Web.com Reports Fourth Quarter and Full Year 2008 Financial Results

Full Year Cash Flow from Operations Grows 46%

JACKSONVILLE, FL – February 10, 2009 –
Web.com (NASDAQ: WWWW), a leading provider of online marketing for small businesses, today announced results for the fourth quarter and full year ended December 31, 2008.

“During 2008, Web.com continued to make great strides towards establishing itself as the premier provider of integrated, end-to-end online marketing solutions for the small and medium-sized business market,” said David Brown, Chairman and CEO of Web.com.   “We enter 2009 with over a quarter of a million subscribers, a debt-free balance sheet, and a strong cash flow track record.  We believe we have proven the operating leverage potential inherent in our business model, and we continue to put in place strategic partnerships and initiatives that we believe will provide Web.com with an enhanced growth profile when the environment improves.”

Summary of Fourth Quarter 2008 Results:
    
 
·
Total revenue, calculated in accordance with U.S. generally accepted accounting principles (GAAP), was $29.0 million for the fourth quarter of 2008, a decrease of 6% compared to $30.9 million for the fourth quarter of 2007.

 
·
For the fourth quarter, GAAP operating loss was $100 million, representing a negative GAAP operating margin of 346%.  GAAP net loss per diluted share was $3.74, as a result of a $103 million goodwill and asset impairment charge resulting from a combination of factors including a change in the Company’s market capitalization.  For the fourth quarter of 2007, GAAP operating loss was $0.6 million and GAAP net loss per diluted share was $0.01.

 
·
Non-GAAP operating income was a record $6.4 million for the fourth quarter of 2008, representing a non-GAAP operating margin of 22% and an increase of 84% compared to $3.5 million for the fourth quarter of 2007.

 
·
Non-GAAP net income was a record $6.5 million for the fourth quarter of 2008, an increase of 72% compared to $3.8 million for the fourth quarter of 2007.  Non-GAAP net income per diluted share exceeded the high end of guidance at $0.23 for the fourth quarter of 2008, an increase of 77% compared to $0.13 for the fourth quarter of 2007.

 
·
Adjusted EBITDA, which excludes the impact of stock-based compensation, restructuring charges, and goodwill and asset impairment, was $7.2 million for the fourth quarter of 2008, an increase of 91% compared to $3.8 million for the fourth quarter of 2007.
 
 
 
 

The following information was filed by Web.Com Group, Inc. (WEB) on Tuesday, February 10, 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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