UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 22, 2010
TheStreet.com, Inc.
(Exact Name of Registrant as Specified in its Charter)
DE | 0-25779 | 06-1515824 |
(State or other Jurisdiction | (Commission File Number) | (I.R.S. Employer |
14 Wall Street 15th Floor | 10005 |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant's telephone number, including area code: (212) 321-5000 |
|
_____________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition | |
On January 25, 2010, TheStreet.com, Inc. (the "Company") issued a press release announcing its financial condition and results of operations as of and for the periods ended June 30, 2009 and September 30, 2009, respectively, as well as revisions to certain line items in its previously-filed consolidated financial statements as of and for the fiscal year ended December 31, 2008 and the fiscal quarters within such fiscal year, respectively (collectively, the "2008 Periods"). A c opy of the Company's press release is attached as Exhibit 99.1 to this Current Report and is incorporated herein by reference. The information in this Item 2.02 and in Exhibit 99.1 of this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
|
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review | |
As previously disclosed, the Company identified an issue relating to its recording of certain revenue of its Promotions.com subsidiary ("Promotions.com" which subsidiary the Company sold in December 2009, as previously announced) and, as a result, the Audit Committee of the Board of Directors of the Company (the "Audit Committee") engaged outside counsel, Skadden, Arps, Slate, Meagher & Flom LL P, and accounting experts, AlixPartners LLP, and conducted an independent review of accounting matters related to Promotions.com (the "Review"). As a result of the Review, on January 22, 2010, the Audit Committee concluded that, due to certain inaccuracies in the previously-issued consolidated financial statements as of and for each of the 2008 Periods, such consolidated financial statements no longer should be relied upon. The Company will restate its consolidated financial statements for the year ended December 31, 2008 and anticipates filing, on or before February 8, 2010, a Form 10-K/A for the year ended December 31, 2008, which shall contained certain revised results for the quarters within such fiscal year. The restatement will not affect the Company's previously-reported cash, cash equivalents, restricted cash and marketable secu rities. The restatement will make adjustments to correct errors related to the timing of recognition of revenue within the Promotions.com subsidiary and make adjustments to revenue and expense related to transactions with certain third parties involving the Promotions.com subsidiary, in which the Company contracted both to provide services to, and receive services from, such third parties. The adjustments will result in reduced revenue in certain quarters, and increased revenue in other quarters, as compared to results previously reported; reduced expense in certain quarters, as compared to results previously reported; and reduced net income (or increased net loss) in certain quarters, and reduced net loss in other quarters, as compared to results previously reported. Moreover, as a result of the restatement, certain revenue previously reported within 2008 Periods will be deferred and recognized in 2009. The Audit Committee and authorized officers of the Company have discussed this matter with its current independent accountant, KPMG LLP, as well as with Marcum LLP (f/k/a Marcum & Kliegman, LLP), which was the Company's independent accountant during the Company's 2007 and 2008 fiscal years.
|
Item 9.01 Financial Statements and Exhibits | |
|
THESTREET.COM, INC. |
| ||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
| ||||
|
|
|
|
|
|
|
| Unaudited |
| ||
|
| For the Three Months Ended September 30, |
| For the Nine Months Ended September 30, |
|
|
|
|
| ||
|
| 2009 |
| 2009 |
|
Revenue: |
|
|
|
|
|
Paid services |
| $ 9,373,672 |
| $ 28,310,049 |
|
Marketing services |
| 5,861,931 |
| 15,418,258 |
|
Total revenue |
| 15,235,603 |
| 43,728,307 |
|
|
|
|
|
|
|
Operating expense: |
|
|
|
|
|
Cost of services |
| 7,156,120 |
| 22,666,527 |
|
Sales and marketing |
| 3,005,218 |
| 8,768,054 |
|
General and administrative |
| 5,266,804 |
| 13,129,465 |
|
Intangible asset impairment |
| - |
| 24,137,069 |
|
Depreciation and amortization |
| 1,348,806 |
| 4,027,253 |
|
Restructuring expense |
| 169,692 |
| 2,728,502 |
|
Total operating expense |
| 16,946,640 |
| 75,456,870 |
|
Operating loss |
| (1,711,037) |
| (31,728,563) |
|
Net interest income |
| 186,342 |
| 775,896 |
|
Gain on sales of marketable securities |
| 34,684 |
