OLD Media Moves

TheStreet.com reports third-quarter loss, restates earnings from 2008

January 25, 2010

Financial news site TheStreet.com reported Monday a third-quarter loss on declining revenue and restated its financial results from 2008 after an accounting review.

The New York-based company had delayed releasing its third-quarter earnings until the review had been completed.

The company reported a net loss of $1.4 million, or 5 cents per share, in the third quarter of 2009, compared with a restated net loss of $700,000, or 3 cents a share, in the prior year period. Revenue declined 11 percent in the period to $15.2 million from a restated $17 million in the third quarter of 2008.

However, CEO Daryl Otte said that the company’s bookings had been increasing in the second half of 2009. “Bookings in our paid services have seen double-digit percentage increases in the second half of 2009 as compared to the prior year period, after having been down in the first half,” said Otte in a statement. “As bookings are the precursor to higher paid services revenue, this positions us well for 2010. In addition to our strong bookings performance since mid-year, we are pleased that our subscriber counts have risen each quarter after March 2009.”

The company said it plans to file its Securities and Exchange Commission documents by Feb. 8 to remain in compliance with Nasdaq listing requirements.

Read the earnings release here.

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