may be of interest

I dont hold..... came across it..... seemed of interest....

(LOK) LookSmart's winning quarter
29-Jan



LookSmart reported fourth quarter 2002 revenue of $31.3 million, a 65 percent increase from the fourth quarter 2001, a 31 percent sequential increase over revenues of $23.8 in the third quarter 2002, and significantly higher than the Company's expectation of $27.0 million.

LookSmart's net income for the fourth quarter 2002 was $34.6 million or $0.33 per diluted share, which includes a net gain of $32.6 million for the retirement of the debt related to the BT LookSmart joint venture and $1.4 million of costs incurred for the restructuring of joint venture operations. Without these two items, LookSmart's net income for the fourth quarter 2002 was $3.4 million or $0.03 per diluted share.

This is the first quarter of profitability in the Company's history. This compares to a net loss of ($11.1) million, and a net loss of ($0.5) million per share for the third quarter 2002.

"LookSmart's rapid financial growth over the past several quarters is a strong validation of the value of the paid inclusion model for merchants and distribution partners, and of LookSmart's leadership in this sector," said Dianne Dubois LookSmart's chief financial officer. "The successful resolution of the BT LookSmart debt leaves us with a very strong balance sheet, and we are pleased to continue to report significant top line revenue growth, a tight control on expenses, and for the first time in the company's history, a net profit."

"This was a strong quarter for LookSmart on all fronts, driven by exceptional new customer acquisition rates, increased spend levels by existing customers, and an overall up tick in the adoption level of paid inclusion among online advertisers," said Jason Kellerman, chief executive officer of LookSmart. "LookSmart continues to make strategic investments in its search and paid inclusion platforms. These investments are already paying off, given our recent financial results, and are positioning us well for future growth."