| 295,430 |
|
Other income |
| - |
| 153,677 |
|
Loss from continuing operations before income taxes |
| (1,490,011) |
| (30,503,560) |
|
Benefit (provision) for income taxes |
| 53,222 |
| (16,283,105) |
|
Loss from continuing operations |
| (1,436,789) |
| (46,786,665) |
|
Discontinued operations: |
|
|
|
|
|
Loss on disposal of discontinued operations |
| 1,846 |
| 10,453 |
|
Loss from discontinued operations |
| 1,846 |
| 10,453 |
|
Net loss |
| (1,438,635) |
| (46,797,118) |
|
Preferred stock cash dividends |
| 96,424 |
| 289,272 |
|
Net loss attributable to common stockholders |
| $ (1,535,059) |
| $ (47,086,390) |
|
|
|
|
|
|
|
Basic net loss per share: |
|
|
|
|
|
Loss from continuing operations |
| $ (0.05) |
| $ (1.53) |
|
Loss on disposal of discontinued operations |
| (0.00) |
| (0.00) |
|
Net loss |
| (0.05) |
| (1.53) |
|
Preferred stock dividends |
| (0.00) |
| (0.01) |
|
Net loss attributable to common stockholders |
| $ (0.05) |
| $ (1.54) |
|
|
|
|
|
|
|
Diluted net loss per share: |
|
|
|
|
|
Loss from continuing operations |
| $ (0.05) |
| $ (1.53) |
|
Loss on disposal of discontinued operations |
| (0.00) |
| (0.00) |
|
Net loss |
| (0.05) |
| (1.53) |
|
Preferred stock dividends |
| (0.00) |
| (0.01) |
|
Net loss attributable to common stockholders |
| $ (0.05) |
| $ (1.54) |
|
|
|
|
|
|
|
Weighted average basic shares outstanding |
| 30,606,216 |
| 30,574,361 |
|
Weighted average diluted shares outstanding |
| 30,606,216 |
| 30,574,361 |
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
Net loss |
| $ (1,438,635) |
| $ (46,797,118) |
|
Interest |
| (186,342) |
| (775,896) |
|
Gain on sales of marketable securities |
| (34,684) |
| (295,430) |
|
(Benefit) provision for income taxes |
| (53,222) |
| 16,283,105 |
|
Depreciation & amortization |
| 1,348,806 |
| 4,027,253 |
|
EBITDA |
| (364,077) |
| (27,558,086) |
|
Other income |
| - |
| (153,677) |
|
Intangible asset impairment |
| - |
| 24,137,069 |
|
Restructuring and other charge |
| 169,692 |
| 2,728,502 |
|
Costs of review of Promotions.com accounting |
| 1,307,778 |
| 1,307,778 |
|
Noncash compensation |
| 573,221 |
| 2,158,815 |
|
Adjusted EBITDA |
| $ 1,686,614 |
| $ 2,620,401 |
|
|
|
|
|
|
|
THESTREET.COM, INC. | ||
CONSOLIDATED BALANCE SHEET | ||
|
|
|
|
| Unaudited |
ASSETS |
| September 30, 2009 |
Current Assets: |
|
|
Cash and cash equivalents |
| $ 60,486,534 |
Restricted cash |
| 500,000 |
Marketable securities |
| 2,816,411 |
Accounts receivable, net of allowance for doubtful |
|
|
accounts of $129,918 |
| 5,508,175 |
Other receivables |
| 268,841 |
Prepaid expenses and other current assets |
| 1,817,184 |
Current assets held for sale |
| 3,089,853 |
Total current assets |
| 74,486,998 |
|
|
|
Property and equipment, net of accumulated depreciation |
|
|
and amortization of $12,557,033 |
| 8,011,657 |
Marketable securities |
| 17,461,005 |
Long term investment |
| 555,000 |
Other assets |
| 77,710 |
Goodwill |
| 20,181,000 |
Other intangibles, net |
| 8,003,942 |
Restricted cash |
| 1,660,371 |
Noncurrent assets held for sale |
| 1,976,751 |
Total assets |
| $ 132,414,434 |
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
Current Liabilities: |
|
|
Accounts payable |
| $ 2,078,814 |
Accrued expenses |
| 5,791,362 |
Deferred revenue |
| 16,918,187 |
Other current liabilities |
| 181,431 |
Current liabilities of discontinued operations |
| 223,204 |
Current liabilities held for sale |
| 1,983,055 |
Total current liabilities |
| 27,176,053 |
Other liabilities |
| 885,447 |
Noncurrent liabilities held for sale |
| 14,521 |
Total liabilities |
| 28,076,021 |
|
|
|
Stockholders' Equity: |
|
|
Preferred stock; $0.01 par value; 10,000,000 shares |
|
|
authorized; 5,500 shares issued and 5,500 shares |
|
|
outstanding; the aggregate liquidation preference totals $55,000,000 |
| 55 |
Common stock; $0.01 par value; 100,000,000 shares |
|
|
authorized; 36,598,461 shares issued and 30,516,727 |
|
|
shares outstanding |
| 365,985 |
Additional paid-in capital |
| 270,621,024 |
Accumulated other comprehensive income |
| 389,777 |
Treasury stock at cost; 6,081,734 shares |
| (10,411,952) |
Accumulated deficit |
| (156,626,476) |
Total stockholders' equity |
| 104,338,413 |
|
|
|
Total liabilities and stockholders' equity |
| $ 132,414,434 |
|
|
|
THESTREET.COM, INC. |
| |||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
| |||||
|
|
|
|
|
|
|
|
| Unaudited |
| |||
|
| For the Three Months Ended June 30, |
|
| For the Six Months Ended June 30, |
|
|
|
|
|
| ||
|
| 2009 |
|
| 2009 |
|
Revenue: |
|
|
|
|
|
|
Paid services |
| $ 9,428,936 |
|
| $ 18,936,377 |
|
Marketing services |
| 5,563,305 |
|
| 9,556,326 |
|
Total revenue |
| 14,992,241 |
|
| 28,492,703 |
|
|
|
|
|
|
|
|
Operating expense: |
|
|
|
|
|
