Quepasa Adjusted EBITDA Positive in First Post-Merger Quarter Record Revenues of $10.8 Million
30 Abril 2012 - 10:00AM
Marketwired
Quepasa Corporation (NYSE Amex: QPSA) today
announced select preliminary unaudited financial results for the
quarter ended March 31, 2012, which is the first full quarter
following the closing of its merger with Insider Guides, Inc.
(d/b/a myYearbook) in November of 2011. For the quarter, Quepasa
expects to report revenues of $10.8 million and positive adjusted
EBITDA, a non-GAAP financial measure, of $673,000 compared to a
loss to common shareholders of approximately $1.9 million. This
reflects a 382% growth in revenue over the same period one year
ago.
The company plans to report final results for the 2012 first
quarter on May 3, 2012 after the market close.
Conference Call Details Management will
host a conference call on May 3, 2012 at 4:30 p.m. (EDT) to discuss
details and answer questions about the company's first quarter of
fiscal year 2012 financial results. The conference call can be
accessed by dialing toll-free 1-877-941-2069 or toll/International
1-480-629-9713. A webcast will also be available at the following
link: https://viavid.webcasts.com/starthere.jsp?ei=1005254. A
replay of the call will also be available at the Investors section
of quepasacorp.com for one year.
About Quepasa Corporation Quepasa
Corporation (NYSE Amex: QPSA) is the public market leader for
social discovery and owner of Latin-American platform Quepasa and
North-American platform myYearbook. In April 2012, Quepasa
announced plans of its platform rebrand to MeetMe™, part of a
global strategy to expand how people discover and meet in an
increasingly online and mobile world. The company makes meeting new
people fun through social games and apps, monetized by both
advertising and virtual currency. Quepasa has strong reach
throughout the world, with a concentration of 78+ million users
across the Americas and is headquartered in New Hope, Pennsylvania.
For more information about the Company, go to www.quepasacorp.com.
To find out more about the coming rebrand, please visit
www.meetme.com or follow us on Twitter @meetme.
Unaudited Reconciliation of Adjusted
EBITDA
TABLE
Use of Non-GAAP Financial Information 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.
Adjusted EBITDA. The Company defines adjusted EBITDA as earnings
(or loss) before interest expense, income taxes, depreciation and
amortization, and amortization of non-cash stock-based compensation
excluding non-recurring acquisition and restructuring expenses and
a goodwill impairment charge. Other companies (including the
Company's competitors) may define adjusted EBITDA differently.
Adjusted EBITDA is a non-GAAP financial measure and should not
be considered as an alternative to net income, operating income,
cash flow from operating activities, as a measure of Quepasa's
liquidity or any other financial measure. It may not be indicative
of the historical operating results of Quepasa nor is it intended
to be predictive of potential future results. Investors should not
consider adjusted EBITDA in isolation or as substitutes for
performance measures calculated in accordance with GAAP.
QUEPASA CORPORATION AND SUBSIDIARIES
Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA
For the Three Months Ended For the Three Months Ended
---------------------------- ----------------------------
Per Per Per Per
March Basic Diluted March Basic Diluted
31,2012 Share Share 31,2011 Share Share
----------- ------ ------- ----------- ------ -------
----------- ------ ------- ----------- ------ -------
Net loss
allocable to
common
shareholders $(1,858,658) $(0.05) $ (0.05) $(1,517,001) $(0.10) $ (0.07)
----------- ------ ------- ----------- ------ -------
Interest
expense 298,068 0.01 0.01 149,986 0.01 0.01
Depreciation
and
amortization 907,399 0.02 0.02 136,460 0.01 0.01
Amortization of
stock based
compensation 1,036,061 0.03 0.03 873,234 0.06 0.03
----------- ------ ------- ----------- ------ -------
EBITDA 382,870 0.01 0.01 (357,321) (0.02) (0.02)
----------- ------ ------- ----------- ------ -------
Acquisition and
restructuring
costs 290,067 0.01 0.01 367,751 0.02 0.02
Loss on
impairment of
goodwill - - - - - -
----------- ------ ------- ----------- ------ -------
Adjusted EBITDA $ 672,937 $ 0.02 $ 0.02 $ 10,430 $ 0.00 $ 0.00
=========== ====== ======= =========== ====== =======
Weighted average
number of
shares
outstanding,
Basic 36,189,173 15,662,232
=========== ===========
Weighted average
number of
shares
outstanding,
Dilutive 41,800,383 24,437,565
=========== ===========
QUEPASA CORPORATION AND SUBSIDIARIES
Reconciliation of GAAP Net Income (Loss) to
Adjusted EBITDA
For the Three Months Ended
---------------------------
Per Basic
December and Diluted
31,2011 Share
------------ ------------
------------ ------------
Net loss
allocable to
common
shareholders $ (5,457,271) $ (0.20)
------------ ------------
Interest
expense 204,199 0.01
Depreciation
and
amortization 603,030 0.02
Amortization of
stock based
compensation 1,469,637 0.05
------------ ------------
EBITDA (3,180,405) (0.12)
------------ ------------
Acquisition and
restructuring
costs 779,441 0.03
Loss on
impairment of
goodwill 1,409,127 0.05
------------ ------------
Adjusted EBITDA $ (991,837) $ (0.04)
============ ============
Weighted average
number of
shares
outstanding,
Basic 27,770,127
============
Weighted average
number of
shares
outstanding,
Dilutive
Contact: Robin Shallow EVP Communications & Public Relations
Quepasa Corporation (215) 862-1162 x230 robin@myyearbook.com
Investor Contact: E. Brian Harvey Vice President of Capital Markets
and Investor Relations Quepasa Corporation (310) 801-1719
brian.harvey@quepasacorp.com Follow us on StockTwits or Twitter at
QuepasaCorp
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