TheStreet.com, Inc. Reports Fourth Quarter and Full Year 2009 Results

Premium Services Revenue Shows First Sequential Quarterly Growth in Seven Quarters on Strong Recent Growth in Bookings; Advertising Revenue Achieves First Year-Over-Year Growth in Six Quarters

Adjusted EBITDA Highest in Six Quarters

NEW YORK, March 15, 2010 – TheStreet.com, Inc. (Nasdaq: TSCM; http://www.thestreet.com), a leading digital financial media company, today reported financial results for the fourth quarter and full year 2009.

“We are happy to report that we ended 2009 with favorable trends in both our premium services and our advertising-supported businesses,” said Daryl Otte, the Company’s Chief Executive Officer.  “Aggregate bookings for our subscription services and RateWatch businesses grew for the fifth consecutive quarter – and each of the past two quarters showed double-digit percentage increases as compared to the prior year period, after having been down year-over-year in each of the first two quarters of 2009.  Bookings are the precursor to premium services revenue, and the growth of bookings in recent quarters has led us to report a sequential increase in premium services revenue for the first time since the first quarter of 2008.  We are pleased to be starting 2010 with this momentum from our largest revenue source.

“We also are pleased to report that in the fourth quarter of 2009, our advertising revenue – which excludes the revenue from our former Promotions.com subsidiary – enjoyed the first year-over-year increase in six quarters.  We believe that the ad market for our content vertical bottomed in the first quarter of 2009, and we anticipate reporting strong year-over-year gains when we report our first quarter 2010 results in the upcoming weeks.

“Our Adjusted EBITDA(1) for the fourth quarter of 2009, inclusive of our former Promotions.com subsidiary, was the highest in six quarters, as was our Adjusted EBITDA excluding the impact of Promotions.com.  As we previously announced, in December 2009, we sold Promotions.com, which had negatively impacted our Adjusted EBITDA during each of the past two fiscal years.  Our full-year 2009 Adjusted EBITDA, excluding the impact of Promotions.com, was $8.0 million (our full-year 2009 Adjusted EBITDA including Promotions.com was $5.7 million).

“The just-completed year reflected the brunt of the severe macroeconomic decline that followed the collapse of Lehman Brothers in September 2008.  We addressed the challenges posed by this time of crisis and uncertainty in two manners:  first, we took aggressive steps to reduce our cost structure and also shed an unprofitable, non-core subsidiary; second, we utilized this period as an opportunity to strengthen our management team and our marketing and operating capabilities.  We believe we are very well positioned for success in the coming year, having a strong balance sheet and businesses exhibiting the best performance in many quarters and generating ample free cash flow.  We thank our investors for their support, particularly during the period in which we were conducting a review of the accounting in the former Promotions.com subsidiary, and we look forward to reporting on our achievements in the current year,” Mr. Otte concluded.

 
 

The following information was filed by Thestreet, Inc. (TST) on Monday, March 15, 2010 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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