|
Cost of services |
| 7,264,697 |
|
| 15,510,407 |
|
Sales and marketing |
| 2,785,929 |
|
| 5,762,836 |
|
General and administrative |
| 3,320,983 |
|
| 7,862,661 |
|
Intangible asset impairment |
| - |
|
| 24,137,069 |
|
Depreciation and amortization |
| 1,207,710 |
|
| 2,678,447 |
|
Restructuring expense |
| 574,281 |
|
| 2,558,810 |
|
Total operating expense |
| 15,153,600 |
|
| 58,510,230 |
|
Operating loss |
| (161,359) |
|
| (30,017,527) |
|
Net interest income |
| 359,417 |
|
| 589,554 |
|
Gain on sales of marketable securities |
| 260,746 |
|
| 260,746 |
|
Other income |
| - |
|
| 153,677 |
|
Income (loss) from continuing operations before income taxes |
| 458,804 |
|
| (29,013,550) |
|
Provision for income taxes |
| 109,250 |
|
| 16,336,327 |
|
Income (loss) from continuing operations |
| 349,554 |
|
| (45,349,877) |
|
Discontinued operations: |
|
|
|
|
|
|
Loss on disposal of discontinued operations |
| 9,532 |
|
| 8,607 |
|
Loss from discontinued operations |
| 9,532 |
|
| 8,607 |
|
Net income (loss) |
| 340,022 |
|
| (45,358,484) |
|
Preferred stock cash dividends |
| 96,424 |
|
| 192,848 |
|
Net income (loss) attributable to common stockholders |
| $ 243,598 |
|
| $ (45,551,332) |
|
|
|
|
|
|
|
|
Basic net income (loss) per share: |
|
|
|
|
|
|
Income (loss) from continuing operations |
| $ 0.01 |
|
| $ (1.48) |
|
Loss on disposal of discontinued operations |
| (0.00) |
|
| (0.00) |
|
Net income (loss) |
| 0.01 |
|
| (1.48) |
|
Preferred stock dividends |
| (0.00) |
|
| (0.01) |
|
Net income (loss) attributable to common stockholders |
| 0.01 |
|
| $ (1.49) |
|
|
|
|
|
|
|
|
Diluted net income (loss) per share: |
|
|
|
|
|
|
Income (loss) from continuing operations |
| $ 0.01 |
|
| $ (1.48) |
|
Loss on disposal of discontinued operations |
| (0.00) |
|
| (0.00) |
|
Net income (loss) |
| 0.01 |
|
| (1.48) |
|
Preferred stock dividends |
| (0.00) |
|
| (0.01) |
|
Net income (loss) attributable to common stockholders |
| $ 0.01 |
|
| $ (1.49) |
|
|
|
|
|
|
|
|
Weighted average basic shares outstanding |
| 30,620,349 |
|
| 30,558,170 |
|
Weighted average diluted shares outstanding |
| 30,620,349 |
|
| 30,558,170 |
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
Net income (loss) |
| $ 340,022 |
|
| $ (45,358,484) |
|
Interest |
| (359,417) |
|
| (589,554) |
|
Gain on sales of marketable securities |
| (260,746) |
|
| (260,746) |
|
Provision for income taxes |
| 109,250 |
|
| 16,336,327 |
|
Depreciation & amortization |
| 1,207,710 |
|
| 2,678,447 |
|
EBITDA |
| 1,036,819 |
|
| (27,194,010) |
|
Other income |
| - |
|
| (153,677) |
|
Intangible asset impairment |
| - |
|
| 24,137,069 |
|
Restructuring and other charge |
| 574,281 |
|
| 2,558,810 |
|
Noncash compensation |
| 341,981 |
|
| 1,585,594 |
|
Adjusted EBITDA |
| $ 1,953,081 |
|
| $ 933,786 |
|
|
|
|
|
|
|
|
THESTREET.COM, INC. |
| |
CONSOLIDATED BALANCE SHEET |
| |
|
|
|
|
| Unaudited |
ASSETS |
| June 30, 2009 |
Current Assets: |
|
|
Cash and cash equivalents |
| $ 63,411,600 |
Restricted cash |
| 500,000 |
Marketable securities |
| 799,031 |
Accounts receivable, net of allowance for doubtful |
|
|
accounts of $100,436 |
| 5,090,863 |
Other receivables |
| 495,954 |
Prepaid expenses and other current assets |
| 2,174,219 |
Current assets held for sale |
| 2,557,445 |
Total current assets |
| 75,029,112 |
|
|
|
Property and equipment, net of accumulated depreciation |
|
|
and amortization of $11,671,141 |
| 8,547,244 |
Marketable Securities |
| 15,692,510 |
Long term investment |
| 555,000 |
Other assets |
| 81,610 |
Goodwill |
| 20,181,000 |
Other intangibles, net |
| 8,359,945 |
Restricted cash |
| 1,660,371 |
Noncurrent assets held for sale |
| 2,122,494 |
Total assets |
| $ 132,229,286 |
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
Current Liabilities: |
|
|
Accounts payable |
| $ 1,786,259 |
Accrued expenses |
| 5,247,683 |
Deferred revenue |
| 16,285,222 |
Other current liabilities |
| 132,300 |
Current liabilities of discontinued operations |
| 231,955 |
Current liabilities held for sale |
| 2,185,932 |
Total current liabilities |
| 25,869,351 |
Other Liabilities |
| 541,532 |
Noncurrent liabilities held for sale |
| 17,083 |
Total liabilities |
| 26,427,966 |
|
|
|
Stockholders' Equity: |
|
|
Preferred stock; $0.01 par value; 10,000,000 shares |
|
|
authorized; 5,500 shares issued and 5,500 shares |
|
|
outstanding; the aggregate liquidation preference totals $55,000,000 |
| 55 |
Common stock; $0.01 par value; 100,000,000 shares |
|
|
authorized; 36,598,461 shares issued and 30,620,942 |
|
|
shares outstanding |
| 365,985 |
Additional paid-in capital |
| 270,955,796 |
Accumulated other comprehensive income |
| (202,104) |
Treasury stock at cost; 5,977,519 shares |
| (10,130,571) |
Accumulated deficit |
