MeetMe, Inc. (NASDAQ: MEET), the public market leader for social
discovery, today reported financial results for its second quarter ended
June 30, 2014.
Second Quarter 2014 Financial Highlights
Geoff Cook, Chief Executive Officer of MeetMe, said:
"Our mobile traffic and our financial results in the second quarter
demonstrate the gathering momentum in the business. We made considerable
progress in the quarter against our primary goal of increasing mobile
daily active users, ending the quarter with 864,000 daily active users
in June, up 12% versus the Q1 average. Our team is committed to making
MeetMe the leading platform for finding new mobile chat partners, and we
look forward to continuing to execute against an ambitious product
pipeline to grow engagement and continue to expand our audience."
David Clark, Chief Financial Officer of MeetMe, added:
"For the first time in our history, due to 114% year over year growth,
mobile revenue represents the majority of revenue generated in the
quarter. This demonstrates the success of our mobile monetization
strategy implemented last year. In addition we recently strengthened our
balance sheet with a completed equity offering, which provided the
Company with net proceeds of $10.5 million."
Webcast and Conference Call Details
Management will host a webcast and conference call to discuss second
quarter 2014 financial results today, August 4, 2014 at 11:30 a.m.
Eastern time. To access the call dial 888-481-2877 (+1 719-325-2484
outside the United States) and when prompted provide the passcode
"MeetMe" to the operator. In addition, a webcast of the conference call
will be available live on the Investor Relations section of the
Company's website at www.meetmecorp.com
and a replay of the webcast will be available for 90 days.
About MeetMe, Inc.
MeetMe® is the leading social network for meeting new people in the US
and the public market leader for social discovery (NASDAQ: MEET). MeetMe
makes it easy to discover new people to chat with on mobile devices.
With approximately 80 percent of traffic coming from mobile and more
than one million total daily active users, MeetMe is fast becoming the
social gathering place for the mobile generation. MeetMe is a leader in
mobile monetization with a diverse revenue model comprising advertising,
native advertising, virtual currency, and subscription. MeetMe apps are
available on iPhone, iPad, and Android in multiple languages, including
English, Spanish, Portuguese, French, Italian, German, Chinese
(Traditional and Simplified), Russian, Japanese, Dutch, Turkish and
Korean. For more information, please visit meetmecorp.com.
Certain statements in this press release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995, including whether our business will continue gathering momentum,
whether and to what extent we will increase mobile daily active users in
the future, whether we make MeetMe the leading platform for finding new
mobile chat partners, whether we can successfully implement our product
pipeline to grow engagement and expand our audience, whether mobile
revenue will continue to constitute the majority of our total revenue,
and whether our mobile monetization strategy will continue to be
successful. All statements other than statements of historical facts
contained herein are forward-looking statements. The words "believe,"
"may," "estimate," "continue," "anticipate," "intend," "should," "plan,"
"could," "target," "potential," "project," "is likely," "expect" and
similar expressions, as they relate to us, are intended to identify
forward-looking statements. We have based these forward-looking
statements largely on our current expectations and projections about
future events and financial trends that we believe may affect our
financial condition, results of operations, business strategy and
financial needs. Important factors that could cause actual results to
differ from those in the forward-looking statements include the risk
that our applications will not function easily or otherwise as
anticipated, the risk that we will not launch additional features and
upgrades as anticipated, the risk that unanticipated events affect the
functionality of our applications with popular mobile operating systems,
any changes in such operating systems that degrade our mobile
applications' functionality and other unexpected issues which could
adversely affect usage on mobile devices. Further information on our
risk factors is contained in our filings with the Securities and
Exchange Commission ("SEC"), including the Form 10-K for the year ended
December 31, 2013 and the Prospectus Supplement (Rule 424(b)(5)) filed
on July 24, 2014. Any forward-looking statement made by us herein speaks
only as of the date on which it is made. Factors or events that could
cause our actual results to differ may emerge from time to time, and it
is not possible for us to predict all of them. We undertake no
obligation to publicly update any forward-looking statement, whether as
a result of new information, future developments or otherwise, except as
may be required by law.
Regulation G - Non-GAAP Financial Measures
The Company uses financial measures which are not calculated and
presented in accordance with U.S. generally accepted accounting
principles ("GAAP") in evaluating its financial and operational decision
making and as a means to evaluate period-to period comparison. The
Company uses these non-GAAP financial measures for financial and
operational decision-making and as a means to evaluate period-to-period
comparisons. The Company presents these non-GAAP financial measures
because it believes them to be an important supplemental measure of
performance that is commonly used by securities analysts, investors and
other interested parties in the evaluation of companies in our industry.
We refer you to the reconciliations below.
The Company defines Adjusted EBITDA as earnings (or loss) from
continuing operations before interest expense, income taxes,
depreciation and amortization, and non-cash stock-based compensation,
non-recurring acquisition and restructuring expenses and the goodwill
impairment charges. The Company excludes stock-based compensation
because it is non-cash in nature.
Non-GAAP financial measures should not be considered as an alternative
to net income, operating income, cash flow from operating activities, as
a measure of liquidity or any other financial measure. They may not be
indicative of the historical operating results of the Company nor is it
intended to be predictive of potential future results. Investors should
not consider non-GAAP financial measures in isolation or as a substitute
for performance measures calculated in accordance with GAAP.
Common stock, $.001 par value; authorized - 100,000,000 Shares;
38,971,200 and 38,477,359 shares issued and outstanding at June
30, 2014 and December 31, 2013, respectively
Total stockholders' equity
Total liabilities and stockholders' equity
MEETME, INC. AND SUBSIDIARIES
Three Months Ended June 30,
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