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Realnetworks Inc (RNWK) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2008

Realnetworks Inc

CIK: 1046327 Ticker: RNWK
Exhibit 99.1
REALNETWORKS ANNOUNCES FOURTH QUARTER AND FULL YEAR 2008 RESULTS
SEATTLE – February 12, 2009
– Digital entertainment services company RealNetworks®, Inc. (Nasdaq: RNWK) today announced results for the fourth quarter and fiscal year ended December 31, 2008.
Quarterly Highlights:
    Revenue of $152.6 million
 
    Net loss of $(240.5) million or $(1.78) per share
 
    Adjusted EBITDA of $(14.5) million
 
    Adjusted EBITDA, excluding impairments, of $11.3 million
Full Year Highlights:
    Record revenue of $604.8 million
 
    Net loss of $(243.9) million or $(1.74) per share
 
    Adjusted EBITDA of $34.2 million
 
    Adjusted EBITDA, excluding impairments, of $60.7 million
 
    Cash and short term investments of $370.7 million as of December 31, 2008
“In spite of a difficult and turbulent macro-economic environment, RealNetworks delivered revenue in line with our fourth-quarter expectations,” said Rob Glaser, CEO of RealNetworks. “We believe that the high-value, low-cost digital entertainment products and services we offer consumers are a great fit for these tough financial times.”
Fourth Quarter Results
For the fourth quarter of 2008, revenue declined 3% to $152.6 million compared with $156.9 million for the fourth quarter of 2007. Foreign currency exchange rate fluctuations negatively affected 2008 fourth quarter revenue by approximately $6.3 million compared with the year-ago quarter. Excluding the effects of foreign exchange rate changes, revenue grew 1% year over year. Revenue trends in each of Real’s businesses in the fourth quarter of 2008 compared with the year-earlier quarter were: a 9% increase in Games revenue to $33.7 million, an 8% increase in Music revenue to $43.9 million, an 11% decrease in Media Software and Services revenue to $22.7 million, and a 13% decrease in Technology Products and Solutions revenue to $52.4 million.
Net loss for the fourth quarter of 2008 was $(240.5) million, or $(1.78) per share, compared with net income of $2.7 million, or $0.02 per diluted share, in the fourth quarter of 2007. Included in the fourth quarter 2008 net loss were impairment charges, net of tax benefit, totaling $240.7 million. Of these charges, approximately $5.5 million is expected to result in a use of cash over future quarters.
Adjusted EBITDA for the fourth quarter of 2008 was a loss of $(14.5) million compared with $15.7 million in the fourth quarter of 2007. Adjusted EBITDA for the fourth quarter of 2008 included impairments of $25.8 million. Adjusted EBITDA excluding impairments for the fourth quarter of 2008 was $11.3 million compared with $19.4 million in the fourth quarter of 2007. A reconciliation of GAAP net loss to adjusted EBITDA and adjusted EBITDA

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The following information was filed by Realnetworks Inc (RNWK) on Thursday, February 12, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: RNWK
CIK: 1046327
Form Type: 10-K Annual Report
Accession Number: 0000950134-09-004088
Submitted to the SEC: Mon Mar 02 2009 6:08:39 AM EST
Accepted by the SEC: Mon Mar 02 2009
Period: Wednesday, December 31, 2008
Industry: Computer Programming Services

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