| (155,187,841) |
Total stockholders' equity |
| 105,801,320 |
|
|
|
Total liabilities and stockholders' equity |
| $ 132,229,286 |
|
|
|
THESTREET.COM, INC. | ||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
| Unaudited |
| Unaudited |
| Unaudited |
| Unaudited |
| Unaudited |
| ||||||||||||||||||||
| For the Three Months Ended March 31, 2008 |
| For the Three Months Ended June 30, 2008 |
| For the Three Months Ended September 30, 2008 |
| For the Three Months Ended December 31, 2008 |
| For the Year Ended December 31, 2008 |
| ||||||||||||||||||||
| As Filed |
| Adjustment |
| As Restated |
| As Filed |
| Adjustment |
| As Restated |
| As Filed |
| Adjustment |
| As Restated |
| As Filed |
| Adjustment |
| As Restated |
| As Filed |
| Adjustment |
| As Restated |
|
Net revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid services | $ 10,759,469 |
| $ - |
| $ 10,759,469 |
| $ 10,289,939 |
| $ - |
| $ 10,289,939 |
| $ 10,244,212 |
| $ - |
| $ 10,244,212 |
| $ 9,892,368 |
| $ - |
| $ 9,892,368 |
| $ 41,185,988 |
| $ - |
| $ 41,185,988 |
|
Marketing services | 8,188,516 |
| (955,959) |
| 7,232,557 |
| 9,398,992 |
| (1,285,110) |
| 8,113,882 |
| 6,478,367 |
| 326,058 |
| 6,804,425 |
| 6,648,568 |
| 862,613 |
| 7,511,181 |
| 30,714,443 |
| (1,052,398) |
| 29,662,045 |
|
Total net revenue | 18,947,985 |
| (955,959) |
| 17,992,026 |
| 19,688,931 |
| (1,285,110) |
| 18,403,821 |
| 16,722,579 |
| 326,058 |
| 17,048,637 |
| 16,540,936 |
| 862,613 |
| 17,403,549 |
| 71,900,431 |
| (1,052,398) |
| 70,848,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of services | 7,656,127 |
| (45,439) |
| 7,610,688 |
| 8,366,156 |
| (45,439) |
| 8,320,717 |
| 8,405,002 |
| (45,439) |
| 8,359,563 |
| 7,777,480 |
| (83,671) |
| 7,693,809 |
| 32,204,765 |
| (219,987) |
| 31,984,778 |
|
Sales and marketing | 3,763,595 |
| - |
| 3,763,595 |
| 3,630,394 |
| - |
| 3,630,394 |
| 3,550,363 |
| - |
| 3,550,363 |
| 3,318,847 |
| - |
| 3,318,847 |
| 14,263,199 |
| - |
| 14,263,199 |
|
General and administrative | 4,355,545 |
| - |
| 4,355,545 |
| 4,078,822 |
| - |
| 4,078,822 |
| 4,589,851 |
| - |
| 4,589,851 |
| 4,538,020 |
| (41,000) |
| 4,497,020 |
| 17,562,238 |
| (41,000) |
| 17,521,238 |
|
Intangible asset impairment | - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 2,325,481 |
| - |
| 2,325,481 |
| 2,325,481 |
| - |
| 2,325,481 |
Depreciation and amortization | 1,263,604 |
| - |
| 1,263,604 |
| 1,584,780 |
| - |
| 1,584,780 |
| 1,481,670 |
| - |
| 1,481,670 |
| 1,564,132 |
| - |
| 1,564,132 |
| 5,894,186 |
| - |
| 5,894,186 |
Total operating expense | 17,038,871 |
| (45,439) |
| 16,993,432 |
| 17,660,152 |
| (45,439) |
| 17,614,713 |
| 18,026,886 |
| (45,439) |
| 17,981,447 |
| 19,523,960 |
| (124,671) |
| 19,399,289 |
| 72,249,869 |
| (260,987) |
| 71,988,882 |
Operating income (loss) | 1,909,114 |
| (910,520) |
| 998,594 |
| 2,028,779 |
| (1,239,671) |
| 789,108 |
| (1,304,307) |
| 371,496 |
| (932,811) |
| (2,983,024) |
| 987,284 |
| (1,995,740) |
| (349,438) |
| (791,410) |
| (1,140,848) |
Net interest income | 686,194 |
| - |
| 686,194 |
| 400,243 |
| - |
| 400,243 |
| 345,675 |
| - |
| 345,675 |
| 141,640 |
| - |
| 141,640 |
| 1,573,752 |
| - |
| 1,573,752 |
Gain on sale of marketable security | - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 120,937 |
| - |
| 120,937 |
| 120,937 |
| - |
| 120,937 |
Income (loss) from continuing operations before income taxes | 2,595,308 |
| (910,520) |
| 1,684,788 |
| 2,429,022 |
| (1,239,671) |
| 1,189,351 |
| (958,632) |
| 371,496 |
| (587,136) |
| (2,720,447) |
| 987,284 |
| (1,733,163) |
| 1,345,251 |
| (791,410) |
| 553,841 |
(Provision) benefit for income taxes | (145,928) |
| - |
| (145,928) |
| (125,693) |
|
|
| (125,693) |
| (106,364) |
| - |
| (106,364) |
| 375,945 |
| - |
| 375,945 |
| (2,040) |
| - |
| (2,040) |
Income (loss) from continuing operations | 2,449,380 |
| (910,520) |
| 1,538,860 |
| 2,303,329 |
| (1,239,671) |
| 1,063,658 |
| (1,064,996) |
| 371,496 |
| (693,500) |
| (2,344,502) |
| 987,284 |
| (1,357,218) |
| 1,343,211 |
| (791,410) |
| 551,801 |
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on disposal of discontinued operations | 2,731 |
| - |
| 2,731 |
| 2,085 |
| - |
| 2,085 |
| 3,079 |
| - |
| 3,079 |
| 117 |
| - |
| 117 |
| 8,012 |
| - |
| 8,012 |
Loss from discontinued operations | 2,731 |
| - |
| 2,731 |
| 2,085 |
| - |
| 2,085 |
| 3,079 |
| - |
| 3,079 |
| 117 |
| - |
| 117 |
| 8,012 |
| - |
| 8,012 |
Net income (loss) | 2,446,649 |
| (910,520) |
| 1,536,129 |
| 2,301,244 |
| (1,239,671) |
| 1,061,573 |
| (1,068,075) |
| 371,496 |
| (696,579) |
| (2,344,619) |
| 987,284 |
| (1,357,335) |
| 1,335,199 |
| (791,410) |
| 543,789 |
Preferred stock cash dividends | 96,424 |
| - |
| 96,424 |
