TheStreet.com Reports Fourth-Quarter and Full-Year 2008 Financial Results

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NEW YORK—(BUSINESS WIRE)—February 19, 2009 – TheStreet.com, Inc. (Nasdaq: TSCM), a leading financial media company, today announced its financial results for the fourth quarter and full year ended December 31, 2008.

Fourth-Quarter and Full-Year 2008 Results

For the quarter ended December 31, 2008, TheStreet.com reported total revenue of $16.5 million, a decrease of 17% from revenue of $19.9 million reported for the fourth quarter of 2007.

TheStreet.com reported a net loss in the fourth quarter of 2008 of $0.1 million, excluding the impact of a non-cash intangible asset impairment charge of $2.3 million and a non-cash income tax benefit of $0.1 million, or $0.00 per basic and fully diluted share. This compares to net income of $4.7 million, or $0.16 per basic and fully diluted share, in the fourth quarter of 2007.

Net loss attributable to common stockholders for the fourth quarter of 2008, after deducting preferred stock dividends of $0.1 million, was $2.4 million, or $0.08 per fully diluted share.

Earnings before interest, taxes, depreciation and amortization, excluding a non-cash intangible asset impairment charge totaling $2.3 million and stock compensation of $0.9 million ("Adjusted EBITDA"), was $1.8 million, a decrease of 69% from Adjusted EBITDA of $5.8 million for the fourth quarter of 2007, exclusive of $0.5 million of stock compensation.

“The market environment is clearly difficult for both our marketing services and our premium research subscription products,” said Thomas J. Clarke, Jr., chief executive officer of TheStreet.com. “While forward visibility into each business line is extremely limited, we remain focused on ensuring that our costs are in line with the current revenue environment. We have reduced our headcount throughout 2008 by 11%, and our operating expenses declined by 6% sequentially. We will continue to aggressively manage costs and maintain our strong balance sheet.”

For the full year ended December 31, 2008, total revenue reached $71.9 million, an increase of 10% over revenue of $65.4 million reported for the same period of 2007.

The Company reported net income for the full year of $3.5 million, excluding the impact of a non-cash intangible asset impairment charge of $2.3 million and a non-cash income tax benefit of $0.1 million, or $0.11 per basic and fully diluted share. This is a decrease of 76% from net income of $15.1 million, excluding the impact of a non-cash income tax benefit of $16 million taken in the third quarter of 2007, or $0.52 per basic and $0.51 per fully diluted share, reported in the same period of 2007.

Net income attributable to common stockholders for the twelve months ended December 31, 2008, after deducting preferred stock dividends of $0.4 million, was $0.9 million, or $0.03 per fully diluted share.

Earnings before interest, taxes, depreciation and amortization, excluding a non-cash intangible asset impairment charge totaling $2.3 million and stock compensation of $3.5 million ("Adjusted EBITDA"), was $11.4 million, a decrease of 36% from Adjusted EBITDA of $17.7 million for the same period of 2007, exclusive of $2.1 million of stock compensation.
 

The following information was filed by Thestreet, Inc. (TST) on Thursday, February 19, 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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