Jupitermedia Corporation has released its earnings report for the third quarter of 2008.
Revenues for the third quarter of 2008 were $31 million down from revenues of $34.8 million for the same period last year. The company says its loss per diluted share was $0.63 and included non-cash stock based compensation expense, legal fees related to the recent signed stock purchase agreement with Getty Images.
Jupitermedia is selling its online image business to Getty Images for $96 million in cash. The company expects to incur a non-cash loss of about $95 million when the sale is completed. Jupitermedia says they sale of Jupiterimages will allow it to re-focus the company on the B2B content business which is a move in the right direction.
Jupitermedia says the sale of its image business will allow it to focus on its online media business which includes internet.com, EarthWeb.com for IT and business professionals; DevX.com for developers; and Mediabistro.com and Graphics.com for media and creative professionals.
“In a very difficult business environment we have some significant highlights. Revenues from our JupiterimagesUnlimited royalty-free subscription offering grew over 100% for the nine months ended September 30, 2008 compared to the same period in 2007.
We continue to experience significant growth from our Stockxpert.com microstock offering, both with single images and subscriptions,” stated Jupitermedia’s Chairman and CEO Alan M. Meckler.
“Our Online Media division continues to be impacted by the economy, which has put pressure on our advertising and job board sales. We have, however, made progress in reducing operating expenses, specifically with our costs of sales and general and administrative expenses.
In addition, we have made additional investments in our Online Media business, with the launch of three new blogs focused on Mobile media and a new event, UGCX, which is focused on user generated content and social networks.”