| 96,424 |
| - |
| 96,424 |
| 96,424 |
| - |
| 96,424 |
| 96,424 |
| - |
| 96,424 |
| 385,696 |
| - |
| 385,696 |
Net income (loss) attributable to common stockholders | $ 2,350,225 |
| $ (910,520) |
| $ 1,439,705 |
| $ 2,204,820 |
| $ (1,239,671) |
| $ 965,149 |
| $ (1,164,499) |
| $ 371,496 |
| $ (793,003) |
| $ (2,441,043) |
| $ 987,284 |
| $ (1,453,759) |
| $ 949,503 |
| $ (791,410) |
| $ 158,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations | $ 0.08 |
|
|
| $ 0.05 |
| $ 0.07 |
|
|
| $ 0.03 |
| $ (0.04) |
|
|
| $ (0.03) |
| $ (0.08) |
|
|
| $ (0.05) |
| $ 0.04 |
|
|
| $ 0.02 |
Loss on disposal of discontinued operations | (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
Net income (loss) | 0.08 |
|
|
| 0.05 |
| 0.07 |
|
|
| 0.03 |
| (0.04) |
|
|
| (0.03) |
| (0.08) |
|
|
| (0.05) |
| 0.04 |
|
|
| 0.02 |
Preferred stock dividends | (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.01) |
|
|
| (0.01) |
Net income (loss) attributable to common stockholders | $ 0.08 |
|
|
| $ 0.05 |
| $ 0.07 |
|
|
| $ 0.03 |
| $ (0.04) |
|
|
| $ (0.03) |
| $ (0.08) |
|
|
| $ (0.05) |
| $ 0.03 |
|
|
| $ 0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations | $ 0.07 |
|
|
| $ 0.04 |
| $ 0.07 |
|
|
| $ 0.03 |
| $ (0.04) |
|
|
| $ (0.03) |
| $ (0.08) |
|
|
| $ (0.05) |
| $ 0.04 |
|
|
| $ 0.02 |
Loss on disposal of discontinued operations | (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
Net income (loss) | 0.07 |
|
|
| 0.04 |
| 0.07 |
|
|
| 0.03 |
| (0.04) |
|
|
| (0.03) |
| (0.08) |
|
|
| (0.05) |
| 0.04 |
|
|
| 0.02 |
Preferred stock dividends | (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.01) |
|
|
| (0.01) |
Net income (loss) attributable to common stockholders | $ 0.07 |
|
|
| $ 0.04 |
| $ 0.07 |
|
|
| $ 0.03 |
| $ (0.04) |
|
|
| $ (0.03) |
| $ (0.08) |
|
|
| $ (0.05) |
| $ 0.03 |
|
|
| $ 0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average basic shares outstanding | 30,392,980 |
|
|
| 30,392,980 |
| 30,452,497 |
|
|
| 30,452,497 |
| 30,482,949 |
|
|
| 30,482,949 |
| 30,381,156 |
|
|
| 30,381,156 |
| 30,427,421 |
|
|
| 30,427,421 |
Weighted average diluted shares outstanding | 34,615,221 |
|
|
| 34,615,221 |
| 34,597,480 |
|
|
| 34,597,480 |
| 30,482,949 |
|
|
| 30,482,949 |
| 30,381,156 |
|
|
| 30,381,156 |
| 30,835,131 |
|
|
| 30,835,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) | $ 2,446,649 |
| $ (910,520) |
| $ 1,536,129 |
| $ 2,301,244 |
| $ (1,239,671) |
| $ 1,061,573 |
| $ (1,068,075) |
| $ 371,496 |
| $ (696,579) |
| $ (2,344,619) |
| $ 987,284 |
| $ (1,357,335) |
| $ 1,335,199 |
| $ (791,410) |
| $ 543,789 |
Net interest income | (686,194) |
| - |
| (686,194) |
| (400,243) |
| - |
| (400,243) |
| (345,675) |
| - |
| (345,675) |
| (141,640) |
| - |
| (141,640) |
| (1,573,752) |
| - |
| (1,573,752) |
Gain on sale of marketable security | - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| (120,937) |
| - |
| (120,937) |
| (120,937) |
| - |
| (120,937) |
(Provision) benefit for income taxes | 145,928 |
| - |
| 145,928 |
| 125,693 |
| - |
| 125,693 |
| 106,364 |
| - |
| 106,364 |
| (375,945) |
| - |
| (375,945) |
| 2,040 |
| - |
| 2,040 |
Depreciation & amortization | 1,263,604 |
| - |
| 1,263,604 |
| 1,584,780 |
| - |
| 1,584,780 |
| 1,481,670 |
| - |
| 1,481,670 |
| 1,564,132 |
| - |
| 1,564,132 |
| 5,894,186 |
| - |
| 5,894,186 |
EBITDA | 3,169,987 |
| (910,520) |
| 2,259,467 |
| 3,611,474 |
| (1,239,671) |
| 2,371,803 |
| 174,284 |
| 371,496 |
| 545,780 |
| (1,419,009) |
| 987,284 |
| (431,725) |
| 5,536,736 |
| (791,410) |
| 4,745,326 |
Intangible asset impairment | - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 2,325,481 |
| - |
| 2,325,481 |
| 2,325,481 |
| - |
| 2,325,481 |
Noncash compensation | 701,097 |
| - |
| 701,097 |
| 952,035 |
| - |
| 952,035 |
| 986,076 |
| - |
| 986,076 |
| 897,877 |
| - |
| 897,877 |
| 3,537,086 |
| - |
| 3,537,086 |
Adjusted EBITDA | $ 3,871,084 |
| $ (910,520) |
| $ 2,960,564 |
| $ 4,563,509 |
| $ (1,239,671) |
| $ 3,323,838 |
| $ 1,160,360 |
| $ 371,496 |
| $ 1,531,856 |
| $ 1,804,349 |
| $ 987,284 |
| $ 2,791,633 |
| $ 11,399,303 |
| $ (791,410) |
| $ 10,607,893 |
|
|
|
|
|
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|
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|
THESTREET.COM, INC. |
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| |||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
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| ||||||||||||||||||||||
| Unaudited |
| Unaudited |
| Unaudited |
| Unaudited |
| Unaudited |
| Unaudited |
| Unaudited | ||||||||||||||||||||||||||||||||||||||||||||||||||
| For the Three Months Ended March 31, 2008 |
| For the Three Months Ended June 30, 2008 |
| For the Three Months Ended September 30, 2008 |
