontinued operations - 42
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Net increase (decrease) in cash and cash equivalents (3,534) 17,830
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Cash and cash equivalents, beginning of period 40,511 25,037
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Cash and cash equivalents, end of period $36,977 $42,867
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