Quepasa Corporation (NYSE MKT: QPSA) (NYSE Amex: QPSA), the public
market leader for social discovery, today announced that the
company is now MeetMe, Inc. and will begin trading under the new
ticker MEET (NYSE MKT: MEET) (NYSE Amex: MEET) with today's opening
bell. Additionally, the company has rebranded its leading social
platform from myYearbook to MeetMe across iPhone, Android, web, and
mobile web.
"In April 2012, we announced plans to rebrand to MeetMe to align
the long-established mission of the company with the outward-facing
brand: to build a platform synonymous with meeting new people the
world over," said John Abbott, CEO of MeetMe, Inc. "Today we made
significant progress towards that goal with the launch of MeetMe
across web and mobile ahead of our announced schedule."
"With today's launch, MeetMe is the leading social network for
meeting new people in the US," noted Geoff Cook, COO of MeetMe,
Inc. "As pioneers in the emerging social discovery category, we
look forward to proving the opportunity for social networks beyond
Facebook (FB) that focus not on the people you already know, but on
the people you want to know. We look forward to transitioning the
Quepasa.com audience to MeetMe by September, as previously
announced, and internationalizing the platform into half a dozen
languages by the end of the year, establishing the company as a
truly global leader in social discovery."
The company's rebranding is founded on its long-term stake in
global social discovery. myYearbook, which the company rebranded
today to MeetMe, has used its highly engaging approach to social
discovery to become one of the largest sites in the US, ranking in
the top 40 most trafficked sites in the US by web page views,
according to comScore. The service's mobile traffic is even
greater, with 60% of daily logins now coming from mobile
devices.
The company has been experiencing significant growth in mobile
with mobile MAU increasing 15% in Q1 to 1.61 million in March from
1.40 million in December and mobile revenue increasing 90% during
the same period. The company reported revenue of $10.8 million and
Adjusted EBITDA of $673,000 in Q1. (See the important discussion
about the presentation of EBITDA and adjusted EBITDA loss, non-GAAP
financial measures, and a reconciliation to the most directly
comparable GAAP financial measure, below.)
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 31, Basic Diluted March 31, Basic Diluted
2012 Share Share 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
and
December 31, Diluted
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
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.
The company defines EBITDA as earnings (or loss) before interest
expense, income taxes, depreciation and amortization, and
amortization of non-cash stock-based compensation. The company
excludes stock-based compensation because it is non-cash in nature.
The company defines adjusted EBITDA as EBITDA excluding
non-recurring acquisition and restructuring expenses and the
goodwill impairment charge. Other companies (including the
company's competitors) may define EBITDA and adjusted EBITDA
differently.
EBITDA and adjusted EBITDA are non-GAAP financial measures and
should not be considered as alternatives to net income, operating
income, cash flow from operating activities, as a measure of the
company's liquidity or any other financial measures. It 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 EBITDA and/or adjusted EBITDA in
isolation or as substitutes for performance measures calculated in
accordance with GAAP.
About MeetMe, Inc. MeetMe® is the leading social network for meeting new people
in the US and the public market leader for social discovery (NYSE
MKT: MEET) (NYSE Amex: MEET). MeetMe makes meeting new people fun
through social games and apps, monetized by both advertising and
virtual currency. The MeetMe brand grew out of the merger of
myYearbook and Quepasa in November 2011. With 60% of daily active
users coming from mobile, MeetMe is transforming how people
discover one another in a mobile-first world. The company operates
MeetMe.com, Quepasa.com, and MeetMe apps on iPhone and Android.
Cautionary Note Concerning Forward-Looking
Statements
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
including statements regarding the transition of myYearbook to
MeetMe and internationalization of the platform. All statements
other than statements of historical facts contained in this press
release, including statements regarding our future financial
position, liquidity, business strategy and plans and objectives of
management for future operations, are forward-looking statements.
The words "believe," "may," "estimate," "continue," "anticipate,"
"intend," "should," "plan," "could," "target," "potential," "is
likely," "will," "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 unanticipated
events which affect the transition of myYearbook to MeetMe and
internationalization of the platform. Further information on our
risk factors is contained in our filings with the SEC, including
the Form 10-K for the year ended December 31, 2011 filed on March
14, 2012. Any forward-looking statement made by us in this press
release 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.
Contact: Robin Shallow EVP Communications & Public Relations
MeetMe, Inc. (215) 862-1162 x230 robin@meetme.com Investor Contact:
E. Brian Harvey VP of Capital Markets and Investor Relations
MeetMe, Inc. (310) 801-1719 brian@meetme.com Follow us on
StockTwits or Twitter @meetmecorp
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