| For the Three Months Ended December 31, 2008 |
| For the Three Months Ended March 31, 2009 |
| For the Three Months Ended June 30, 2009 |
| For the Three Months Ended September 30, 2009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| As Restated |
| Promotions. com (1) |
| Excluding Promotions. com (1) |
| As Restated |
| Promotions. com (1) |
| Excluding Promotions. com (1) |
| As Restated |
| Promotions. com (1) |
| Excluding Promotions. com (1) |
| As Restated |
| Promotions. com (1) |
| Excluding Promotions. com (1) |
| As Filed |
| Promotions. com (1) |
| Excluding Promotions. com (1) |
| As Reported |
| Promotions. com (1) |
| Excluding Promotions. com (1) |
| As Reported |
| Promotions. com (1) |
| Excluding Promotions. com (1) | ||||||||||||||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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| ||||||||||||||||||||||
Paid services | $10,759,469 |
| $93 |
| $10,759,376 |
| $10,289,939 |
| $ 93 |
| $10,289,846 |
| $10,244,212 |
| $ 62 |
| $10,244,150 |
| $9,892,368 |
| $399 |
| $ 9,891,969 |
| $ 9,507,441 |
| $ 99 |
| $ 9,507,342 |
| $9,428,936 |
| $ - |
| $ 9,428,936 |
| $9,373,672 |
| $ - |
| $ 9,373,672 | ||||||||||||||||||||||
Marketing services | 7,232,557 |
| 1,269,812 |
| 5,962,745 |
| 8,113,882 |
| 1,736,031 |
| 6,377,851 |
| 6,804,425 |
| 1,367,792 |
| 5,436,633 |
| 7,511,181 |
| 2,161,878 |
| 5,349,303 |
| 4,519,423 |
| 1,355,598 |
| 3,163,825 |
| 5,563,305 |
| 995,590 |
| 4,567,715 |
| 5,861,931 |
| 1,557,974 |
| 4,303,957 | ||||||||||||||||||||||
Total revenue | 17,992,026 |
| 1,269,905 |
| 16,722,121 |
| 18,403,821 |
| 1,736,124 |
| 16,667,697 |
| 17,048,637 |
| 1,367,854 |
| 15,680,783 |
| 17,403,549 |
| 2,162,277 |
| 15,241,272 |
| 14,026,864 |
| 1,355,697 |
| 12,671,167 |
| 14,992,241 |
| 995,590 |
| 13,996,651 |
| 15,235,603 |
| 1,557,974 |
| 13,677,629 | ||||||||||||||||||||||
|
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of services | 7,610,688 |
| 1,363,783 |
| 6,246,905 |
| 8,320,717 |
| 1,704,955 |
| 6,615,762 |
| 8,359,563 |
| 1,708,133 |
| 6,651,430 |
| 7,693,809 |
| 1,296,651 |
| 6,397,158 |
| 8,251,217 |
| 973,999 |
| 7,277,218 |
| 7,264,697 |
| 1,076,817 |
| 6,187,880 |
| 7,156,120 |
| 1,192,077 |
| 5,964,043 |
Sales and marketing | 3,763,595 |
| 145,006 |
| 3,618,589 |
| 3,630,394 |
| 116,789 |
| 3,513,605 |
| 3,550,363 |
| 142,379 |
| 3,407,984 |
| 3,318,847 |
| 206,425 |
| 3,112,422 |
| 2,976,907 |
| 239,634 |
| 2,737,273 |
| 2,785,929 |
| 248,806 |
| 2,537,123 |
| 3,005,218 |
| 203,769 |
| 2,801,449 |
General and administrative | 4,355,545 |
| 548,819 |
| 3,806,726 |
| 4,078,822 |
| 514,829 |
| 3,563,993 |
| 4,589,851 |
| 536,548 |
| 4,053,303 |
| 4,497,020 |
| 460,379 |
| 4,036,641 |
| 4,663,678 |
| 799,202 |
| 3,864,476 |
| 3,320,983 |
| 387,475 |
| 2,933,508 |
| 5,266,804 |
| 556,600 |
| 4,710,204 |
Intangible asset impairment | - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 2,325,481 |
| - |
| 2,325,481 |
| 24,137,069 |
| - |
| 24,137,069 |
| - |
| - |
| - |
| - |
| - |
| - |
Depreciation and amortization | 1,263,604 |
| - |
| 1,263,604 |
| 1,584,780 |
| - |
| 1,584,780 |
| 1,481,670 |
| - |
| 1,481,670 |
| 1,564,132 |
| - |
| 1,564,132 |
| 1,470,737 |
| - |
| 1,470,737 |
| 1,207,710 |
| - |
| 1,207,710 |
| 1,348,806 |
| - |
| 1,348,806 |
Restructuring expense | - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 2,360,267 |
| - |
| 2,360,267 |
| 574,281 |
| - |
| 574,281 |
| 169,692 |
| - |
| 169,692 |
Total operating expense | 16,993,432 |
| 2,057,608 |
| 14,935,824 |
| 17,614,713 |
| 2,336,573 |
| 15,278,140 |
| 17,981,447 |
| 2,387,060 |
| 15,594,387 |
| 19,399,289 |
| 1,963,455 |
| 17,435,834 |
| 43,859,875 |
| 2,012,835 |
| 41,847,040 |
| 15,153,600 |
| 1,713,098 |
| 13,440,502 |
| 16,946,640 |
| 1,952,446 |
| 14,994,194 |
Operating income (loss) | 998,594 |
| (787,703) |
| 1,786,297 |
| 789,108 |
| (600,449) |
| 1,389,557 |
| (932,811) |
| (1,019,206) |
| 86,395 |
| (1,995,740) |
| 198,822 |
| (2,194,562) |
| (29,833,011) |
| (657,138) |
| (29,175,873) |
| (161,359) |
| (717,508) |
| 556,149 |
| (1,711,037) |
| (394,472) |
| (1,316,565) |
Net interest income | 686,194 |
| - |
| 686,194 |
| 400,243 |
| - |
| 400,243 |
| 345,675 |
| - |
| 345,675 |
| 141,640 |
| - |
| 141,640 |
| 230,137 |
| - |
| 230,137 |
| 359,417 |
| - |
| 359,417 |
| 186,342 |
| - |
| 186,342 |
Gain on sales of marketable securities | - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 120,937 |
| - |
| 120,937 |
| - |
| - |
| - |
| 260,746 |
| - |
| 260,746 |
| 34,684 |
| - |
| 34,684 |
Other income | - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 153,677 |
| - |
| 153,677 |
| - |
| - |
| - |
| - |
| - |
| - |
Income (loss) from continuing operations before income taxes | 1,684,788 |
