San Jose, California – (The Hosting News) – March 17, 2009 – Social media marketing agency, LiveWorld, has reported $3.0 million in total revenues for the fourth quarter of 2008 as compared to the $3.0 million in total revenues reported in the fourth quarter of 2007.
David Houston, Chief Financial Officer of LiveWorld noted, ”We are pleased with the quarterly results and the actions we took to improve the overall performance of the company. We believe the macroeconomic environment will remain challenging in the short-term, but we are cautiously optimistic that we will see continued improvements in our operations as a result of the changes we made in the fourth quarter.”
The fourth quarter revenues were a 13% increase from the $2.6 million reported in the third quarter of 2008. The Company reported net income for the fourth quarter of 2008 of $165,000, or $0.01 per share. This result was an improvement of $754,000 when compared to the net loss of $589,000 or $(0.02) per share reported in the fourth quarter of 2007. The Company increased its net income by $767,000 in the fourth quarter when compared to the net loss of $602,000, or $(0.02) per share for the third quarter of 2008.
Adjusted EBITDA for the fourth quarter of 2008 was $400,000, which was materially higher than the $370,000 loss for the fourth quarter of 2007. Additionally the Adjusted EBITDA improved by $752,000 when the fourth quarter numbers are compared to the $352,000 loss for the third quarter of 2008. LiveWorld defines Adjusted EBITDA as net income or loss with an add-back for depreciation and amortization, non-cash stock-based compensation expense, interest income net, and income taxes. Adjusted EBITDA is not a term defined by GAAP and as a result LiveWorld