FAIRFAX, Va., Nov. 3, 2011 (GLOBE NEWSWIRE) -- In a press release issued by Geeknet, Inc. (Nasdaq:GKNT) on November 3, 2011 titled "Geeknet Announces Third Quarter Results," under the table titled "Reconciliation of net loss as reported to adjusted EBITDA loss", the amounts listed on line item "Interest and other expense (income), net" should read "39, 2, 33, (43)".
| GEEKNET, INC. | ||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
| (In thousands, except per share data) | ||||
| (unaudited) | ||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
| 2011 | 2010 | 2011 | 2010 | |
| Revenue: | ||||
| ThinkGeek revenue | $ 14,693 | $ 10,646 | $ 44,217 | $ 31,588 |
| Media revenue | 5,007 | 4,013 | 15,470 | 13,024 |
| Revenue | 19,700 | 14,659 | 59,687 | 44,612 |
| Cost of revenue: | ||||
| ThinkGeek cost of revenue | 13,414 | 10,178 | 40,263 | 27,788 |
| Media cost of revenue | 1,193 | 1,693 | 3,999 | 5,269 |
| Cost of revenue | 14,607 | 11,871 | 44,262 | 33,057 |
| Gross margin | 5,093 | 2,788 | 15,425 | 11,555 |
| Operating expenses: | ||||
| Sales and marketing | 3,038 | 3,329 | 9,707 | 10,042 |
| Research and development | 1,607 | 1,635 | 3,893 | 4,778 |
| General and administrative | 3,143 | 2,942 | 9,042 | 7,115 |
| Amortization of intangible assets | 20 | 101 | 61 | 285 |
| Restructuring | -- | -- | -- | (101) |
| Gain on sale of assets | (72) | (1,409) | (72) | (1,391) |
| Total operating expenses | 7,736 | 6,598 | 22,631 | 20,728 |
| Loss from continuing operations | (2,643) | (3,810) | (7,206) | (9,173) |
| Interest and other income (expense), net | (39) | (2) | (33) | 43 |
| Loss from continuing operations before income taxes | (2,682) | (3,812) | (7,239) | (9,130) |
| Income tax expense (benefit) | 1 | (51) | (22) | (64) |
| Loss from continuing operations | (2,683) | (3,761) | (7,217) | (9,066) |
| Discontinued operations: | ||||
| Loss from operations, net of taxes | -- | (89) | -- | (111) |
| Net loss | $ (2,683) | $ (3,850) | $ (7,217) | $ (9,177) |
| Loss per share from continuing operations: | ||||
| Basic and diluted | $ (0.42) | $ (0.62) | $ (1.14) | $ (1.50) |
| Loss per share from discontinued operations: | ||||
| Basic and diluted | $ -- | $ (0.02) | $ -- | $ (0.02) |
| Net loss per share: | ||||
| Basic and diluted | $ (0.42) | $ (0.64) | $ (1.14) | $ (1.52) |
| Shares used in per share calculations: | ||||
| Basic and diluted | 6,337 | 6,046 | 6,306 | 6,030 |
| Reconciliation of net loss as reported to adjusted EBITDA loss: | ||||
| Net loss - as reported | $ (2,683) | $ (3,850) | $ (7,217) | $ (9,177) |
| Reconciling items: | ||||
| Interest and other expense (income), net | 39 | 2 | 33 | (43) |
| Income tax expense (benefit) | 1 | (51) | (22) | (64) |
| Stock-based compensation expense included in COGS | 47 | 14 | 170 | 171 |
| Stock-based compensation expense included in Op Ex. | 1,125 | 507 | 2,915 | 1,780 |
| Gain on sale of assets | (72) | (1,409) | (72) | (1,391) |
| Restructuring | -- | -- | -- | (101) |
| Depreciation and amortization | 431 | 676 | 1,487 | 1,765 |
| Adjusted EBITDA loss | $ (1,112) | $ (4,111) | $ (2,706) | $ (7,060) |