| (787,703) |
| 2,472,491 |
| 1,189,351 |
| (600,449) |
| 1,789,800 |
| (587,136) |
| (1,019,206) |
| 432,070 |
| (1,733,163) |
| 198,822 |
| (1,931,985) |
| (29,449,197) |
| (657,138) |
| (28,792,059) |
| 458,804 |
| (717,508) |
| 1,176,312 |
| (1,490,011) |
| (394,472) |
| (1,095,539) |
(Provision) benefit for income taxes | (145,928) |
| - |
| (145,928) |
| (125,693) |
| - |
| (125,693) |
| (106,364) |
| - |
| (106,364) |
| 375,945 |
| - |
| 375,945 |
| (16,227,077) |
| - |
| (16,227,077) |
| (109,250) |
| - |
| (109,250) |
| 53,222 |
| - |
| 53,222 |
Income (loss) from continuing operations | 1,538,860 |
| (787,703) |
| 2,326,563 |
| 1,063,658 |
| (600,449) |
| 1,664,107 |
| (693,500) |
| (1,019,206) |
| 325,706 |
| (1,357,218) |
| 198,822 |
| (1,556,040) |
| (45,676,274) |
| (657,138) |
| (45,019,136) |
| 349,554 |
| (717,508) |
| 1,067,062 |
| (1,436,789) |
| (394,472) |
| (1,042,317) |
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss (income) on disposal of discontinued operations | 2,731 |
| - |
| 2,731 |
| 2,085 |
| - |
| 2,085 |
| 3,079 |
| - |
| 3,079 |
| 117 |
| - |
| 117 |
| (925) |
| - |
| (925) |
| 9,532 |
| - |
| 9,532 |
| 1,846 |
| - |
| 1,846 |
Loss from discontinued operations | 2,731 |
| - |
| 2,731 |
| 2,085 |
| - |
| 2,085 |
| 3,079 |
| - |
| 3,079 |
| 117 |
| - |
| 117 |
| (925) |
| - |
| (925) |
| 9,532 |
| - |
| 9,532 |
| 1,846 |
| - |
| 1,846 |
Net income (loss) | 1,536,129 |
| (787,703) |
| 2,323,832 |
| 1,061,573 |
| (600,449) |
| 1,662,022 |
| (696,579) |
| (1,019,206) |
| 322,627 |
| (1,357,335) |
| 198,822 |
| (1,556,157) |
| (45,675,349) |
| (657,138) |
| (45,018,211) |
| 340,022 |
| (717,508) |
| 1,057,530 |
| (1,438,635) |
| (394,472) |
| (1,044,163) |
Preferred stock cash dividends | 96,424 |
| - |
| 96,424 |
| 96,424 |
| - |
| 96,424 |
| 96,424 |
| - |
| 96,424 |
| 96,424 |
| - |
| 96,424 |
| 96,424 |
| - |
| 96,424 |
| 96,424 |
| - |
| 96,424 |
| 96,424 |
| - |
| 96,424 |
Net income (loss) attributable to common stockholders | $1,439,705 |
| $ (787,703) |
| $ 2,227,408 |
| $ 965,149 |
| $ (600,449) |
| $ 1,565,598 |
| $(793,003) |
| $(1,019,206) |
| $ 226,203 |
| $(1,453,759) |
| $ 198,822 |
| $(1,652,581) |
| $(45,771,773) |
| $ (657,138) |
| $(45,114,635) |
| $ 243,598 |
| $ (717,508) |
| $ 961,106 |
| $(1,535,059) |
| $(394,472) |
| $(1,140,587) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations | $ 0.05 |
|
|
| $ 0.07 |
| $ 0.03 |
|
|
| $ 0.05 |
| $ (0.03) |
|
|
| $ 0.01 |
| $ (0.05) |
|
|
| $ (0.05) |
| $ (1.50) |
|
|
| $ (1.48) |
| $ 0.01 |
|
|
| $ 0.03 |
| $ (0.05) |
|
|
| $ (0.04) |
Loss on disposal of discontinued operations | (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| 0.00 |
|
|
| 0.00 |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
Net income (loss) | 0.05 |
|
|
| 0.07 |
| 0.03 |
|
|
| 0.05 |
| (0.03) |
|
|
| 0.01 |
| (0.05) |
|
|
| (0.05) |
| (1.50) |
|
|
| (1.48) |
| 0.01 |
|
|
| 0.03 |
| (0.05) |
|
|
| (0.04) |
Preferred stock dividends | (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
Net income (loss) attributable to common stockholders | $ 0.05 |
|
|
| $ 0.07 |
| $ 0.03 |
|
|
| $ 0.05 |
| $ (0.03) |
|
|
| $ 0.01 |
| $ (0.05) |
|
|
| $ (0.05) |
| $ (1.50) |
|
|
| $ (1.48) |
| $ 0.01 |
|
|
| $ 0.03 |
| $ (0.05) |
|
|
| $ (0.04) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations | $ 0.04 |
|
|
| $ 0.06 |
| $ 0.03 |
|
|
| $ 0.05 |
| $ (0.03) |
|
|
| $ 0.01 |
| $ (0.05) |
|
|
| $ (0.05) |
| $ (1.50) |
|
|
| $ (1.48) |
| $ 0.01 |
|
|
| $ 0.03 |
| $ (0.05) |
|
|
| $ (0.04) |
Loss on disposal of discontinued operations | (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| 0.00 |
|
|
| 0.00 |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
Net income (loss) | 0.04 |
|
|
| 0.06 |
| 0.03 |
|
|
| 0.05 |
| (0.03) |
|
|
| 0.01 |
| (0.05) |
|
|
| (0.05) |
| (1.50) |
|
|
| (1.48) |
| 0.01 |
|
|
| 0.03 |
| (0.05) |
|
|
| (0.04) |
| |||||||||||||||||||||
Preferred stock dividends | (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| (0.00) |
|
|
| (0.00) |
| |||||||||||||||||||||
Net income (loss) attributable to common stockholders | $ 0.04 |
|
|
| $ 0.06 |
| $ 0.03 |
|
|
| $ 0.05 |
| $ (0.03) |
|
|
| $ 0.01 |
| $(0.05) |
|
|
| $ (0.05) |
| $ (1.50) |
|
|
| $ (1.48) |
| $ 0.01 |
|
|
| $ 0.03 |
| $ (0.05) |
|
|
| $ (0.04) |
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Weighted average basic shares outstanding | 30,392,980 |
|
|
| 30,392,980 |
| 30,452,497 |
|
|
| 30,452,497 |
| 30,482,949 |
|
|
| 30,482,949 |
| 30,381,156 |
|
|
| 30,381,156 |
| 30,495,300 |
|
|
| 30,495,300 |
| 30,620,349 |
|
|
| 30,620,349 |
| 30,606,216 |
|
|
| 30,606,216 |
| |||||||||||||||||||||
Weighted average diluted shares outstanding | 34,615,221 |
|
|
| 34,615,221 |
| 34,597,480 |
|
|
| 34,597,480 |
