[ACCESSWIRE]
HENDERSON, NV / ACCESSWIRE / April 17, 2016 / LookSmart Group Inc. (www.looksmart.com) (OTC PINK: LKST) (OTC PINK: LKSTD) filed its Annual Report on Friday, April 14, 2017. Revenues for the fourth quarter in 2016 grew 82% to $2.6 million from the same period in 2015. For the year ended December 30, 2016, revenues rose 39% from the year ended 2015. Net loss for the fourth quarter ending December 30, 2016 was $4,200, but operating income for the quarter was positive $12,400. Fourth quarter operating income per share on a post reverse-split basis (which occurred on March 23, 2017) is $0.22.
"Even though we had a positive operating income in the fourth quarter, net income became negative because of the interest expense on a loan we took on our data center building in Phoenix back in 2015. One of our goals this year is to generate income with the building. Stay tuned," says Mike Onghai, CEO of LookSmart Group.
As stated in a previous release, dated March 24, 2017, LookSmart effected a 1 for 100 reverse stock split. After the payout of fractional shareholders at a cash in lieu pro-rata rate of $20.00 per post-split share, the shares outstanding of LookSmart post-split is now 57,391 shares.
Forward-Looking Statements
This press release contains "forward-looking statements," including statements related to our expectations related to cost savings and the use of management time. Forward-looking statements may be identified by their use of terms such as "anticipate," "believe," "anticipate," "confident," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "will," and other similar terms. These statements are subject to significant risks and uncertainties, actual results and future events could differ materially from those projected, and we caution stockholders not to place undue reliance on the forward-looking statements contained in this press release. Risks and uncertainties exist related to the Company and its business due to a number of factors, including the statements under "Risk Factors" contained in our periodic reports filed with the SEC. Given these uncertainties, you should not place undue reliance on these forward-looking statements. We intend these forward-looking statements to speak only as of the date of this press release and undertake no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events or changes in our expectations, except as required by law.
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SOURCE: LookSmart Group, Inc.