| 30,482,949 |
|
|
| 30,482,949 |
| 30,381,156 |
|
|
| 30,381,156 |
| 30,495,300 |
|
|
| 30,495,300 |
| 30,620,349 |
|
|
| 30,620,349 |
| 30,606,216 |
|
|
| 30,606,216 |
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net income (loss) | $1,536,129 |
| $ 787,703 |
| $ 2,323,832 |
| $1,061,573 |
| $ 600,449 |
| $ 1,662,022 |
| $(696,579) |
| $ 1,019,206 |
| $ 322,627 |
| $(1,357,335) |
| $ (198,822) |
| $(1,556,157) |
| $(45,675,349) |
| $ 657,138 |
| $(45,018,211) |
| $ 340,022 |
| $ 717,508 |
| $ 1,057,530 |
| $(1,438,635) |
| $ 394,472 |
| $(1,044,163) |
| |||||||||||||||||||||
Interest | (686,194) |
| - |
| (686,194) |
| (400,243) |
| - |
| (400,243) |
| (345,675) |
| - |
| (345,675) |
| (141,640) |
| - |
| (141,640) |
| (230,137) |
| - |
| (230,137) |
| (359,417) |
| - |
| (359,417) |
| (186,342) |
| - |
| (186,342) |
| |||||||||||||||||||||
Gain on sales of marketable securities | - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| (120,937) |
| - |
| (120,937) |
| - |
| - |
| - |
| (260,746) |
| - |
| (260,746) |
| (34,684) |
| - |
| (34,684) |
| |||||||||||||||||||||
Provision (benefit) for income taxes | 145,928 |
| - |
| 145,928 |
| 125,693 |
| - |
| 125,693 |
| 106,364 |
| - |
| 106,364 |
| (375,945) |
| - |
| (375,945) |
| 16,227,077 |
| - |
| 16,227,077 |
| 109,250 |
| - |
| 109,250 |
| (53,222) |
| - |
| (53,222) |
| |||||||||||||||||||||
Depreciation & amortization | 1,263,604 |
| - |
| 1,263,604 |
| 1,584,780 |
| - |
| 1,584,780 |
| 1,481,670 |
| - |
| 1,481,670 |
| 1,564,132 |
| - |
| 1,564,132 |
| 1,470,737 |
| - |
| 1,470,737 |
| 1,207,710 |
| - |
| 1,207,710 |
| 1,348,806 |
| - |
| 1,348,806 |
| |||||||||||||||||||||
EBITDA | 2,259,467 |
| 787,703 |
| 3,047,170 |
| 2,371,803 |
| 600,449 |
| 2,972,252 |
| 545,780 |
| 1,019,206 |
| 1,564,986 |
| (431,725) |
| (198,822) |
| (630,547) |
| (28,207,672) |
| 657,138 |
| (27,550,534) |
| 1,036,819 |
| 717,508 |
| 1,754,327 |
| (364,077) |
| 394,472 |
| 30,395 |
| |||||||||||||||||||||
Other income | - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| (153,677) |
| - |
| (153,677) |
| - |
| - |
| - |
| - |
| - |
| - |
| |||||||||||||||||||||
Intangible asset impairment | - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 2,325,481 |
| - |
| 2,325,481 |
| 24,137,069 |
| - |
| 24,137,069 |
| - |
| - |
| - |
| - |
| - |
| - |
| |||||||||||||||||||||
Restructuring expense | - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 2,360,267 |
| - |
| 2,360,267 |
| 574,281 |
| - |
| 574,281 |
| 169,692 |
| - |
| 169,692 |
| |||||||||||||||||||||
Costs of review of Promotions.com accounting | - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 1,307,778 |
| - |
| 1,307,778 |
| |||||||||||||||||||||
Noncash compensation | 701,097 |
| (7,063) |
| 694,034 |
| 952,035 |
| (11,563) |
| 940,472 |
| 986,076 |
| (13,610) |
| 972,466 |
| 897,877 |
| (11,696) |
| 886,181 |
| 1,243,613 |
| (4,986) |
| 1,238,627 |
| 341,981 |
| (3,546) |
| 338,435 |
| 573,221 |
| (3,585) |
| 569,636 |
| |||||||||||||||||||||
Adjusted EBITDA | $2,960,564 |
| $ 780,640 |
| $ 3,741,204 |
| $3,323,838 |
| $ 588,886 |
| $ 3,912,724 |
| $1,531,856 |
| $ 1,005,596 |
| $2,537,452 |
| $ 2,791,633 |
| $ (210,518) |
| $ 2,581,115 |
| $ (620,400) |
| $ 652,152 |
| $ 31,752 |
| $1,953,081 |
| $ 713,962 |
| $ 2,667,043 |
| $ 1,686,614 |
| $ 390,887 |
| $ 2,077,501 |
| |||||||||||||||||||||
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| |||||||||||||||||||||
(1) The above information with respect to Promotions.com is presented as a non-GAAP measure for illustrative purposes regarding the disposition of the Company's Promotions.com subsidiary and is not meant to represent a reflection of the operating activities of the Promotions.com subsidiary as if it was on a fully stand-alone basis. |
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| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Promotions.com was a legal subsidiary of the Company whose activities were a part of the combined results of the Company. Historically, Promotions.com was not considered an operating segment as management did not measure its results separately nor did management maintain separate discrete financial information including cash flows for its activities. |
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| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The column "Excluding Promotions.com" gives effect to the disposition of the Promotions.com subsidiary as if such disposition had taken place on the first day of such respective period. |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TheStreet.com, Inc. (Registrant) |
Date: January 26, 2010 | By: | /s/ Gregory Barton |
|
| Executive Vice President, Business and Legal Affairs, General Counsel & Secretary |